Any Thoughts on Working for New York Life?

[Guest]

I am considering working for New York Life, and thought I should check on here first to see what people had to say. I have not interviewed yet, but I just received a phone call from two different locations today. Any information would be greatly appreciated, but I have a few general questions to start:

1) Is there a base salary or is it 100% commission?

2) Is there an extensive training program or does it vary with experience (I have previous experience, but in another country, so I'm not licensed yet)?

3) Are leads provided, or do you pay for them, or is it mostly cold-calling?

4) Is the general way of doing things the same for each New York Life location, or does it vary from place to place?

5) Do agents work on-site or is a home office okay?

Anyway, thanks for your help. In the meantime, I'll be doing some searching around here for other information. Feel free to chime in on any aspect as you see fit (or if you'd like to recommend another company that might suit better). Thanks again.

 

[Norwayguy]

I am considering working for New York Life, and thought I should check on here first to see what people had to say. I have not interviewed yet, but I just received a phone call from two different locations today. Any information would be greatly appreciated, but I have a few general questions to start:

1) Is there a base salary or is it 100% commission?

2) Is there an extensive training program or does it vary with experience (I have previous experience, but in another country, so I'm not licensed yet)?

3) Are leads provided, or do you pay for them, or is it mostly cold-calling?

4) Is the general way of doing things the same for each New York Life location, or does it vary from place to place?

5) Do agents work on-site or is a home office okay?

Anyway, thanks for your help. In the meantime, I'll be doing some searching around here for other information. Feel free to chime in on any aspect as you see fit (or if you'd like to recommend another company that might suit better). Thanks again.

Okay this is over ten years old...but when I was with NYL this is a 100% commission position,they will provide a subsidy which is typically extra commission on sales during the first couple of years. However if you are not hitting your numbers then no subsidy until you catch back up.

NYL does offer a training program and also will reimburse for CLU type training courses.

When I worked with NYL I worked out of a satalite office of the states General office they provided a cubicle and phone and billed for these after a while you can ugrade to an office which you also pay for. I knew people that did most of their work out of their home and used the conference room at the office for meeting.

Leads where not provided beyond asking for orphaned policy holders. They typical approach is to do a 100 names list can start working your warm market.

Each office could be different but the setup of NYL is similar to other large agency forces...Propriety products are pushed with quotas, some outside business is allowed through the agencies GA. The most important factor could be your manager. How will they help you get in front of people, how many agents are they required to recruit. Ask these questions upfront ask to talk with other new agents as well as older agents. Read the contract, the year I came on board there was a new contract which lowered VA compensation by 1% over the old contract.

NYL can be a great company I would recomment checking out all the agency oppurtunities and see which office and manager you gel with the best.

 

[BNTRS]

Good reputation and well respected. If you have a market for annuity business especially SPIAs, they are a great contender in this market.

Being a mutual, they definitely respect Whole Life insurance, their product is so so. They have no propreitary disability insurance, which means to the brokerage network you'll go, but also there won't be a big focus/training most likely with respect to this product.

They pioneered dividends paid on LTC, big deal.

Now the important stuff you asked about...from what I've been told second hand, but a little more recently than Norway's experience.

1.) 100% commission, but as I understood the explanation I got from someone who almost worked for them, they have some monthly stipend-like salary-like payment thingy they pay you for like a year if you hit a certain metric early on.

2.) They have what I've been led to believe is a pretty sweet training program. Like most everyone there's reimbursements for designations like CLU, but I believe there is the possibility of automatically being enrolled in an LUTCF class for free very early on. I know one person who started with them and left after a few years and word I got from her was that's how it worked.

3.) They are going to make you come up with a project 100 or 200. Names of people you know, and who they will want you to approach about buying insurance. Only other lead you're likely to see is orphan accounts.

4.) NYLife is a management style company now, so they do have, in a sense, a cookie-cutter approach to recruiting and devloping new agents. Of course the management team will have a different approach from one location to the next, but the key stuff should be universal.

5.) No idea on this one, but I'm assuming on site at least to begin with.

If you are looking for other mutuals Massmutual, Guardian, and Penn Mutual (might be hard to find) are good choices--I'd pass on Northwestern Mutual unless you really want a regimented program. Public companies that might be worth the look include Met, Pru (they have a decent amount of orphan accounts usually), and maybe Principal

 

[Guest]

Thank you very much to both of you for the thoughtful responses. You have cleared up a lot of things for me. I think the 100 or 200 list will be a major problem for me. I moved here a few years ago, but don't know anywhere near that many people. I think I may have to look at other routes that include a base salary or salaried position (since I don't know enough people to get started again). If you have any suggestions on Insurance related 'employment' positions, I'd love to hear them too.

Thanks again for all the great information.

 

[BNTRS]

Property and casaulty companies typically have more base salary plus commissions (small commisions) positions. You could also try working at a bank, though there it'll be a lot more focused on investments and money management.

 

[magagent]

If you need a salary to help you get off the ground, you are going to have to come up with some sort of project 100 or 200. Met life will pay a salary for a couple of months but you must do a project with them also. If you are really and I mean really desperate contact your local AGLA office. AGLA will pay a salary for 17 weeks but a project 100 or 200 is required with them also. American General Life Accident. AGLA isn't that bad it just depends on your manager like with most companies.

 

[BNTRS]

Now that I think about it, I think there is a 6 month salary option at Massmutual. You'd have to sit down with them and ask. But they too will be looking for a project 100 or 200.

 

[scagnt83]

I am considering working for New York Life, and thought I should check on here first to see what people had to say. I have not interviewed yet, but I just received a phone call from two different locations today. Any information would be greatly appreciated, but I have a few general questions to start:

1) Is there a base salary or is it 100% commission?

"Its 100% commission, but you get bonuses (its called training allowance) based on your production. It basically bumps your 50% commission up to a 95% commission. The training allowance is caped at $1500/month (if I remember right), and its rolling on a quarterly basis.
However, it is only for the first 3 years and it decreases each year"

2) Is there an extensive training program or does it vary with experience (I have previous experience, but in another country, so I'm not licensed yet)?

"Yes, you will go through at least a week of training before you even start selling. Then there will be ongoing training, especially in the first three years. All NYL offices have an inhouse trainer.
The quality of training will vary from office to office, but in general, NYL is known for having a quality training program"

3) Are leads provided, or do you pay for them, or is it mostly cold-calling?

"This will vary from office to office. Generally speaking, no. There are some lead generation programs and avenues through the company. Some, any agent can do. Others are up to the Managing Partner at that particular office. But even with leads, you will still need to prospect on your own."

4) Is the general way of doing things the same for each New York Life location, or does it vary from place to place?

"Kind of. There will be a general theme to operations in every office. But training and schedules of required meetings, call times, training, etc. will vary from office to office."

5) Do agents work on-site or is a home office okay?

"You will have to be on site to some extent in any office. Some will require you to keep certain hours at the office. Others wont. Others will be a mix. In most any NYL office you will be able to work from home to some extent.

But if your asking this because its a distance issue, then I wouldnt recommend joining an office thats farther than you want to drive on a regular basis. You will be there on a regular basis, especially in the first year."

You should compare the two offices, and ask to sit in on each ones monday morning meeting. Compare the atmospheres and how you mesh with them. Also compare the training styles. Dont be afraid to ask lots of questions, and speak to any agents you meet and be sure to ask them lots of questions.

Other companies you might want to look at are:
Mass
Guardian
North Western Mutual
Mutual of Omaha