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ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1336 posts

New York Life Insurance Sales
40 year old male here. 20 years in Healthcare Administration. Completely burned out.

Looking to jump ship possibly and start a new career with New York Life.

Pros/Cons? Any info is appreciated especially on realistic earning potential the first 1-3 years.

Thank you


Shepherd88
Member since Dec 2013
2782 posts

re: New York Life Insurance Sales
Run away


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131
Disgeaux Bob
LSU Fan
North Carolina
Member since Sep 2016
1814 posts
 Online 

re: New York Life Insurance Sales
I’ve been in the industry for 20 years. While NY Life is a fine company it won’t mean squat unless you have people to see. Leads are scarce so you better be one helluva self promoter. Do you have a natural market? It may be awhile before clients trust your abilities and offer referrals. BTW...no one really likes giving an insurance man names and numbers of their friends. Be ready for them to require a list of 200-300 of your friends and family so that you can call on them for appts. You will need to be in front of 6-8 potential clients per week to have a chance at success. I can’t reiterate this point enough......HOW WILL YOU CONSISTENTLY STAY IN FRONT OF POTENTIAL CLIENTS ONCE YOU RUN OUT OF FAMILY AND FRIENDS.
This post was edited on 11/8 at 9:09 am


Boring
Member since Feb 2019
339 posts

re: New York Life Insurance Sales
quote:

20 years in Healthcare Administration. Completely burned out.


Shite, this is the arena I'm trying to move into


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
18313 posts

re: New York Life Insurance Sales
Can you sell high priced, high value assets to people who are likely buyers?

It's a good company with a good product and a good reputation. But you have to be able to sell and have people to buy.


Pierre
LSU Fan
Baton Rouge
Member since Nov 2005
4615 posts

re: New York Life Insurance Sales
quote:

You will need to be in front of 6-8 potential clients per week to have a chance at success. I can’t reiterate this point enough......HOW WILL YOU CONSISTENTLY STAY IN FRONT OF POTENTIAL CLIENTS ONCE YOU RUN OUT OF FAMILY AND FRIENDS.



Sounds terrible IMO


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100
MontyFranklyn
Alabama Fan
T-Town
Member since Jan 2012
21630 posts

re: New York Life Insurance Sales
If you want to go into financial sales, just go all out and be a fully licensed Financial Advisor


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81
TDsngumbo
USA Fan
Member since Oct 2011
20280 posts

re: New York Life Insurance Sales
I tried this years ago and did not have a pleasant experience.


First, you are required to produce a list of 200 names of friends and family that you have to turn over to them. They will produce mailings and other marketing materials to mail to those people on your behalf, introducing you to them as a NYL Agent. You will be required to try to sell to them first. Then use them to gain referrals.

My number 1 rule has always - ALWAYS - been that friends and family are off-limits to me unless they come to me wanting my product. I refuse to be that guy who always tries to sell to friends and family. That ruins relationships - don't do it.

They will repeat that you are working on your own and are your own boss but they will try to micro-manage you every day and question everything you do and don't do.

New York Life is a tremendous company and a leader in its industry, no doubt about that at all. But keep in mind that you must still purchase your own leads and hustle the crap out of them. NYL is the best in the business but definitely not one of the cheapest and in today's world where consumers are price-focused, it's very difficult to sell the best to someone who can get the same product from a middle-tier competitor for $10-$15/less a month.

You will have tons of no-shows, cancellations, etc. with your lead appointments.

Your target market for NYL will be middle to upper class adults in their 40's through retirement. Those are the folks who understand the importance of protecting their assets in the event of their death AND can afford a NYL product.

As someone who works in the industry, I understand the importance of a quality insurance or financial product but at the end of the day I also understand that price talks and the best companies in this industry are not always going to be "better" than their cheaper competitors. Of course, I'll never tell my clients that but it's the 100% truth.

Price sells and quality only goes so far in today's buyer's market.

There are some NYL agents who are killing it, earning over $250,000 a year and a few who are near and over $1M a year but the majority of them are struggling to hit $50,000 a year. Can you be successful with NYL? Yes, with the right inner circle and right attitude you can absolutely be successful. But don't forget that you will need to spend roughly $2,000 or more a month on leads that, if you're lucky, will produce a 5% ROI. Insurance sales such as the one NYL offers is one that you keep your eye on the long game not the now. You must keep your head up and remember that you're in it for the long term and that one day you'll have enough renewals getting deposited into your bank account to hold you over in those slow times.

I would suggest you try to get on with an independent agency or start your own independent agency where you can have access to multiple carriers and can always have an option for most of your prospects.

Good luck!
This post was edited on 11/8 at 11:56 am


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70
ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1336 posts

re: New York Life Insurance Sales
quote:

Disgeaux Bob


Thanks for the response.

I assumed it would require more than 6-8 potential client face to faces per week.

I am involved in multiple organizations where I believe I would have a far reaching network of people to call on.

I understand it is all commission based. What I can't find good information on, is a realistic earnings for years 1-3.

Thanks again


ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1336 posts

re: New York Life Insurance Sales
quote:

Boring


quote:

Shite, this is the arena I'm trying to move into


What are you in now? Maybe we can swap!


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Georgia Sooner 745
Oklahoma Fan
Member since Jan 2019
80 posts

re: New York Life Insurance Sales
Day 1: I’m going need you to write down a list of 200 people you know

Day 2: start dialing


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70
TDsngumbo
USA Fan
Member since Oct 2011
20280 posts

re: New York Life Insurance Sales
quote:

What I can't find good information on, is a realistic earnings for years 1-3.

Year 1 - $25,000
Year 2 - $40,000
Year 3 - $63,000


That would be my best estimate assuming an above-average closing rate for an inexperienced agent.


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ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1336 posts

re: New York Life Insurance Sales
I believe I can. But I believe I can really succeed in selling smaller policies to young families. I have a far reaching network of people that are aged 25-40ish. I think the majority of my network is untapped. I never hear of anyone trying to recommend their "sales" guy to me, and assume a vast majority do not have minimal needs met for life ins, LTC, disability, etc.


TDsngumbo
USA Fan
Member since Oct 2011
20280 posts

re: New York Life Insurance Sales
quote:

I never hear of anyone trying to recommend their "sales" guy to me

That is because nearly everyone buys their insurance policy online nowadays. Do you remember the name of the last salesperson you bought something online or over the phone from? Nobody does so nobody recommends them to anyone. If you want to succeed in this with NYL, you HAVE to be one hell of a hustler. Every day, all day. No breaks. You have to create a sense of competence and confidence about yourself in the subject and you must make sure this comes across to everyone you speak to BUT it's important to size up your prospect within the first few seconds of talking to them in order to not come across as too confident and douchey.

This type of insurance sales is very difficult. If you want to try it then go for it. If you're successful you will wonder why you didn't do it sooner. But remember that nearly 90% of new agents fail within the first year.


Disgeaux Bob
LSU Fan
North Carolina
Member since Sep 2016
1814 posts
 Online 

re: New York Life Insurance Sales
Good rule of thumb regarding commissions

Life\LTC insurance.......base commission 50% of annualized premium
There are probably rookie agent bonuses that bump that up to a total of 75-80%
Someone buys $100\ month life policy you make $600-$850.

Fixed annuities.....3% of investment

Mutual Funds /. Managed Acconts ...50 -75 basis points (one half to three quarters of a percent total investment)

There are other products and percentages may vary. This is my best guesstimate.


Georgia Sooner 745
Oklahoma Fan
Member since Jan 2019
80 posts

re: New York Life Insurance Sales
I will say NYL does have a nice year 2-10 residual commission.


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ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1336 posts

re: New York Life Insurance Sales
quote:

TDsngumbo


I believe you mentioned earlier, that NYL is great at what they do.

Do they provide adequate/above average training upfront?

Do they provide man power support in the early stages, ie "mentor"?

Do NYL agents really have to buy leads? I had never heard of places like NYL, NMFN, or Mass buying leads. I thought that was for the "smaller" companies.

THanks again


TDsngumbo
USA Fan
Member since Oct 2011
20280 posts

re: New York Life Insurance Sales
quote:

Do they provide adequate/above average training upfront?

The training I received was simply from my mentor agent who recruited me. It's in your mentor's best interest to ensure you are trained adequately since he/she will make more money each time you sell something so they want you to be as adequately trained as possible. I do not recall any formal training, though. That may have changed since then though since it's been a good 7 or 8 years now.
quote:

Do NYL agents really have to buy leads? I had never heard of places like NYL, NMFN, or Mass buying leads. I thought that was for the "smaller" companies.


My man, if this is news to you then you should do some more research on working in the industry before you jump into it. All insurance agents have to buy their own leads and do their own marketing unless they work for an actual captive agency. In that case, the main agent (the guy whose name is on the door) buys the leads and does the marketing. But in exchange, you work for them instead of you and that means you are a W2 employee instead of an independent contractor. NYL, NMFN, Mass Mutual, and all the other company agents out there buy their own leads. This cost can ad up very quickly and it's important that you make enough money to pay the costs back asap to avoid going into too much debt.


LSUA 75
LSU Fan
Colfax,La.
Member since Jan 2019
705 posts
 Online 

re: New York Life Insurance Sales
Healthcare Administration and burned out.How about medical sales area?I’ve known sales reps with various degrees that wouldn’t seem to prepare them to sell medical devices,equipment,etc. but they have been successful.


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10
baldona
Auburn Fan
Florida
Member since Feb 2016
10904 posts

re: New York Life Insurance Sales
You should never quit a salaried position for a job that's 100% commission without any experience or a lot of savings.

My recommendation would be to go work somewhere like a New Car Dealership part time. I don't know how hard part time gigs are to find these days, sometimes they are easy and sometimes non existent.

But go do some sort of Sales gig on the nights and weekends first. Then if you love it, get into it. But I feel it would be very irresponsible for someone with a career and family to go into something like 100% commission insurance sales without a great idea of what they are getting into. Just look at the statistics, the amount of people that stick with it are not good.


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