Starting Career: Suggestions Please

[rizzle]

I'm 45 looking to begin insurance career that I need to make successful.
After reading through this forum for the past 5 days i think i have become a bit confused as to what the best way to start my career would be.

- After meeting with Bankers and NYL i signed on with NYL about a month ago and got my license.
- I'm still working at another job currently so haven't started full-time with them yet.
- I want to focus on one market to begin with and have decided to focus on targeting final expense. i believe med supps are off the board to sell in MA now.


Concerns:
> I would prefer to work in the best interest of the client and not sure if that's something i will always be able to do working at NYL(rates). quote from NYL for a term policy for a close friend was 24% higher than lowest quote i found from AccuQuote. knowing this, i would want to bring it to my friends attention. I mean are NYL's triple ratings worth that much more?

> i'm thinking if i leave I would lose my book of business.
> i would have to make a 115 mile round trip every monday for 3 yrs for a 2.5 hour training class.
> the partner i am under mentioned he is not into cold calling and did once say that if the agent wants to do that he can work for another partner(i do not have a warm market at all and think this is going to be a very large part for me to get going).


Pros:
> full benefits i have family of four and really need this starting off.
> training but its sort of a hike even general office is 30+


Questions:
Are there any other companies i should look into based on my concerns with NYL prior to fully committing?

Should i just stay with NYL for a year or so and assess things at that point?

Maybe going with a company that offers products across the board (life,auto, home) would be a better option , just thought of this.

THANKS FOR ANY INPUT and taking the time to read this

 

[Frank Stastny]

I believe you will have a greater degree of success more quickly by focusing on one product and becoming an expert in it before taking on other products to sell.

That is a long drive and day every Monday. I'll bet it is going to be all about waving the "company flag" and singing the "company song". haha

You might as well just cross Monday off as far as selling is concerned. You won't get much done that day. That only leaves you four days a week to be productive.

There are a lot easier, more productive ways to start in FE. It really isn't rocket science. Although I have sold a lot of FE, I only cross sell it to new Med Supp clients. I tried prospecting for it once and it wasn't my cup of tea.

 

[Kenno]

No warm market and NYL will take you in? Their culture must have changed - when i interviewed with them several years ago they wouldn't consider me as a new agent unless and until I showed up with a list of 200 people to call on.

There are many companies out there for you to go work for. The interview is as much YOU interviewing them as they are interviewing you. Stay away from the Bankers and Amerilifes of the world. I would only drive that far for training and meetings if they were the only company in my area.

Also, if you are "remote" from the office it is that much more difficult to achieve success as I presume you will most likely work from home. If you do work from home you must be highly disciplined and focused as most people find home-life distractions a huge impediment to staying focused on the daily activities necessary to succeed.
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Also - when you mention full benefits, what are you referencing? Base pay? Health insurance? Is this not a 1099 position?

 

[VolAgent]

NYL is not the company for you. The only final expense product they have is sold strictly through a relationship with AARP. Also, while you can succeed cold calling at NYL, its going to be very difficult if the mentor you are partnered with doesn't believe in it.

Finally, NYL is never sold on price, it is sold on value. You have to make someone believe that name, and its AAA rating is worth the premium when it comes to term, and that whole life is something worth owning. If you can't or won't do that, move on now and save yourself some grief.

 

[xrac]

Consider Mass Mutual, Guardian, and Metlife.

 

[rizzle]

That is a long drive and day every Monday. I'll bet it is going to be all about waving the "company flag" and singing the "company song". haha
from what i heard from my partner and another agent is that some of the classes are good and others are not that great.

You might as well just cross Monday off as far as selling is concerned. You won't get much done that day. That only leaves you four days a week to be productive.
that's why they give you an 80% commission match once you reach 2900 for the month.

thanks for the input
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Also, if you are "remote" from the office it is that much more difficult to achieve success as I presume you will most likely work from home. If you do work from home you must be highly disciplined and focused as most people find home-life distractions a huge impediment to staying focused on the daily activities necessary to succeed.
yes, no question what you say is right on especially with the kids home from school in summer.
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Also - when you mention full benefits, what are you referencing? Base pay? Health insurance? Is this not a 1099 position?

no, its' W2
A choice of four medical options
Group Term Life Insurance
AD&D
Long-Term Disability
Dental
Health Care Spending Account2

 

[billberry12]

no, its' W2
A choice of four medical options
Group Term Life Insurance
AD&D
Long-Term Disability
Dental
Health Care Spending Account2

"and what are your production requirements to get these benefits? What happens when you don't make production goals? It's a slippery slope!! Be careful here.

 

[rizzle]

NYL is not the company for you. The only final expense product they have is sold strictly through a relationship with AARP.

Isn't this basically just a small whole life plan?
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"and what are your production requirements to get these benefits? What happens when you don't make production goals?

only requirement im aware of is must be fulltime.
i wouldnt think they would drop you on and off the group health plan based on any monthly production requirement.
but that is a good inquiry.. assume nothing right?
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No warm market and NYL will take you in?

I think i kind of hit it off with the guy. And so far i've been pretty impressed with him. He's not really pushing hard to get me on fulltime giving me ample time to test the waters a bit.

 

[VolAgent]

Isn't this basically just a small whole life plan?

Yes and no. While it is a small whole life policy, FE underwriting is nothing like fully underwritten underwriting. Most FE products allow immediate underwriting, versus 4 to 6 weeks that NYL will take to decide. Also, NYL's underwriting is anything but generous compared to a simplified issue FE policy. Finally, I doubt NYL will underwrite anything smaller than 25,000 for whole life. I believe the average FE policy is somewhere around 5,000.

 

[Cenla Agent]

I think things have changed to some extent. They seem to be recruiting agents much more aggressively than in the past. I'm guessing that may go hand in hand with being less selective than in previous years. They seem to be advertising more than in the past as well.

From talking with a former NYL manager a couple of years ago, I think some of that aggressiveness is due to the recession and many people perhaps looking for a more conservative approach, etc. Unlike some of their competitors, they didn't have to take TARP money, didn't get burned by Madoff, etc.

No warm market and NYL will take you in? Their culture must have changed - when i interviewed with them several years ago they wouldn't consider me as a new agent unless and until I showed up with a list of 200 people to call on.

There are many companies out there for you to go work for. The interview is as much YOU interviewing them as they are interviewing you. Stay away from the Bankers and Amerilifes of the world. I would only drive that far for training and meetings if they were the only company in my area.

Also, if you are "remote" from the office it is that much more difficult to achieve success as I presume you will most likely work from home. If you do work from home you must be highly disciplined and focused as most people find home-life distractions a huge impediment to staying focused on the daily activities necessary to succeed.
- - - - - - - - - - - - - - - - - -
Also - when you mention full benefits, what are you referencing? Base pay? Health insurance? Is this not a 1099 position?