Yeah I somewhat gathered that was the case. To their credit, NYL makes you sell 6 policies with at least $1,600 in FYC (I think) before your contract technically activates and you leave your current job, presuming you're currently gainfully employed, which I am. I was told specifically this is to help you get through the first month. I'm really going to focus hard on getting referrals as quickly as possible. My wife also just started originating mortgage loans, so I'm hoping to spin that to my advantage as well.
Project 200 Question
- Thread starter JimmehBone
- Start date
Yeah I somewhat gathered that was the case. To their credit, NYL makes you sell 6 policies with at least $1,600 in FYC (I think) before your contract technically activates and you leave your current job, presuming you're currently gainfully employed, which I am. I was told specifically this is to help you get through the first month. I'm really going to focus hard on getting referrals as quickly as possible. My wife also just started originating mortgage loans, so I'm hoping to spin that to my advantage as well.
- 8,707
I will disagree with Volagent on just 1 item. Transfer of funds, if that transfer is being released from a Mutual Fund company you can get paid in a month. If it is released from a VA and you have all the right forms they may release the funds in 10 business days. If the transfer is from a Fixed Annuity and you have all the right forms and your transfer is in good order plan on a 30 day wait before the check is cut. You can add a week for mailing of the check and then probably another week for your carrier to admit they have the funds and get around to issuing the policy and then cutting commissions to you.
- 15,041
You're assuming he gets the forms right and the surrendering party doesn't hold up the transaction. It would still be tight depending on when in the month this happened.
One month at the very least.... unless you write a policy day one, and either prepay, or submit app with money, it is approved as issued.
Mojo... are you sure you sure you want to be in this industry? Get out while you can.
Your mentality, as seen in the post... "I despise having to bug and sell my friends/family any type of insurance".... yet you are totally ok to use them to get their referrals and screw their relationships?
So which is it?
1. Do you not see the value in insurance and protection planning? (and thus you do not think you can help your friends)
2. You don't believe in the product, see insurance sales as scam/hard sell, and will not subject your friends family to it, however you are perfectly ok using the good name of those you know, to shove the product down their referrals?
The very first sale should be to yourself. To learn the product, to believe in it. If you do not, why would you expect anyone else to?
Its like going to a BMW dealer, to buy one, you ask the sales person what he drives, and he says Mercedes. If it is not good enough for you, why should I buy it?
Mojo... are you sure you sure you want to be in this industry? Get out while you can.
Your mentality, as seen in the post... "I despise having to bug and sell my friends/family any type of insurance".... yet you are totally ok to use them to get their referrals and screw their relationships?
So which is it?
1. Do you not see the value in insurance and protection planning? (and thus you do not think you can help your friends)
2. You don't believe in the product, see insurance sales as scam/hard sell, and will not subject your friends family to it, however you are perfectly ok using the good name of those you know, to shove the product down their referrals?
The very first sale should be to yourself. To learn the product, to believe in it. If you do not, why would you expect anyone else to?
Its like going to a BMW dealer, to buy one, you ask the sales person what he drives, and he says Mercedes. If it is not good enough for you, why should I buy it?
- 8,707
Yes I assumed that he sent in the right forms. Say what you will about Mutual Fund companies no one releases funds faster than them.
- 15,041
I agree with maksim. If I were in your shoes I would:
1)Be very proud that I work for one of othe oldest and finest insurance companies in world. NYL is on of the big four old line career companies.
2)Be very proud that I sell a product I BELIEVE in and have a passion for. I would first purchase coverage for myself and then I would become an evangelist for what life insurance can do. I would not bug my friends and family but I would be keenly interested in making sure that they have adequate protection in place.
3)Not ignore friend and family. How can one believe in INSURANCE and ignore them. How will you feel if one of them suddenly dies with no coverage and you never talked to them even once? You owe it to your friends and family to at least let them know that you can help them. If they are going to do business with anyone it might as well be you. You owe it to them tro ask at least once.
- 24,961
Well Ms Cmltow, You sound like a livestock rich family.I do not beleive any of us were promised we would pass the test. Yet, we all did. OK, mostly all of us have. Not sure if many or any Insurance agents are promised a paycheck. The majority of us need to kill what we eat, cmltow.
No wait, not sure that came across correctly. 
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