New York Life Interview Later This Week, What Questions to Expect

mjnoles1 · 02-01-2010, 06:14 PM

I am having an interview with New York Life later this week and I really want to make a great impression. My question is, what type of questions should I be anticipating that they may ask me? I want to prepare for this interview to the best of my ability and any insight would help

BNTRS · 02-01-2010, 06:20 PM

What is your natural market?

Bitnis · 02-01-2010, 08:48 PM

Here's what they're looking for. Can you make a list of 200 people and are you willing to call everyone of them, and how is your credit.

carroll · 02-01-2010, 09:08 PM

Originally Posted by Bitnis

Here's what they're looking for. Can you make a list of 200 people and are you willing to call everyone of them, and how is your credit.

And "Have you ever been arrested?"

BNTRS · 02-01-2010, 09:25 PM

I don't think they'll worry too much about the credit. So long as there isn't a FINRA reportable event there right out of the gate, they'll be ok.

briko3 · 02-01-2010, 09:58 PM

How do you plan on finding new prospects.

ticker_shuffle · 02-01-2010, 11:17 PM

You'll be assigned to contact 10-15 people and perform a survey and ask each on of them for 3 referrals.

Project 200, list of 200 people you need to contact.

They'll promise the world on the condition you sell enough to "qualify" for the "world" otherwise, the managing partner will gladly take over your orphaned accounts you are contracted to leave behind and insist you NEVER try to convert, reduce or surrender your sold accounts or they will come after you for the commissions they paid you.

carroll · 02-02-2010, 08:47 AM

Originally Posted by ticker_shuffle

You'll be assigned to contact 10-15 people and perform a survey and ask each on of them for 3 referrals.

Project 200, list of 200 people you need to contact.

They'll promise the world on the condition you sell enough to "qualify" for the "world" otherwise, the managing partner will gladly take over your orphaned accounts you are contracted to leave behind and insist you NEVER try to convert, reduce or surrender your sold accounts or they will come after you for the commissions they paid you.

I looked into them...I wanted no part of them....I think its a great first place to work out of college and longer if you make it with them.

BNTRS · 02-02-2010, 10:37 PM

As a mutual company, which seeks a market for whole life sales, they have probably the worst whole life product of the four major mutuals.

If you can create a niche out of SPIA clients, they have one of the best.

scagnt83 · 02-03-2010, 01:18 AM

Originally Posted by BNTRS

I don't think they'll worry too much about the credit. So long as there isn't a FINRA reportable event there right out of the gate, they'll be ok.

Up to an extent they wont. But if you have a debt over one or two thousand they will want written proof that you are making an effort to pay it down.

Criminal record is huge with them as well.
Excessive job history is another thing they look at.

Project 200 is big. I would elude to the fact that you have a good many people to contact once you get started. (people who have a decent income)
Business owner/self motivated mentality is big with them.
What is your personal ten year plan? Professional ten year plan?
How much life insurance do you personally own?
How would you define your natural market?

Other than that they will evaluate your dress, demeanor, personality, & motivation to be in the industry for the long haul.

I will give you a hint. If they ask about a professional 10 year plan, tell them you hope to be an agent for 3-5 years, and you plan to have the production and knowledge level to move into management.... the partner you speak with will wet themselves with excitement...lol

I will give you another hint. After 2 or 3 years leave them and go indy!!!

ticker_shuffle · 02-03-2010, 07:30 AM

Their product is not competitively priced. Selling insurnace is hard enough without having to sell "status" insurance. They talk about history, experience and security, but at the same time they talk about paying out billions in claims a year. Now as a business person, when I think about insurance I want the guarantees that come with insurance, but I don't want to be the last man in on the ponzi scheme.

NYL is probably a great company to work at if you have an MBA and want to be in the business of bringing in poor suckers with hopes and dreams of getting rich working for a fortune 100 company, only to pick up their scraps after they "fail".

If you really like the insurance business, and want to be the master of your own destiny, it's pretty basic to get set up on your own.

mjnoles1 · 02-03-2010, 09:43 AM

Being an independent would be great, except, I just got my license and I do not know the business at all. That is why I believe it would be better to work for a company with great training so I could learn the business inside and out.

Originally Posted by ticker_shuffle

Their product is not competitively priced. Selling insurnace is hard enough without having to sell "status" insurance. They talk about history, experience and security, but at the same time they talk about paying out billions in claims a year. Now as a business person, when I think about insurance I want the guarantees that come with insurance, but I don't want to be the last man in on the ponzi scheme.

NYL is probably a great company to work at if you have an MBA and want to be in the business of bringing in poor suckers with hopes and dreams of getting rich working for a fortune 100 company, only to pick up their scraps after they "fail".

If you really like the insurance business, and want to be the master of your own destiny, it's pretty basic to get set up on your own.

scagnt83 · 02-03-2010, 11:18 AM

Originally Posted by mjnoles1

Being an independent would be great, except, I just got my license and I do not know the business at all. That is why I believe it would be better to work for a company with great training so I could learn the business inside and out.

Your thought process is right in my opinion. Offices can vary, but generally speaking the big mutual companies offer good training for newbies. Not only do they provide the training, but the support system and structure to succeed is there too. Its almost impossible to get that being indy unless you can find a local indy firm to bring you on (most want experienced agents).

That being said. Indy is the way to go in the long run. Also, if there is a Mass, Pru, Met, or NWM office around you interview with them as well. Ask lots of questions about the training process. Even ask to sit in on some training meetings to get a feel for what they do, they should not be opposed to it. I was with NYL for 2 years and received good quality training, and I had a great support system. I would not be successful as an indy agent if I had not had that to start out.

After all of that go with the company you feel most comfortable with. While NYL doesnt have the most competitive products always, they have great name recognition. But Mass, Pru, and Met are a bit more competitive. Thats why you should talk to them as well and compare.

*STIBROKER@AUSTIN.RR.COM* · 02-03-2010, 12:08 PM

Can you fog this mirror?

BNTRS · 02-03-2010, 05:10 PM

Originally Posted by STIBROKER@AUSTIN.RR.COM

can you fog this mirror?

X2 to what scagnt83 said. Though I would exclude Pru, unless you keep in the back of your mind that there is more to life than Varibable Universal Life and Variable Annuities and Term Insurance.

If I had to pick one, Mass would be probably the best choice. They'll likely pay the best, too. Northwestern is always hit or miss, and generally miss.

Guardian hasn't been mentioned. Great products, better than the other's mentioned so far in my humble opinion. But they aren't always a good start out with company. Unlike the other's it's a company designed to make agent contracts pretty attractive, and fewer agents leave them after being there awhile. Perhaps a good choice if you want more independence later, but don't want to become completely independent. Strange niche, but they've got it.

scagnt83 · 02-03-2010, 05:31 PM

Yes that is true about pru, its a variable world over there! Although if you plan to sell VAs its either them or Jackson Nat right now, they are the only real players imo

And yes guardian should have been mentioned, good company and good products; great 401K product! Second only to MoO in my opinion, plus they will do free unbranded benchmarking for your prospects current plan!
And their retention rate says a lot.

theinsuranceman · 02-03-2010, 06:19 PM

Originally Posted by mjnoles1

I am having an interview with New York Life later this week and I really want to make a great impression. My question is, what type of questions should I be anticipating that they may ask me? I want to prepare for this interview to the best of my ability and any insight would help

More importantly, what questions are you going to ask them? How or what do they offer you to help YOU be successful, etc. Training? Leads? Mentoring? What opportunity is there for growth? How do YOU make YOUR income increase in the next 2 yrs., 5 yrs., etc.

mjnoles1 · 02-03-2010, 11:42 PM

Originally Posted by theinsuranceman

More importantly, what questions are you going to ask them? How or what do they offer you to help YOU be successful, etc. Training? Leads? Mentoring? What opportunity is there for growth? How do YOU make YOUR income increase in the next 2 yrs., 5 yrs., etc.

Hey buddy,

How are you doing?

Don't you worry about me, I have PLENTY of questions for them. That is something I am really set for. I have a list of questions that I want to make sure they answer, but I also want to be prepared on what they might throw my way.

Heart · 02-04-2010, 01:48 AM

They will be asking you questions that will determine how good & persistent you will be in meeting many potential clients & selling them products.

Selling Life Insurance is not for the faint of heart. It is one of the toughest financial products to sell unless you get the right mindset, habits, & training

They might be interested in who you know & who you plan to approach as your future clients.

BNTRS · 02-04-2010, 09:45 AM

Originally Posted by scagnt83

Yes that is true about pru, its a variable world over there! Although if you plan to sell VAs its either them or Jackson Nat right now, they are the only real players imo

Yup, and I love JNL and hate Pru. Actually, Guardian is a player depending on which state you are in. Their Double and Triple guarantee GMWB rider can be attractive. They are kind of wimpy on the age bands though, and they use model portfolios for the GMWB rider

, but the models have performed pretty well.

Pru's annuity looks good on paper, but the stuff you into a bond fund or fixed account mess is a major wait a minute for me. And the sub accounts suck.

Pac Life imploded unfortunately

Lincoln has an ok annuity, niffty for non Q money...if you can find a situation where placing non Q money in an annuity really makes sense.

Still, JNL is the clear winner for me.