I went to an interview with NY Life and felt more like I was being sold something. What's up with that?

Question

My senses tell me that I'm being duped. What's the real downlow on NY Life?

Answer 1

They are selling you something: the idea of a career making unlimited money. Agency training programs often fail. Also the recruiters and managing partners are always so busy because for every 10 people they recruit, only two will make it in the business! If you're going to go into the insurance industry, focus on a company with a strong Property & Casualty presence ... not just a life insurance company. You will find it very hard to eat on the commissions ... and their so-called programs that they used to help you where they give you money: you typically have to pay it back or meet high minimums (high for new agents) to get it, so don't let them make you think everyone is getting this "help" money. I would avoid NYL, and look at an Allstate or State Farm, or a Nationwide ... someone with a strong agency training, and again ... P&C. P&C is the bread and butter of the business because people NEED it ... they may always need financial products or life insurance, but they typically put it LAST on their list of priorities and where to spend their money. Good luck.

Answer 2

The break even point on the long term value of the clients you bring them is pretty low.  So most new relationships are pretty advantageous to them.  If you don't disrupt the culture, they will probably make money on you.

Also, they want you to hear the stuff about why mutual companies and why NYLIC so that you can repeat it easily later on.  Any company will try to convince you their company is the best (without saying that of course), that IS part of selling.  I kind of have a hard time with the career company model, but as hard as it is to start there, it is next to impossible to start on the brokerage side.

Answer 3

Insurance companies are pretty low.  They will "train" you.  The training is to sell insurance to your family.

Answer 4

The recruiter has to sell you on the idea of being an agent. Some can make it sound like the best thing on earth. They do this because if they told the truth, that 95% of new agents quit the first year and half of those remaining quit the second year, they would get very few people to sign up. They also don't tell you that working 80 - 100 hours per week when you first start is the norm for agents that succeed.

Being an agent can be great, but if you're just starting out you need to have at least 2 years living expenses saved up so you can put your commission income back into the business.

Answer 5

NY Life has one of the best traing programs in the nation. If you make it you will make good money with a reputable comapny. Look around the office what do you see.

I started at NYL and about 1 of 15 made it and it was a great place to start. I was one of the one of course. I worked hard, did what they told me and I was rewarded as they said. I was never lied to.

Answer 6

You already had some great advice just let me add this, 80-90% of new agents fail inthe first year. I started at NYL amd I am the only one from 25 agents that was still in business 2 years later.

Most of these sales managers will make a prospective agent feel like they are the best recruit the manager has seen in years. You were being sold, use your instinct if you start off with a bad feeling it will only get worse.

Answer 7

It depends on the individual.  NYL agents do very well if they have the talent.  Their failure rate is the same as everyone else starting in business for themself.  That's why most people have jobs.  If you took the presentation negatively, then I would suggest you work for some small local agency that will give you leads and get you making money right away if you have selling skills.  NYL is a major commitment and it depends on who you know already that can help you by being clients or referring.  After all, you are with NYL.   Look for something lighter like working with seniors if NYL isn't right.