Joining New York Life. Need Some Advice.

[nightwane5505]

I'll give you some background on myself. I joined Primerica about maybe a year and half ago. I did my own research into the company and loved what I read (yes I read the good and the bad). I was new to the financial industry and how things are done. I ended up connecting with one of the offices here and at first I was mega excited but then I started noticing a lot of things that didn't sit well with me. Now, I won't get into bashing the company or bashing the office I was in. But I decided to join New York Life. By chance I came across this site and boy did I do a LOT of reading
I felt more, after reading posts here, at ease that I'm making a good choice in regards to being properly trained in finances, the products, how to market, etc.
Ok, so the question I have is this...How much should I expect to make in my first year? Now I'm not expecting to be an overnite millionaire but I am expecting to see at least some income my first year.
The guy who interviewed me showed me the numbers and I got to talk to some of the new agents (a couple of months old). I was shown and told that making decent income withing your first year is possible if you're coachable. But I'd rather hear what you guys have to say because you're experienced in these matters.

One thing the interviewer told me was that I'd be make a "guaranteed minimum amount of 83k". But I learned during last week's interview that the bonuses, training allowance subsidy, etc are what add up to the 83k.
One thing he told me that got my attention quick was that if I did everything I was taught (marketing strategies, prospecting techniques, etc) and I didn't make the 83k during my first year he'd pay me the difference out of his own pocket.
So I want to know what you guys think about this. Be honest and truthful please

Now for the advice...Can you guys give me advice on what I need to do to grow as fast as possible? What should I focus on my first couple of months? Any good reading material I should read to stay ahead of the game?

Also...I'm nervous about my test :o
I already passed my life test when I was with Primerica but now they (NYL) want me to have the health portion. SOOOO I have to retest :/
Do you think two weeks is good enough time to refresh on life and study for health???

 

[DHK]

You will earn in proportion to what you sell.

Don't focus on income. Focus on marketing and who you're going to prospect, present and ultimately sell to (after your friends and family of course).

Anybody can put numbers into the compensation plan to illustrate how it works. But you need a real marketing plan after you have approached your "project 200".

Those are the areas you need to ask about.

Exams are easy when you study well enough. Get the materials and the practice exams and just get it done.

 

[Norwayguy]

You will earn in proportion to what you sell.

Don't focus on income. Focus on marketing and who you're going to prospect, present and ultimately sell to (after your friends and family of course).

Anybody can put numbers into the compensation plan to illustrate how it works. But you need a real marketing plan after you have approached your "project 200".

Those are the areas you need to ask about.

Exams are easy when you study well enough. Get the materials and the practice exams and just get it done.

X2

Also I'm going to guess that the part about him paying you the difference out of his pocket is not in writing...And if it is in writing you need to still be a contracted agent at the end of year one and he would get rid of you long before he had to pay you...

Forget the numbers the home office puts out...Its all about what "YOU" sell...The switch from Primerica to NYL will be a big change...NYL is an old line mutual and wants you to sell a lot of Whole Life insurance nothing wrong with WL but just understand that even if you can broker through your office most of your numbers will be based on NYL products primarily Life Insurance.

I was with NYL and I think they are a good company...My only regret was that they are a company that you almost can not broker with once you leave (They will allow you to broker but the case needs to quite large) meaning you can't do a change of agent form down the line (Which I think it perfectly reasonable once you are past your non-solicitation period) if you ever leave them.

 

[b61mack]

i didn't think NYL sold health? if you worked at primerica for 1 1/2 years , NYL would not be a problem, only problem i see, did you sell all your family and friends, primerica. also buy term and invest the rest, won't work at NYL.the comment of paying out of his pocket was a embelishment. also the compensation is matching what you earned last year.. if you made 20,000. base 20,000. with the economy in texas being very good, you will make money.. maybe 50,000. just my opinion. if you have to take the health test on your own, check out america's professor.

 

[Renaissance]

Hello nightwane5505,

I am in the same situation as you are starting my career with NYL. Regarding your question I can say that my hiring manager/partner gave me a similar estimate for the first year's income. He said if I am able to sell 10 contracts per month with an avg of $100/month premium plus the training allowance it would be just over 100k per year, but obviously we have to work hard to get to a number that we desire.

I think that the reason why NYL wants the health license is so that we can qualify to sell LTC/ad&d (don't quote me on that haha but I recently passed my exam in Cali).

The question I have is that even as a captive life agent with NYL do you know if we can get appointed by multiple health carriers? (my thinking is because NYL does not have a health insurance arm it would not be competing with their products)

Best of luck of on your studies!

 

[xrac]

Hello nightwane5505,

I am in the same situation as you are starting my career with NYL. Regarding your question I can say that my hiring manager/partner gave me a similar estimate for the first year's income. He said if I am able to sell 10 contracts per month with an avg of $100/month premium plus the training allowance it would be just over 100k per year, but obviously we have to work hard to get to a number that we desire.

I think that the reason why NYL wants the health license is so that we can qualify to sell LTC/ad&d (don't quote me on that haha but I recently passed my exam in Cali).

The question I have is that even as a captive life agent with NYL do you know if we can get appointed by multiple health carriers? (my thinking is because NYL does not have a health insurance arm it would not be competing with their products)

Best of luck of on your studies!

You probbaly need the health to sell DI.

 

[LGilmore]

How much will you make? How hard are you willing to work?

What NYL should give you is an excellent education in insurance products (all of them, not just WL). They will educate you, but your income will come from what you do with that education.

The TAS will help for sure, but if it's still set up the way it was a while back, ya gotta produce to get. Absolutely nothing wrong with that concept.

 

[b61mack]

don't get caught up into, maybe numbers, it is a good company. they won't let you sell other insurance while you are in the beginner program, they don't want you lose your focus.

 

[VolAgent]

I just want to know how you go from believing in Primerica to believing in New York Life? The two are complete polar opposites.

 

[DHK]

You'll need the health license to sell NYL's Long Term Care product.

Heck, even in California, they're one of the few LTC partnership policies available:

CPLTC Partner Contact Info