I will add that NY Life training is very strong compared to most competition in the first 6 months for a newbie. There is nothing wrong with starting with them and leaving before the 1 year is up. However, for a PEA, they should not really need training on fact finding as much. And NY Life whole life is available for large cases as a broker to anyone. So being a PEA allows you to also sell small NY Life whole life also and get paid for them.I think very very few people will fit that profile.
New York Life PEA Contract
- Thread starter Bama427
- Start date
- 10,335
Agreed. I owe a lot of my knowledge to the start I received at NYL. Generally speaking, they have an excellent training program for new agents. Some offices have better trainers than others, but overall its a really good system. NWM also has excellent training for new agents.
I spent 9 years with New York Life and wouldn't represent them if they were the last company on earth. Management with NYL think that when you say NYL your prospect is supposed to say stop, stop where do I sign, it is a privilege to have a policy with NYL. It doesn't work that way. I worked out of the Macon, GA general office which covered about half way to Atlanta north and south to Tallahassee , Fl. I qualified for Quality council one year, Executive council one year, led the Macon office in disability commissions and qualified as a health pro. To qualify for this you had to produce $10,000 in disability commissions in a 6 month period. I led the office in mutual fund commissions one year and I came in with a check payable to NYL for $500,000 for a single premium whole life. I answered the phone that I paid, New York life and paid for the sign in front of my office that said, New York life. In November of 1989 a new regional vice president came in and started terminating agents and transferring management to different states. I had already met all the annual qualifications in my contract so I was going to slow down and take some time for the holidays. The general manager came into my office and said the VP said I must agree in writing to write 5 apps and $1,500 annual premium from November until Apri and l agreed that any month I didn't meet these qualification I would be terminated.. I couldn't write just 5 apps or $1,500 in premium but had to do both. I told the general manager I wasn't going to do that so he told me I would have to send him my resignation. I resigned effect 1/1/1990.
In hindsight I should have said no, you fire me, then I could have sued them. I made more money leaving them because I got more than 50% commission on whole life and 30% on term. Everytime I replace a NYL policy I don't laugh but I do smile.
In hindsight I should have said no, you fire me, then I could have sued them. I made more money leaving them because I got more than 50% commission on whole life and 30% on term. Everytime I replace a NYL policy I don't laugh but I do smile.
- 11,289
^^^^^THIS!
(Granted, this is how most mutual companies seem to work as well.) I get more calls and messages from NYL agents than any other company BECAUSE of this.
And it's amazing when I teach them how to lead with the problems we solve, rather than the products (or companies) we sell.
However, if the OP is determined to go with NYL (or any other mutual that has this mentality), then the best way to introduce yourself can be:
"I'm DHK with New York Life. What you may not know about New York Life, is how we help (insert demographic here) to (list problems or situations) without (on a favorable basis). Would that happen to describe you?"
regularAgent
Super Genius
In the end the change will bring you many complications in methodologies and ways of doing business.
NYL has an important presence in the market and you must have the ability to be so strong and rigid as to place the product on the market. Term / WL / Annuity put the name you want.
While working with NYL, I tried the change with Transamerica / AXA / MASSMUTUAL three times and my mind could not make the change, because I could not see it.
I presume that on the contrary Transamerica / NYL will be like a blow to the face, due to the business models and the diversity of products and criteria of Transamerica.
Even today, after 7 years of leaving NYL, it is difficult for me to work with an insurer that is not MUTUAL.
I suggest you do not change and if you do, remember that you will not have a business book and that your colleagues in NYL with your experience will be in other positions with more advantages.
You will only find a good performance if you are Register Rep.
It is a requirement in NYL that before becoming an "established agent" you have acquired the qualification of Reg. Rep. Then NYL will not be so important the business world will be yours if you take advantage of the financial windows of NYL.
NYL has an important presence in the market and you must have the ability to be so strong and rigid as to place the product on the market. Term / WL / Annuity put the name you want.
While working with NYL, I tried the change with Transamerica / AXA / MASSMUTUAL three times and my mind could not make the change, because I could not see it.
I presume that on the contrary Transamerica / NYL will be like a blow to the face, due to the business models and the diversity of products and criteria of Transamerica.
Even today, after 7 years of leaving NYL, it is difficult for me to work with an insurer that is not MUTUAL.
I suggest you do not change and if you do, remember that you will not have a business book and that your colleagues in NYL with your experience will be in other positions with more advantages.
You will only find a good performance if you are Register Rep.
It is a requirement in NYL that before becoming an "established agent" you have acquired the qualification of Reg. Rep. Then NYL will not be so important the business world will be yours if you take advantage of the financial windows of NYL.
- 11,289
I've found a balance on it myself. Primarily, if you're selling whole life insurance, it needs to be with a mutual insurance company. Otherwise, if you're selling IUL or other UL variants, I'm okay with stock companies.
https://www.dynamicadvancedwealth.com/post/myth-11-does-mutual-really-matter-yes-and-no
- Thread starter
- #17
- 10,335
My philosophy is to choose a carrier that is heavily committed to the life industry. Meaning life insurance makes up a significant portion of their overall business. If a carrier is not heavily reliant upon life revenue to survive, its easy to disregard renewal rates.
I also look for carriers that do not release new IUL products on a frequent basis. This is often a sign of using teaser rates.
An IUL doesnt have to be from a mutual carrier, but imo it certainly helps if it CAN be from a mutual carrier. Less hands in the pot trying to get their share, thats seldom a bad thing for the client. jmo
