Starting with New York Life...What is the Average Initial Compensation at New York Life?

[PMG Insurance]

I am attending my final interview / compensation meeting on Monday. Can anyone tell me what is the average or typical base compensation I should expect to be offered? Is there any guidelines that a first year or current life insurance agent can comment or give feedback.

Is it true that there is a 1st three-year commission draw or something? Or is it a base salary for only 3-years and then you're on your own after that...

Thanks in advance for your feedback.

 

[DHK]

None. No base at all. Don't expect one. You should have a plan (that they will help you with) to start earning your commissions as fast as possible.

There may be a 3-year "financing" plan... which is a bonus on top of your commissions, but it's not a 'base'.

If you're expecting a base, and to rely on it... you're already heading for failure.

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This thread isn't too bad... but I'm kinda biased.
http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html

 

[xrac]

I am attending my final interview / compensation meeting on Monday. Can anyone tell me what is the average or typical base compensation I should expect to be offered? Is there any guidelines that a first year or current life insurance agent can comment or give feedback.

Is it true that there is a 1st three-year commission draw or something? Or is it a base salary for only 3-years and then you're on your own after that...

Thanks in advance for your feedback.

Based upon your questions you will not like what you hear in this upcoming meeting. You do not have an understanding of what NYL is about. What NYL offers is training and an opportunity to build your own business. The questions you are asking is that of an employee that draws a pay check. There is very little of that in this business. My advice is look for a job outside of insurance.

 

[LGilmore]

While it probably has changed since the days I was there, it was called TAS.. training allowance subsidy. What they did was match your commissions above a certain level each month on a declining scale. In others words if you started hot out of the box, your commission was matched for a chunk of it. The training commission was a earn it or lose it each month. You had to have completed, not applied business for it to count. They started with a big chunk upfront but chances are they paid it out very seldom as it takes anywhere from 4 to 8 weeks for an app to process.

There was no subsidy for showing up, only production back then. I can't see them changing that.