NYLife Vs Mutual of Omaha

[DT1970]

Based on the collective wisdom of many here, it appears that receiving training for career changers to insurance increases the probabilities of success immensely.

Taking this advice to heart, I've read the comments of numerous people on this website and believe that New York Life or Mutual of Omaha would be the two companies best suited for me, personally.

Both appear to be well thought of by any person who recognizes their names...both offer numerous complimentary products and both are extremely solid companies. Neither uses high pressure tactics and both seem to want their employees to succeed...they are neither MLM-centric nor do they seem to want you to sell to your families to get started.

The other thing about these companies is the fact that I can be an independent and still keep book of business I earned during my training period.

That being said, Mutual of Omaha seems to have a larger variety of complimentary products (Medicare supplements, et al) whereas NYLife seems to be a deep blue bluechip that would be appealing to businesspeople.

Given that I am middle-aged and know how to sell (just not life insurance) and that I would want to market in my hometown (work out of my home office)...I am hoping for some guidance on which company you folks would recommend and why.

- do they provide leads?
- quality of training?
- loyalty of company to me, the agent?
- Should I stay captive? (I note many of you say to specialize) ... captive would allow me to receive "benefits" but I'm assuming the commission rates would be less than if I was independent?
- anything else a MOO or NYL vet can add would be VERY appreciated

And yes, I've read almost every thread on these two companies.

 

[Norwayguy]

Both appear to be well thought of by any person who recognizes their names...both offer numerous complimentary products and both are extremely solid companies. Neither uses high pressure tactics and both seem to want their employees to succeed...they are neither MLM-centric nor do they seem to want you to sell to your families to get started.

The other thing about these companies is the fact that I can be an independent and still keep book of business I earned during my training period.

That being said, Mutual of Omaha seems to have a larger variety of complimentary products (Medicare supplements, et al) whereas NYLife seems to be a deep blue bluechip that would be appealing to businesspeople.

Given that I am middle-aged and know how to sell (just not life insurance) and that I would want to market in my hometown (work out of my home office)...I am hoping for some guidance on which company you folks would recommend and why.

- do they provide leads?
- quality of training?
- loyalty of company to me, the agent?
- Should I stay captive? (I note many of you say to specialize) ... captive would allow me to receive "benefits" but I'm assuming the commission rates would be less than if I was independent?
- anything else a MOO or NYL vet can add would be VERY appreciated

And yes, I've read almost every thread on these two companies.

First as a former NY Life Agent I have many good things to say about the Company....however each office can and will be very different in the amount of help and mentoring you will recieve. Also things may have changed its been 9 years since I was with NYL....About not selling your family and friends I would say expect to do a project 100 even before your contracting is complete that is creating a list of at least 100 friends family contacts etc that will be used to call on.

Also when I was with NYL to be an employee recieve training an subsidy you were a captive agent yes you were allowed to sell outside companies through the General Agency you do not own the clients they belonged to NYL, also the products sold by the captives was different then what was sold by independents ie on Annuities so that it isn't alsways as easy as doing a change of agent on NYL business.

Leads...my office did not provide leads, you could purchase them but you were expected to develop your own prospects..I did recieve some orphaned customers that I called on to try and develop new business.

The company training was good and they will reiumburse you for passed courses like LUTC, CLU, ChFC and things like that.

The fact that NYL does not sell Medicare supps like MOO and some other products should not be too much of an inconvience you should have access to the same type of products through some sort of agency agreement.

Benefits & Commissions...Of course as a captive agent with bonuses, benefits office space and such your commissions will be lower however overall your probably going to have the same overall outlay by NYL as an independent except you don't control the dollars the compay does ie instead of 100% commish on a term sale it might be 50% plus your bonuses, benefits, office space, training etc. I think it is important to start a Life & Health Career captive for a short time to learn what you can and then run for your independence.

 

[LGilmore]

I agree with Norway guy (it's been a decade since for me) about NYL. MOO is very good too and you can have a good to great career with either DEPENDING... on you of course, but more importantly who's running the store? With both of these companies you work for them, don't kid yourself. What type of guy that general manager is can make a huge difference in your attitude. A bad gm can posion agents.

Just ran into an old NYL 30 year agent and talked abit and caught up. I'm in my 20th year (10 with nyl/10 without). and we talked about the gm's we had. The last guy has been there just about 11 years and is well liked and has grown the agency. Unfortunately for me, the two before him (last gm had the 5 minute exit the building "immediately" routine) were so bad, my attitude was shot. Or should I say my trust was. I never believed a word he said, because the previous two were so untrustworthy. Never gave the guy a chance.

So believe me when I say who the gm is in a career agency matters alot, so weigh the two gms against each other. Who would you prefer in your corner? Whom do you feel would be there in your corner? An agent can be successful anywhere, a good gm can help with that, just as a bad gm can kill your spirit.

Good luck.

 

[DT1970]

About not selling your family and friends I would say expect to do a project 100 even before your contracting is complete that is creating a list of at least 100 friends family contacts etc that will be used to call on.

What happens if I refuse? Or state that I have zero interest in soliciting business from my friends and my family? I do not want people in my life running in the opposite direction when I come around...and I will not use my personal relationships with others to try and make money off of them....just my personal quirk.
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I have my own ideas on soliciting business...while I'm not opposed to buying leads...I am very used to b2b sales.

I was thinking of going into local businesses and organizations and doing something like ... speak with the owner/broker/manger/etc and let them know I'd like to talk to them about offering a benefit to their employees that will cost them nothing (group term etc). Do my speech and see if I can get a lunchtime appointment to do a presentation & 1-on-1 afterwards (to sell policies)

I would also solicit local organizations to offer seminars (powerpoints/whiteboard/etc) that is themed (towards business owners/retirees/etc) and, again, offer 1-on-1 afterwards.

I have no problem with walking into places and asking for the owner or calling my local library up etc to ask about doing this.

This would be in addition to buying leads to call up individuals to maintain my pipeline as well.

Lastly, anyone use Linux out there? Just wondering if there is anyone insurance business related software out there for this OS.

 

[Norwayguy]

What happens if I refuse? Or state that I have zero interest in soliciting business from my friends and my family? I do not want people in my life running in the opposite direction when I come around...and I will not use my personal relationships with others to try and make money off of them....just my personal quirk.

That is not an unusual quirk...Also at the begining of your career you don't know everything. I felt and still feel this way. My family and friends know what I do and if they want my help they can come to me or refer people to me....That being said your response and your managers response will depend on the manager. I have known of shops that want your warm market to sell to during your time with them just so that if you flame out in the first year they get your family and friends as clients....So its going to be up to the manager if they are not willing to sit down with you and work out a plan that does not entail you pursueing your warm market you might need to keep looking....Now having said that I think a nice letter sent to your contacts letting them know what you are now doing is fine but to each his own.

 

[DT1970]

Thanks NG...good advice there

 

[AtlantaLife&Health]

I think you are making a big mistake by not wanting to approach your friends and family. They already know you. They already like you. Why would you want to approach complete strangers initially? Why not get introduced to your warm market's warm market. It's much bigger than selling a policy to your cousin. Your cousin knows tons of people that you don't know. Those folks know people that you don't know. Why do you think they teach this?

 

[mh5918a]

Just wanted to revive this thread because these are the two companies I'm interviewing with.

Think it will really depend on who the manager is, but just wanted to get some general opinion on better place to work/build a career.

¡gracias

 

[LifeWorth]

I think you are making a big mistake by not wanting to approach your friends and family. They already know you. They already like you. Why would you want to approach complete strangers initially? Why not get introduced to your warm market's warm market. It's much bigger than selling a policy to your cousin. Your cousin knows tons of people that you don't know. Those folks know people that you don't know. Why do you think they teach this?

They teach this in order to milk something out of an agent's highly likely failure. If the agent succeeds? Cool. If he fails? Hey, at least Mother Mutual got something out of the deal and now has some new clients.

The company ALWAYS wins.

 

[DHK]

Just wanted to revive this thread because these are the two companies I'm interviewing with.

Think it will really depend on who the manager is, but just wanted to get some general opinion on better place to work/build a career.

¡gracias

Depends on your market.

Families & seniors... I'd lean more towards Mutual of Omaha as they have a more complete line up of products. However, their WebFlex illustration system for their AccumUL leaves a lot to be desired. If your goal was to sell a lot of permanent life insurance... I wouldn't go with Mutual of Omaha.

Business market & estate planning & other advanced uses of life insurance as a wealth building tool... NYL.

Just my opinion... and I was a career agent with Mutual of Omaha "once upon a time".