Originally Posted by DT1970
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.