Considering a position at New York Life. Any idea what to realistically expect for hours, pay, other details?

Question

Im told most insurance companies retain 17% of their employees after 5 years, vs NY Life is retaining 60%. What kind of training and support am i looking at? I know hours vary, and you get out of it what you put into it, but what can i expect to work in an average week? Will i start part salary, part commission? If so, over what period of time does the salary go away. Not that i expect to just make the minimum, but what minimum requirements, if any, do they have for you in sales at NY Life. I was told i should see 40k the first year, with the possibility for more. Also told by the local mgr, that he just had two people who broke 100k in their first year. Not common, but it can happen.....can it? What types of commissions do you get for different plans you sell? What sets NY Life apart from other Ins companies? Any insider input on these questions, or other thoughts and opinions from people in the field would be appreciated. Thank you.

Answer 1

They have a good training program. I've experienced other carriers' career agent programs. Some where really bad.  Most profitable life insurance agents put in 50 to 60 hours a week. Like most carriers that have a career agent system,  NYL has no base salary. You need to be responsible for your own expenses; this is typical  throughout the industry. Personally, I seem to be happier when I am on commission only.

Life insurance sales is a hard business. However, I love this job.

Answer 2

About a year ago Iwas told the same thing.  All of this information dances on the border of misleading and omitting material facts.  The retaining rate is 60%... of those who make it to full time.  Out of the people who you will start training with, only about 10% will make it to full time, the 60% of that 10% will actually make it, which from a completely TRUTHFUL standpoint, is actually 6%!!!!! Furthermore, the is NO BASE SALARY.  You must get all of your insurance licenses before being offered a part time contract, then you have to accrue "points" toward a full time contract, which include $500 of first year commissions.  Any relatives and yourself do not count toward commissions.  You will be asked to call on 200 people you know, regardless of the fact you may not have talked to them in years.  Unless you know hundered of people, or just a ton of wealthy people, YOU WILL NOT MAKE 100K YOUR FIRST YEAR.  Realistically if you worked your *** off, spent 60-70 hours a week working, you might make $50K-$60K.  Life insurance business is usually not paid for 6-8 weeks.  They really don't push people to get their FINRA Licences, which you need in order to sell any type of Variable Annuities.  So, to you my friend, my advice is this:  Unless you have a very sizeable savings put aside to last several months while YOU ARE NOT GETTING PAID, or are confident you really want to pursue a career with a company that wants you to keep you current job while exausting yourself for no money and/or be broke, DONT DO IT!!!!!!!!! There are many compnaied like MetLife, AXA, Liberty Mutual, etc. who will provide you a generous base salary for the first several months while you build your business, and will provide more generous commissions as well as a multi-company array of products and solutions, as well as leads.  (I landed my feet at one of these companies after I realized how ridiculous their program was.)  Anyhow, the best of luck to you, and believe me, Financial Services is a wonderful career, but seriously, with gas prices on the rise as well as inflation, do you really want to spend several months with no income?

-From a Registered Representative/ Investment Advisor Representative

Answer 3

Don't go on a contract where if you leave you lose your trailing commissions on what you sold.  When I started with with a large US insurer I had to stay for 20 years in order to become 'vested' in my commissions for the policies I sold.  Leaving after 6 years I left all of my work behind.  I wish I knew up front that I could forgo their "financing" and come on as a broker and be vested immediately.

After I left I could sell the same products from that same carrier and make 50% more.

That's not to say not to do it, but get a good understanding of vesting schedules company to company.