Hello I have been in contact with reps from Northwestern Mutual and Mass Mutual(Spectrum). I am new to insurance and have just got my life & health license. I have interviews with both of these companies this week. I have posted this on one of my other forums but I am looking to get some more info on which company is the better of the two for someone jsut starting out in selling and insurance. Both say they offer extensive training and compensation while starting out. NML pays 3000 total as long as meet quotas if you will, and Mass pays compensation for 6 months which dont know how much or what the details are to get this. Please if anyones had luck or comments about this companies that is great. i have a plan to work here in Dallas for one of these companies for couple years then plan to move back to my home area of central coast california with this company. Which one would be best for transferring to different state and trying to maintain clients. I plan to sell Life, annuties, mutual funds, then after couple months once i get settled in, get my securities licenses to get into financial planning area of biz. Please feel free to let me know anything about making this choice. I still have to go through approval process to see if im good fit for their company so one may accept me and one may not.
Which insurance company for someone starting in insurance??
- Thread starter amarlls
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Well NML says they pay 3000 total for starting out and Mass i think he told me theres base for first 6 months but I didnt think to ask how much. Both say they offer big incentives on first life policies written.
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Kind of looking for the best company to start at insurance and securites sales with, and who is better comapny as far as consumer interests(who are consumers more quick to use for better products, better reputation, better services etc) which has better training? I guess which company will give someone in my position best luck to succeed in this business witht heir training, support, mentoring, and better products?
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Kind of looking for the best company to start at insurance and securites sales with, and who is better comapny as far as consumer interests(who are consumers more quick to use for better products, better reputation, better services etc) which has better training? I guess which company will give someone in my position best luck to succeed in this business witht heir training, support, mentoring, and better products?
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- 1,070
Tell them you want to attend one sales meeting before contracting. Then you will see the true picture. A lot of those ins co offices are just revolving doors for agents due to poor leadership.
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- #5
yea there is always big incentives....you need to go with the one with the 6mo base because this business is not as easy as they are telling you....unless they have a list of AIG clients they are trying roll....
Isn't it a moot point until you get a formal offer from one or the other? Go through the interview process until one of them offers you a position, then bid one against the other.
- 1,328
I'm surprised to hear you speak negatively of AIG, Scott... after all, you're an owner of the company...
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- #8
not at all.......but I can see scummy agents trying to talk AIG policy holders on moving telling them that they are going to be left high and dry......I am also a policy holder.....
- 1,328
I like AIG... they're not going anywhere... worst case, the insurance companies get bought up...
- 3,384
I can't believe you actually posted something here that was not about Obama/McCain! Jeez, what's the matter with you?
Ok, I have been with both of these companies in the past and will break it down for you here as best I can recall.
Northwestern Mutual Life (I hate that NMFN crap)
Good points:
1. Strong name recognition, strong product line, excellent dividend scale, long history in the life insurance business
2. Easy to get appointments with business leaders due to name recognition
3. Good training program
4. Good ability to work with senior agents and split commissions on cases (usually encouraged for new agents)
5. Excellent player in large premium business insurance market...this is where you want to go if you are going captive life insurance, not the kitchen table
6. Good commission rates on perm products
Not-so-good points:
1. Sales Builder Meetings - every Monday morning you have to make some kind of childish board thing and show everyone how you did last week. If it was not good, prepare to get the crap beat out of you
2. Client Builder Meetings - a once per month 1/2 day session similiar ot Sales Builder but on steroids. If you had a bad month, prepare to be embarrassed in front of your peers
3. Base compensation - NML usually does not offer any base comp for new agents. If the GA/MP is promising you comp, find out how much, how it's paid and if the GA/MP intends to try and recover any of it from your 120 account off of future commissions. If it's a base to get started it should be yours as long as you meet production requirements to get it
4. Term commission rate is poor (35%-40% tops), also term products are not to hot, max to age 70 stuff like that - NML is not a player in the term market at all
5. Broker-Dealer (if it's still Robert W. Baird) is very weak and they will screw up a lot of your mutual fund accounts. Also, most GA/MP offices have an ex-life agent doing the oversight and that person is often about 1/3 as skilled as an Edward Jones broker
6. Health Business - NML GA/MP want you to put your health business through their affiliate (SEBS?) where they will cut you mostly out of your own commission. When I left San Jose, GA and SEBS were getting 85% of the commission on my Blue Cross cases, I was getting 15%. Rip! And they would punish you if you dared to write it on your own.
Also, since you mentioned it above, when you contract with NML as a new agent, there are two levels of perm life commissons available. The GA/MP may try to entice you with the higher one (something like 82% payout) but there is a cost down the road. Look closely at that structure versus the traditional 55%-60% payout which does not have that same provision. I believe, and someone with NML correct me if I am mistaken that the 82% payout level dings you later in the renewals.
MassMutual
Good points:
1. Good name, quality products, a bit more flexible perm portfolio than NML
2. Allows brokerage of term though an in-house brokerage (used to be Bisys, not sure who now)
3. Good LTC products, better than NML
4. Good commission schedule on both WL and term
5. Good Broker-dealer, they are tied in with Oppenheimer
6. Base comp for new agents not tied to recovery off of future production
7. Ok training program, not quite as intense as NML, but not bad
8. Meetings with supervising agent and/or MP, but no structured beat-up sessions like NML
9. No brokerage requirement for your health business. Feel free to write that on your own.
Not-so-good points:
1. A bit weaker dividend rate than NML
2. More emphasis on UL products than par WL products
3. Less hands on supervision, structure
Assuming that you receive an offer from each, I would focus on the following:
1 - base, who offers the better base to get started and keep you from starving in your first few months
2 - training, who offers the best training to get you up and running and ready to sell insurance
3 - production requirements, do they both have them and what are they for new agents
4 - ask them how many agents make it through 1, 3, and 5 years with them. This is a good indicator of the agency itself. If they lose 85% of first year agents, that could be a bad sign.
One thing to keep in mind, NML is a bit of a control freak company, while Mass is more about letting you go on your own. If you need that hands-on stay in my face and make me succeed or quit, then NML is a good place. If you work better with less of that structure, Mass would be a better fit.
Ok, I have been with both of these companies in the past and will break it down for you here as best I can recall.
Northwestern Mutual Life (I hate that NMFN crap)
Good points:
1. Strong name recognition, strong product line, excellent dividend scale, long history in the life insurance business
2. Easy to get appointments with business leaders due to name recognition
3. Good training program
4. Good ability to work with senior agents and split commissions on cases (usually encouraged for new agents)
5. Excellent player in large premium business insurance market...this is where you want to go if you are going captive life insurance, not the kitchen table
6. Good commission rates on perm products
Not-so-good points:
1. Sales Builder Meetings - every Monday morning you have to make some kind of childish board thing and show everyone how you did last week. If it was not good, prepare to get the crap beat out of you
2. Client Builder Meetings - a once per month 1/2 day session similiar ot Sales Builder but on steroids. If you had a bad month, prepare to be embarrassed in front of your peers
3. Base compensation - NML usually does not offer any base comp for new agents. If the GA/MP is promising you comp, find out how much, how it's paid and if the GA/MP intends to try and recover any of it from your 120 account off of future commissions. If it's a base to get started it should be yours as long as you meet production requirements to get it
4. Term commission rate is poor (35%-40% tops), also term products are not to hot, max to age 70 stuff like that - NML is not a player in the term market at all
5. Broker-Dealer (if it's still Robert W. Baird) is very weak and they will screw up a lot of your mutual fund accounts. Also, most GA/MP offices have an ex-life agent doing the oversight and that person is often about 1/3 as skilled as an Edward Jones broker
6. Health Business - NML GA/MP want you to put your health business through their affiliate (SEBS?) where they will cut you mostly out of your own commission. When I left San Jose, GA and SEBS were getting 85% of the commission on my Blue Cross cases, I was getting 15%. Rip! And they would punish you if you dared to write it on your own.
Also, since you mentioned it above, when you contract with NML as a new agent, there are two levels of perm life commissons available. The GA/MP may try to entice you with the higher one (something like 82% payout) but there is a cost down the road. Look closely at that structure versus the traditional 55%-60% payout which does not have that same provision. I believe, and someone with NML correct me if I am mistaken that the 82% payout level dings you later in the renewals.
MassMutual
Good points:
1. Good name, quality products, a bit more flexible perm portfolio than NML
2. Allows brokerage of term though an in-house brokerage (used to be Bisys, not sure who now)
3. Good LTC products, better than NML
4. Good commission schedule on both WL and term
5. Good Broker-dealer, they are tied in with Oppenheimer
6. Base comp for new agents not tied to recovery off of future production
7. Ok training program, not quite as intense as NML, but not bad
8. Meetings with supervising agent and/or MP, but no structured beat-up sessions like NML
9. No brokerage requirement for your health business. Feel free to write that on your own.
Not-so-good points:
1. A bit weaker dividend rate than NML
2. More emphasis on UL products than par WL products
3. Less hands on supervision, structure
Assuming that you receive an offer from each, I would focus on the following:
1 - base, who offers the better base to get started and keep you from starving in your first few months
2 - training, who offers the best training to get you up and running and ready to sell insurance
3 - production requirements, do they both have them and what are they for new agents
4 - ask them how many agents make it through 1, 3, and 5 years with them. This is a good indicator of the agency itself. If they lose 85% of first year agents, that could be a bad sign.
One thing to keep in mind, NML is a bit of a control freak company, while Mass is more about letting you go on your own. If you need that hands-on stay in my face and make me succeed or quit, then NML is a good place. If you work better with less of that structure, Mass would be a better fit.
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