NYL (captive) Vs. IMO

[mateo]

I am still new (this is only my second post).

I'm curious about peoples opinions re: a job as a captive agent at NYL vs selling for an IMO. Pros and Cons? I have opportunities with both.

NYL offers a minimal salary but seems to be a smaller commission (though they offer more extensive training and the backing of a huge mutual). Any thoughts/opinions are appreciated.

Thank you.

 

[indiana260]

Are they offering you a salary plus comp? Or just a salary until your trained then your on commission?

I have always been independent so I am not familiar with the captive world. I think most independent agents live the flexibility and the freedom to kick any carrier to the curb at any time. I have always assumed the money is better bring Indy but I can tell you the work never ends. I am constantly rewarding companies, organizing leads and following up with service work. Not sure you wouldn't still have a large part of this being captive but maybe not.

One last thing is leads. Do they buy them it do you? That is biggest expense by far and it is always a gamble. Why not gamble with someone else's money to start.

 

[DHK]

I am still new (this is only my second post).

I'm curious about peoples opinions re: a job as a captive agent at NYL vs selling for an IMO. Pros and Cons? I have opportunities with both.

NYL offers a minimal salary but seems to be a smaller commission (though they offer more extensive training and the backing of a huge mutual). Any thoughts/opinions are appreciated.

Thank you.

What do you think that means to you and your business? NYL is not a capital investor in its agents, unless and until you produce.

Smaller commissions? Sure, but ask about their bonus production plan as well as benefit packages. Make sure you are comparing apples to apples. Producing at the top of the pay scale... you won't find much difference between being independent and being captive. Strangely enough, you won't find a big difference producing at the bottom either. 55% of $0 is still $0 just as much as 85% of $0 is $0.

NYL offers LUTCF or FSCP sales designation training 'in house'. While you could do this on your own, I think this is a competitive advantage for picking NYL.

 

[mateo]

They do offer salary + commission - once you "trigger" and become full time - whatever that means.

No real leads offered, you are expected to generate your own.

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What do you think that means to you and your business? NYL is not a capital investor in its agents, unless and until you produce.

Smaller commissions? Sure, but ask about their bonus production plan as well as benefit packages. Make sure you are comparing apples to apples. Producing at the top of the pay scale... you won't find much difference between being independent and being captive. Strangely enough, you won't find a big difference producing at the bottom either. 55% of $0 is still $0 just as much as 85% of $0 is $0.

NYL offers LUTCF or FSCP sales designation training 'in house'. While you could do this on your own, I think this is a competitive advantage for picking NYL.

Thanks DHK. You may be right, with bonuses etc my guess it becomes close to the same pay structure. Any thoughts on lack of flexibility etc? Could you see an agent wishing they had access to products outside NYL, of are they strong enough that it shouldn't matter?

 

[DHK]

When you're talking about flexibility, it usually isn't about the NYL product line.

It's usually about marketing materials and compliance.

However, when you're new, your job is to listen, learn, and produce.

Not every life agent does the job in the same way.

I think NYL is as good of a place as any to learn and get started in the life insurance business... but whether or not you stay long-term, is a question you should ask when you CAN ask it.

Your first job is to pick a local agency (not company), take an offer, and get busy. Then you can get more strategic on where you want to take your career later.

 

[LGilmore]

NYL is a great place to learn the life business. I still remember stuff from my first 6 months I learned that I use 25 years later. I would consider them if I really want to learn the details of this business. They offer a great education.

That said, it also comes down to the office you work from. If it's a shite office, doesn't matter whose logo is on the letterhead. You will be working at an office so if it doesn't feel right, it won't feel right later.

Unless they've changed completely, NYL doesn't provide a base salary. You're 100% commission. The old TAS was a subsidy you earned when you had paid business above a certain amount. It was a 3 year declining payout. Which sucked because the highest match was 1st month and life insurance takes about 8 weeks to paid status on average. So you kind of kiss a fair chunk of change goodbye.

Good luck.

 

[Norwayguy]

Are we certain it is a salary unless things have changed TAS (Training Allowance Subsidy) was additional commissions on your sales during training but only if you hit certain metrics.

 

[scagnt83]

NYL does not pay a salary. It is a sales bonus. Only way to get TAS is to make sales.

 

[Cash]

The NYL office where I live in South Carolina is a pretty impressive place. I am sure some are doing well there. However I have some friends that ended up in awful situations with NYL. So it sounds like it is more of an office thing vs company thing.

 

[mateo]

Are we certain it is a salary unless things have changed TAS (Training Allowance Subsidy) was additional commissions on your sales during training but only if you hit certain metrics.

My choice of words was poor - you and the other posters are correct. It is the TAS program. Yes, you have to produce to receive it, but it is a subsidy that makes the front end of lower commission amounts more palatable.