Insurance Agent Forum

[vinnyfio]

After you get appointed with NMFN what is the training and the ongoing expenses (cubicle, E&O, ETC). I am already licensed 6/63 Life, Accident and Heath.

I am in the interview process and I would appreciate any advise.

Thanks

[Dave020]

It's been a few years since I was with NMFN (NML still in my mind) but as I recall it is as follows.

Initial training two weeks all-day training class to cover all areas including prospecting, sales, products, etc.

Ongoing training classes are often available from senior agents through the GA (I think now they call them Managing Partners).

Essentials of Life, DI, Variable, Annuities books if they still have those courses were required to be completed during or after the two week training to gain familiarization with those areas and products.

Joint work is encouraged--I recommend finding a veteran agent who is successful and who you like and do joint work with that agent. It will really speed up your learning curve, especially on the sales subtleties.*

Usually MP (GA) pays certain expenses for you in the initial phase (free cubicle, free copies and so on). Check with your MP about what he/she pays for you and how long (6 months, 1 year).

E&O is paid through your 120 account. The 120 Account (if they still call it that) is the account where your costs are accrued and when your commission comes in the GA/MP zeroes your 120 account then pays you the remainder. All of your expenses are billed to the 120 account.

Most MPs likely still practice a couple of rules esp. for new agents...

1 - weekly "client builder" meetings every Monday morning. If you slacked you will get beat up (not literally of course), if you had a good week you will be in good shape.

2 - 9AM to 10AM is "Golden Hour" - this time is never to be used on anything but calling on the phone. Do not schedule anything else in this time.

3 - monthly "client builder" meeting--longer version of the Monday morning meeting and usually involves all newer agents including those not housed in the GA/MPs office space (the ones you don't see very often).

4 - 10/3/1 - you will hear this a lot: 10 calls gets 3 appointments gets 1 sale. You should be able to average one sale for every three appointments. Your goal is supposed to be 25 set appts per week (5 per day)

*with a company like NMFN, you have the ability to sell to a very high-end market. That is where really knowing the sales process comes in (you need to learn this from successful veteran agents). Classic example, my old GA told me a story how when he was new with NML, he and the vet were meeting with a Senior VP at Merrill Lynch. Vet lays the whole life proposal on the VPs desk and says nothing. VP looks at it and says nothing. This goes on for about 5 minutes. No one is talking. Finally my GA (newbie) can't take the pressure anymore, looks at the Merrill VP and says "if you don't do this, you're f**ked". Needless to say, they lost the sale. Lesson learned, first one to talk loses.

Those are important techniques that you are going to want to learn with NMFN. This company is ok for mom and pop, but really is well-designed for a very high end market. Be sure to set your target prospects (the market you want to work in) accordingly.

Dave

[vinnyfio]

Thank you very much for your response, I appreciate the time and effort. You gave me alot of advise and it is very appreciated.

Vinny

[Dave020]

One other thing, I would strongly suggest that you invest a few bucks in one book that will help you enormously in life insurance (and all sales):

"How I Raised Myself from Failure to Success in Selling"
by Frank Bettger

Amazon.com: How I Raised Myself from Failure to...
This book did more to help me succeed in the insurance business than any other book/program out there. I think it was written 70 years ago or so but is still very relevant. Again, I recommend reading it.

[JRoot]

Everything Dave said is still spot on. I left them 2 years ago.

I'll add what Dave didn't touch on...

In my agency a cubicle was $300 a month and an office was anywhere from $700-$1200 a month. Your first year, the cubicle is free.

Access to the printer, fax and other supplies are taken out of your 120 account. We had a code to type into the office equipment for use. In my agency, they took the first 10% of your commissions until you built up your account to $2000 to cover any charge backs from lapses. They will give that back to you after a certain production period if it hadn't been used toward charge backs.

Training was mostly sales training. Not much product training. You'll do a presentation at the end of training in front of your managers detailing how you're going to do your "pacesetter first 40". That's 40 lives in the first 6 months.

If you can, ask about your agencies "orphan" program. These are policies that have no agent (all policeis from agents who leave the business become orphans). They assign these orphans to agents. Ask what you need to do to take part in that program. It will be good practice in the beginning and can lead to many sales and referrals.

You will have a ton of support at NMFN.

Good luck!!

[James]

Classic example, my old GA told me a story how when he was new with NML, he and the vet were meeting with a Senior VP at Merrill Lynch. Vet lays the whole life proposal on the VPs desk and says nothing. VP looks at it and says nothing. This goes on for about 5 minutes. No one is talking. Finally my GA (newbie) can't take the pressure anymore, looks at the Merrill VP and says "if you don't do this, you're f**ked". Needless to say, they lost the sale. Lesson learned, first one to talk loses.

I like that last line, the first one to talk loses!

My first experience at sales was with Olan Mills working their Chuch Directory line years ago, in fact shortly after I left the military in the mid 80's. The Golden Rule, sell high (easier to go down then up) once the close is offered shut up! First one to talk loses.

Yet, that is one of the hardest things to hammer in someones head or even to practice! I remember times when I thought I was going to explode in the silence, some people can go for some time without talking, most sales people are just to eager to talk.

[healthagent]

Great post. Car sales 101 is "give the offer and shut up - first person to talk loses." And it's true.

The hardest thing for me to learn in the sale biz before I actually started to make a living is "you can't listen when you're talking." People WILL close themselves....if you listen.

[Dave020]

It is such an important part of business and, I think, so overlooked. Let the client sell themselves, it's much easier than you selling them.

"This is the HSA plan we've discussed, it's $240 a month for your family, you pay deductible first except preventative care, deductible is equal to your out of pocket, you can fund the account and do a one-time rollover to fund it this year, and you can use that account for other expenses like chiro, vision and dental."

[now, shut up until they talk]

If they ask a question, answer it and restate the benefit then shut up again.

99% of the time after that bit of uncomfortable silence where your mind is screaming "talk about something" and you don't, you get something like "ok, what do we need to do to get this going?"

One thing NML related...go the the annual meeting in Milwaukee! It is a freaking blast!!!!!!! Lots of parties, events and generally a really good time.

[hamben]

What a load of BS.


If you are having to use that outdates closing BS on people then you are not doing what is in their best interest. Permanente life has it usefulness but not the way it is crammed down poor unsuspecting clients throats. Sometimes term is what the client needs.

Hamben

[Dave020]

The example I used dealt with business life insurance planning, not personal planning. Obviously you haven't been with NML, for if you had you'd know that by and large their experienced agents sell appropriate products to appropriate markets (there are exceptions,but those are usually rookie agents). I wrote a lot of term while with NML. Not to businesses usually. Most growing businesses are looking at advanced concept programs and funded exit strategies. Deferred comp, funded buy/sell, SERP, 419 plans and so on--term don't work with those programs. And I won't even get into estate planning.

And, the "outdated" techniques still apply when you are sitting across the desk from some CFO/COO making a major purchasing decision. I would not consider someone of that status as a "poor, unsuspecting client".

I have always found the concept that whole life insurance is inappropriate interesting considering all of the companies in the Fortune 500 have whole life insurance (or variable) listed in their annual reports.

I've showed prospects side by side term and whole and business owners, once they look at it, have usually taken the term and thrown that proposal away. I have had more than one say to me (insisting on term going into the presentation) "who'd want to buy that crap?"

Also, policies can be very creative and really benefit others besides business owners/execs. Did you know that you can (at NML) use a minimum mix ACL contract ($1,000 perm/$499,000 term) to get a $500k policy that is competitive with term rates. Difference is, the mix ratio will increase as the dividend pays on the whole life base in the mix and increase under the corridor effect. Works great for handling final expense needs down the road. Client dumps the term portion and takes a paid up whole portion say $25,000 (PAID UP just so I said it again) which has grown from that $1000 initial base. And, since the PAID UP whole portion is still earning a dividend, it continues to grow.

[hamben]

Ok Kids,

I guess I will have to get out the crayons and go slow. Apparently I touched a nerve or two.

My point was there is not one all inclusive company or product that fits everyone. I have used whole life in several deferred compensation and key employee programs because that was the best available product to meet the goal.

However MOST of the production from NWL comes from agents with less than 2 years experience and the majority of this production is not to business owners.

If it is such a great company than why do they have such a high turnover?
What happens to the clients that were sold the wrong program?
Do they get a refund?
Why is it that NWL settled over 90 class action suits last year for unethical sales?
As far as your last paragraph goes, I can name about 100 companies that can do the same thing. So what is your point?
I’m just here to help young agents pull their heads out of the sand and ask questions.

[moonlightandmargaritas]

Originally Posted by hamben

However MOST of the production from NWL comes from agents with less than 2 years experience and the majority of this production is not to business owners.

OK, I can make my font bigger than your font.

Who said that NML was the only company that serves this market...of course there are others (Guardian comes to mind).

It seems like you have some "issues" that may be legitimate...

Tell us what they are.

[Dave020]

Originally Posted by hamben

Ok Kids,

I guess I will have to get out the crayons and go slow. Apparently I touched a nerve or two.

No, I sell health insurance, not life insurance, got out of that game 8 years ago. No interest to me one way or the other. Just trying to help a new agent get a head's up on his new career.

Originally Posted by hamben

My point was there is not one all inclusive company or product that fits everyone. I have used whole life in several deferred compensation and key employee programs because that was the best available product to meet the goal.

I never said that, you did. I said that there is place for whole life products in the market and certain companies tend to target those markets. Obviously since you've used it, you know where it fits and where term doesn't. So you have just contradicted your earlier post.

Originally Posted by hamben

However MOST of the production from NWL comes from agents with less than 2 years experience and the majority of this production is not to business owners.

Can you back that up with any real facts, or did you just make that up. I do not buy that for a second. I was with NML (not NWL there's a MUTUAL in there). New agents wrote a lot of small policies, seasoned agents wrote big cases for business and estate.

Originally Posted by hamben

If it is such a great company than why do they have such a high turnover?

No higher than any other major player - again show me how NML has higher turnover than Mass, Guardian, NYL, Pru or Met

Originally Posted by hamben

What happens to the clients that were sold the wrong program?

They can request a reduction to term policy and refund of premium or (if beyond a certain point) cash out the cash value and covert it to term. NML always lets you go back to term

Originally Posted by hamben

Do they get a refund?

Just explained above

Originally Posted by hamben

Why is it that NWL settled over 90 class action suits last year for unethical sales?

Because they don't keep an eye on guys like David Stinnett, Tom Lipscomb or Dan Burnnett. Pru has been hammered much worse and then there's Allianz....

Originally Posted by hamben

As far as your last paragraph goes, I can name about 100 companies that can do the same thing. So what is your point?

The point is that you can do it, with whatever carrier and create a very nice product at a very affordable rate.

Originally Posted by hamben

I’m just here to help young agents pull their heads out of the sand and ask questions.

Really, I didn't see that in your post. I saw helpful information in everyone else's post, here let me quote it for you:

"What a load of BS.
If you are having to use that outdates closing BS on people then you are not doing what is in their best interest. Permanente life has it usefulness but not the way it is crammed down poor unsuspecting clients throats. Sometimes term is what the client needs."

How exactly does this help the OP on this thread??

One thing I've noticed about your five posts on this forum, none offer any insight or information, you just complain about sh*t

Go back to your crayons and coloring book now.

[vinnyfio]

I want to thank all of you for your advise especially Dave020, by the way I bought the book. I'm going to be working for NMFN out of the Blumberg Group in Montvale, NJ.

Again thanks.

Vinny