New York Life - Insurance Sales
I was searching through many of the previous posts regarding not only New York Life but insurance sales in general. I had a pretty basic question:
What can one expect for the first few months (ie from start to around month 3-4)?
I have gotten a basic idea and will ask the recruiter but I'm sure they will sugar-coat an answer whereas you guys and gals are never none to shy to tell the straight truth.
Im curious how training works...and more importantly, how much I should expect to have saved up before I would potentially begin. I ask this because they do not offer salary (well they do offer something but it is not quite a salary) and as someone who will have some bills to pay immediately (most importantly to me, eating), it makes me wonder how long it will be before I can even make money. They want you to be liscensed prior to starting and then they reimburse you and they are going to train you to sell but I can not imagine they would throw you out there on day 1 selling. So while you train...are you getting paid? After your initial training...what can be expected beyond that (as I said through months 3-4)?
No takers? Someone must have some sort of clue to aid me in my quest for answers.
[quote=nottheone] No takers? Someone must have some sort of clue to aid me in my quest for answers.
I don’t think you will find too many insurance salesman here. We are mostly Series 7 licensed. In all honesty I don’t know if you are even called a Registered Rep if you only have your 6 … Sorry I can’t help! Ask people at the branch you are interviewing for…
Hey Not the One- I interviewed w/ NY Life right out of college. I they didn’t offer me paid training. They considered it more like free training. You can make a lot of money in insurance sales but your first year will be the most difficult it seemed. You will have to save money up to buy leads. You’re other alternative is “Project 200”. I’m sure the recruiter has told you about it. They will want to to sell to 200 of your closest friends and family members. So make sure you’re comofortable with that. There’s def a lot of income potential there, but it will be tough. You’ll learn some rock solid selling sells. If you do it for a year and it doesn’t work out, it will still look great on your resume. It shows you were confident enough in yourself, and abitious enough to accept a position w/ no salary. Not to mention the selling skills you’ll require. I’m at a major wirehouse- and half of the FAA’s ( Training brokers) came from insurance sales. Good luck!
nottheone, I can answer many of your questions, but not specific to New York Life. I can tell you that they are a top notch company. I would also suggest that you don't accept an offer there without checking out Northwestern Mutual, Mass Mutual, and Guardian.
Expect that from the start until the 3-4 month period that you'll make virtually nothing, yet, from month 3-15, there is no reason why you won't make $75,000+.
The basic answer to your question is that you should be able to go with very little income for about 6 months to play it safe.I don't think you will find too many insurance salesman here. We are mostly Series 7 licensed. In all honesty I don't know if you are even called a Registered Rep if you only have your 6 What does having your Series 7 have to do with being an insurance salesman? If you have an insurance license, you are an insurance salesman. Do you not have an insurance license? Without one, I have no idea how someone can do a proper job of implementing strategies to help people accomplish their financial goals. If you have your 6 and sell products for a commission through a B/D, you are a registered rep.
You will have to save money up to buy leads.One can buy leads, but it certainly isn't needed. You're other alternative is "Project 200". I'm sure the recruiter has told you about it. They will want to to sell to 200 of your closest friends and family members. So make sure you're comofortable with that. A project 200 can be very important, but the purpose is not to sell your closest friends and family. It's irrelevant if you sell any of these people. The idea of a "project 200" is to get referrals. Without the referrals, at the end of this 200, a new agent is screwed no matter how many sales that they made if they didn't get referrals. A successful project 200 will lead to 1000 referrals. This is what will allow the new rep a significantly greater chance to become successful.
Thanks for the replies… Anon: I hope when you say virtually nothing that you do not actually mean nothing…that might be stifling for someone who enjoys to eat, at the very least, once a day
I do not expect to make the big bucks in the first few months but I do hope that this job will allow me to pay bills and eat during that time at least.
I will ask them more specifically when I speak to them but I do appreciate those of you who were able to throw some information my way.
Also, I will look into the other places you mentioned, as I had not done that.
Curious if you have heard anything about liberty mutual. I was curious only because I know they offer paid training and a salary. (I understand that those things should not be a deciding factor but it is certainly comforting to know you wont starve in the first few weeks/months)
skippy just gave you very good advice.
When I say virtually nothing, it can be nothing. Talk to your manager about this.
Liberty Mutual is a property and casualty company. That is a completely different business.
I took a look and I actually got all of my questions answered.
Just in case anyone else was interested:
No salary…you start setting appointments from day 1 with the help of a mentor (generally someone who is a MDRT member)…and it is very much so possible to make no money for a while or make a ton of money–training is not paid for and then there is a possibility you will do no training for weeks after you start with them(ie the NYLIC)…training will mostly come in the form of working with a mentor.
Thanks for the help
If you can make it selling insurance, you can do anything. I started off doing exactly that, with PFG. And the first year I thought I was going to starve to death. NYLife is a great company, but their payout system is completely incomprehensible–I couldn’t figure it out at all. And none of them will do much for you in terms of salary for more than just a quarter or two, which is why turnover is so high.
Might want to poke around other companies, or better still–try to get on with a Series 7 firm. You’ll be able to dramatically expand what you can offer your clients, and most of all, you’ll be competing for the serious money. Since moving over, I’ve yet to lose a case or a client to a NYL or a NW Mutual or an ING. It just doesn’t happen. The serious money is at the Series 7 firms, either at the wirehouses or at the RIA’s.
In what ways were you successful at prospecting for insurance clients? I know I might have a few friends or family members but I would not like to rely on them for my business. Maybe I write a policy for a few of them and maybe I can get a few referrals but I know that them alone will not pay my bills for a year. I feel like prospecting when you do solely insurance has to be different than if you are prospecting for a major wirehouse…
I honestly can’t say. If I had to work at New York Life, I wouldn’t have the first idea of how to go about prospecting.
I knew a few NYL agents, all but one moved on either to other firms or got out of the business. Maybe it’s because we’re in the South, maybe because of the tough nature of the business, maybe it was them–maybe a combination of all of them.
Still, prospecting is prospecting. Whether you’re networking or cold calling or giving presentations or seminars to businesses or to the public–none of it is very easy, but in the end is just very rewarding. Every producer has a plan that works to some degree of success or another; it’s just a matter of sticking to it, every day. THAT’S that hard part.
Wish I could be of more help. I’ll suggest this, though–most wirehouse reps don’t like to play with insurance much, because the payout is too low. Plus, you’re able to bind the coverage with conditional receipt of the first month’s premium check–it would take us weeks, at a minimum, to place the same case. That gives you guys a big edge. So maybe you should swing for the fences–call on business owners only, and ask to review their buy-sell agreements. Most don’t have one, and the premiums on those things are really juicy. You’ll still be told to get lost a lot, but you only need one or two a YEAR to make it in this business. And if you’re good at sales at all, you should be able to sell two icebergs to the Aleuts in a year.
I did it and quit very quickly. Turns out friends and family don't want your overpriced WL as much as you thought they might.
Overpriced compared to what?
Apparently, you never learned how to sell WL to YOURSELF, let alone anyone else.
Like I said earlier, I might be able to sell to some family and friends but I am sure I can get a few referrals. I know going in though, that this will not be where the bulk of business comes from. With that said, where should it come from? What do you all feel is probably the best way to prospect for potentials? (in the sense of insurance…I feel like prospecting tactics would vary between FA and insurance sales)
I did it and quit very quickly. Turns out friends and family don't want your overpriced WL as much as you thought they might.[/quote] How quickly did you realize you were failing and decided to throw in the towel?
Overpriced compared to what?
Apparently, you never learned how to sell WL to YOURSELF, let alone anyone else.[/quote] Because premium=cost, durrrr....
Overpriced compared to what?
Apparently, you never learned how to sell WL to YOURSELF, let alone anyone else.[/quote] Because premium=cost, durrrr.... [/quote] Well, the joke is on him and his clients, right deekay? That's okay. We'll meet them and straighten them out. No problem!