New York Life Interview Later This Week, What Questions to Expect

Re: New York Life Interview Later This Week, What Questions to Ex

Pru's annuity looks good on paper, but the stuff you into a bond fund or fixed account mess is a major wait a minute for me. And the sub accounts suck.

Pac Life imploded unfortunately

Lincoln has an ok annuity, niffty for non Q money...if you can find a situation where placing non Q money in an annuity really makes sense.

Still, JNL is the clear winner for me.


Yeah Lincoln is nice for NQ.

And I have mixed feelings about being forced into the bond funds. From an agent and consumer standpoint I dont like it. From a company standpoint I kind of understand it. It helps them hedge their risk a bit more.

Pac Life just needs to get their sh#t together!!!!
They actually came out last year with a very nice FA that had a money back guarantee (they copied NYL on that one) then a couple months later they pull it off of the market!!! WTF??? And dont even get me started on their VA debacle. I dont even pick up the phone when they call me anymore.


JNL has a great investment option .... the name escapes me at the moment, but its true independently managed money.
The managers have a great track record on performance (around 10 or 12 percent over the last 10 years). And its 100% discrecionary on their part. They can go to 100% cash if they feel the need!
This helps to solve the major malfunction of modeled portfolios. If a whole sector goes to hell, by law they have to stay in that sector to the percentages stated in their prospectus! This is why ALL mutual funds lost their ass in the 08 crash!

Plus for age 60 and up their income riders cant be beat.
 
Re: New York Life Interview Later This Week, What Questions to Ex

Their product is not competitively priced. Selling insurnace is hard enough without having to sell "status" insurance. They talk about history, experience and security, but at the same time they talk about paying out billions in claims a year. Now as a business person, when I think about insurance I want the guarantees that come with insurance, but I don't want to be the last man in on the ponzi scheme.

NYL is probably a great company to work at if you have an MBA and want to be in the business of bringing in poor suckers with hopes and dreams of getting rich working for a fortune 100 company, only to pick up their scraps after they "fail".

If you really like the insurance business, and want to be the master of your own destiny, it's pretty basic to get set up on your own.

You've proven yourself in the past to be over your head on a lot of topics regarding life insurance. Obviously you think the OP should listen to your advice. What makes you think that is a wise decision on their part?
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As a mutual company, which seeks a market for whole life sales, they have probably the worst whole life product of the four major mutuals.

If you can create a niche out of SPIA clients, they have one of the best.

And all the mutual company's illustrations have waaaay underperformed their long-term illustrations so far. What predictive data do you have that will determine what par WL policy will 'outperform' in the future?
 
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Re: New York Life Interview Later This Week, What Questions to Ex

And all the mutual company's illustrations have waaaay underperformed their long-term illustrations so far. What predictive data do you have that will determine what par WL policy will 'outperform' in the future?


I think BNTRS was referring to higher priced as in X amount per thousand of DB, which from my experience is fairly correct. NWM is higher than NYL though.
I realize that a WL sale isnt always about premium, and NYL historically has paid a strong dividend. But the fact remains that on DB alone they are higher than most others. And their dividends arent necessarily always higher than the others.

Their Custom WL where you choose year 5-20 for the policy to be guaranteed paid up (not just offset by dividends) is a strong product; they screw you w/o any lube on the comp though.... lol

And their FAs have a premium back guarantee which is fairly unique, and a great selling point.

But they are a good company though. I dont regret working for them...
 
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Re: New York Life Interview Later This Week, What Questions to Ex

I interviewed with New York Life (though I will set up a second interview, the first interview was all about showing off how well known NYL name is and how much money they have and how much money there sales agents make, they even went so far to state to make a point, of all the seven figure income agents thay have).

Walking into the office I knew right away that this is a big time company. It just had that feel of success. Dark wood and leather everywhere. Everyone walking around in highend suits.

After all the talk from the manager/recruitor. I went downstairs and spoke to a nice girl that has worked at NYL for seven months and I spoke to her about 20 minutes. She mentioned over and over again how great the training is and how excited she is to go to Las Vegas for a convention. She also hinted on the pressure of if you don't produce you will hear about it but if you do you will be rewarded (not news to me as I read that on this forum).

I am sitting here now fighting with my mind, I know this is a great opportunity to make some good money if you make it with NYL you could make it big. But, would I be happy at this place? I know there is going to be a lot more pressure here than anyother company. Produce or hear about it.

Training I know would be excellent as well with NYL. In addition to my Life and Health (which I already have), I was told I would also have to get my longterm and series 6/63 licenses.

Hmmmm....
 
Re: New York Life Interview Later This Week, What Questions to Ex

Actually I was referring to their rather high operating expenses and recent (past 10 years) dividend dive. Yes, also certainly not a winner of the lowest premium required per unit of db attained.
 
Re: New York Life Interview Later This Week, What Questions to Ex

Actually I was referring to their rather high operating expenses and recent (past 10 years) dividend dive. Yes, also certainly not a winner of the lowest premium required per unit of db attained.

very good points
 
Re: New York Life Interview Later This Week, What Questions to Ex

MJnoles,

My story is I was a Direct Agent Recruiter for Genworth Financial where I recruited independent agents and agencies to sell the American Continental Med Supp for Genworth (they are the parent company of ACI). Anyhow, I did this for 2 1/2 years and met many agents who sold for N.Y. Life. While it may be a great place to get started so you get your feet wet, I had more than a few agents tell me they got screwed by them in the long-term. One fella in particular who worked his entire career with them had a favorable contract with them and right when he was going to be vested to earn $50,000 a year, every year with them for meeting guidelines in his contract, he was terminated for no reason. I understand everybody else in this position with this contract met the same fate. Now I may have some of the details be sketchy, but this was a guy who's entire career (20 + to that point) was with NYLife and they cast him aside without a care, which is really the point. I've heard other people tell a similar tale. To be fair, there was an agent of mine named John Hill in IN who had great things to say about them as he was like yourself, no experience in the business, and he got his start under them. He now runs a successful agency on his own. I guess bottom-line is, you'll have to do what you feel is right for you. Just realize that even Big Houses like N.Y. Life have risk involved. If you feel like you can handle the pressure to perform immediately and embrace that, it could be a great chance to get the experience and training you're looking for.

-Randy
 
Re: New York Life Interview Later This Week, What Questions to Ex

NYLAC products are just not that competitive. Great company, but it makes it difficult to compete. I personally don't think classroom training will do you much good. If it did then you could get the same thing from reading a book or getting your LUTCF. What you need is a mentor that is willing to take you under his or her wing and show you the ropes. This can happen at NYLAC or anywhere else. There have been a lot over very successful agents at New Your Life...so I am not saying it does not work....just that there is more then one option. Joining one of the big captives is not the only way to go. Just remember NYLAC is not giving you leads....you still need to bust your tail and get your own clients...then when you do sell then a policy NYLAC will take a large piece of your comp. What are they offering you in return? That is the question you need to ask. Maybe its worth it...maybe not. Just my opinion. YMMV.
 
Re: New York Life Interview Later This Week, What Questions to Ex

Thanks a lot everyone with your comments (keep them coming :) ) I will go for the second interview as I see it really doesn't hurt to talk but I am leery of this company even though they are the big name company.

Also, they do not give any leads as you all stated. What are some good companies out there that does give some sort of leads?

Lastly, since this thread is getting a lot of response, I will use this thread to promote my other thread as I am really interested in this company even though they dont have the big name to them. Family Heritage Life, What Do You Know About This Company?

Please help me out and post in my other thread if you all would.

Thanks :)
 
Re: New York Life Interview Later This Week, What Questions to Ex

MJnoles,
One fella in particular who worked his entire career with them had a favorable contract with them and right when he was going to be vested to earn $50,000 a year, every year with them for meeting guidelines in his contract, he was terminated for no reason. I understand everybody else in this position with this contract met the same fate.
-Randy

I was with them for 2 years and spoke to agents all over the country, from 1 year in to a guy who had been an agent for 40+ years. I worked along side many 20+ agents whom where receiving those vested renewals at 50k+. I still keep in touch with some of these guys.

I have never once heard of an agent being fired just because they where vested heavily in a contract. Per your contract the only real things you can be terminated for are ethical violations, compliance violations, and the most common is lack of production. Lots of older agents who are making the big residuals get very complacent with their new business.

It wasnt rare at all to hear about older agents getting canned for missing their minimum fyc production requirements, because the 50k they made before getting out of bed made them lazy. Id bet your hearing this from a disgruntled agent or two.

I know a guy here in SC whos 80 and refuses to retire because his pension is smaller than his 200K+ in renewals he gets a year... so with all due respect thats pure baloney from what I experienced first hand.
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As I said before NYL is a good place to start if you want to sell Life and Annuities and need some training and support to help you do it. But every office is different. Yes there are guys wearing thousand dollar suits and making six figures in most every NYL office. But the same goes for Mass, NWM, Guardian, and Pru.
And they all have first year agent retention rates around 10-20 percent, just like the rest of the industry.

The biggest factor is your comfort level with the people training you and giving you support. Ask to sit in on training classes and compare NYL to Mass. And if your not talking to Mass or another similar company you need to!!! (and that family heritage company doesnt count!!). If nothing more than just to compare the two. But generally speaking you will receive good training at both companies.
For a new agent training and support are huge. People can say what they want about the classroom, but it helps with product knowledge. And product knowledge gives you confidence in the field.
Classrooms are a lot different than taking courses such as the CLU ChFC etc. Its company specific training as well as sales specific training, much different than the course work for professional designations.

There should be plenty of experienced agents to help mentor you there as well. Its hard to find this being indy, or at some of the smaller companies with smaller offices.

Also any captive company will give you minimum production requirements and pressure you to meet them "or else". NYL is not unique with this.
Also not all NYL offices will require you to get your securities license. Some will pressure you heavily, and some offices might make that a requirement of that specific office, but its not a company mandate. If this is a big issue for you it would be flexible most likely if you talk to the partner recruiting you.
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Also, they do not give any leads as you all stated. What are some good companies out there that does give some sort of leads?

Family Heritage Life, What Do You Know About This Company?

Please help me out and post in my other thread if you all would.

Thanks :)

NYL and Family Heritage are totally different markets. You need to figure out what your natural market is, because these companies are as different as night and day.

Personally I wouldnt work for them as a captive agent. And I doubt I would even sell their products.
Not a strong rating, havent been in business for very long, only supplemental products, ive never heard of them, and thats just from taking 1 min to check their web page out.... not a serious career in insurance if you ask me....

This is not the kind of products or company that will give you the opportunity for a large income.

Oh, and their ratings page only has a rating from one of the four rating companies. There is usually a reason they dont post the others.....
 
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