Thoughts on NY Life and Northwestern
- Thread starter wolfe42
- Start date
- 10,890
Ditto to what Walt said. Local management plays a big role in things.
However, NM has a true business model for agents to follow, that if implemented correctly, will lead to a successful and scalable office model. NYL will not teach you that.
Product and target markets are basically identical.
(Im a former NYL agent, who is extremely impressed with the NM offices (and former NM offices) I have encountered)
However, NM has a true business model for agents to follow, that if implemented correctly, will lead to a successful and scalable office model. NYL will not teach you that.
Product and target markets are basically identical.
(Im a former NYL agent, who is extremely impressed with the NM offices (and former NM offices) I have encountered)
Lloyds of Lubbock
Guru
- 757
NYLife and NML offices are both managerial.
The GA , managing partner whatever they call him (her, they whatever) these days does not own the office.
The Home Office has a lot more input than say a Guardian where the GA owns the office.
Years ago when I was in Product Support, NML had the best printed training material....it was not even close.
I am not an NML guy.
Talk to some people in the offices.
Which leadership impresses you more?
Ask how they on board new agents.
One office will feel like a better place for you.
The GA , managing partner whatever they call him (her, they whatever) these days does not own the office.
The Home Office has a lot more input than say a Guardian where the GA owns the office.
Years ago when I was in Product Support, NML had the best printed training material....it was not even close.
I am not an NML guy.
Talk to some people in the offices.
Which leadership impresses you more?
Ask how they on board new agents.
One office will feel like a better place for you.
If you interviewed with both and still are unsure, the Northwestern guy you spoke with did a poor job. Go back to the Northwestern and tell the manager you are wondering specifically how Northwestern stacks up against New York Life. For instance, when you buy a policy you really have a contract and all contracts are not the same. Ask him to show you in what ways the Northwestern contract is better for the policy owner than the NYL contract. You will learn some things that will help you decide.
Lloyds of Lubbock
Guru
- 757
Why do you think the NML contract is better than NY Life?
NY Life paid up at any age can be very attractive and can lead to many different policy designs.
The agency that can help you get going and develop your business is where you want to be.
NY Life paid up at any age can be very attractive and can lead to many different policy designs.
The agency that can help you get going and develop your business is where you want to be.
WIth NWM, you own your book of business after 15 years. There is zero chance of that with NYL. Now very few people are still with NWM after 15 years but if you end up making it in this business and staying, you can in theory split with NWM and open up your own RIA easier and bring on your clients over. Otherwise same products and same markets same compensation may be different location for company trips
I am not talking about numbers; that's a whole other idea. Rather I am referring to the contractual provisions that make up every policy. There are several that may come into play and can make a real difference to a particular policy owner. For instance, NWM is the only company I know of that will pay the death benefit if death occurs due to suicide during the second policy year (it's in the contract).
My NWM policies are quite old and the last dividend I received was just under $20,000. What happens if I were to die a month before the anniversary of the contract? With NWM, here is what my beneficiary would receive: "A dividend for the period from the beginning of the policy year to the date of the insured's death will be payable as part of the policy proceeds". See if you can find that in a different company's contract. Not living to the anniversary date can be costly.
I am not saying that NYL is not a fine company. The poster is trying to determine which company he should join. How favorable a company's contractual provisions are for the policy owner is a certainly something I would care about if I were selling.
A.M. Best reports that for 2023, NWM's lapse ratio is 20% lower than NYL's (3.5 % vs. 4.4%). Let me quickly follow up with the fact that NYL's lapse ratio is excellent! There are so very many yardsticks with which to measure one company against another.
- 11,529
Interesting! I had never heard that before. I have heard that one can broker with NWM, but I don't know how one could go about that, other than what you just mentioned.
Two things that would still be a turn-off for me:
1) Their corporate culture. (Same with NYL - I could never fit in those environments now.)
2) They lower your renewal compensation (penalize the agent) when a client borrows against their policies. Which, to me, means you're disincentivized from showing people how they can really use and harness their policies.
