New York Life or Bankers Life

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Comments (32)

Kijosh in Gig Harbor, Washington

69 months ago

I have a oppurtunity to join either company. Does anyone out in the insurance world have a opinon. On which company in the long run would be the best. New to this field. Thank you

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Agminx in Miami, Florida

67 months ago

I wouldnt recommend bankers for any new agent. I got my 215 license April 30th this year and started there and am having second thoughts. I did my homework as best as a person newly licensed with no experience in the insurance industry can do, and after a couple of weeks there I think I have to change to a company that offers something called" starting salaries", because I cannot sit around for weeks at time, (Even months sometimes) training while earning nothing and making my first sale months into having started, some agents have been there for over a year and are earning $1 to $2k per month! Supposedly Bankers does well in Chicago and New York, New Jersey, etc, but from some of the experienced agents and financial planners I met through the Miami Branch I started with, South Florida is not a good place for Bankers to succeed, thus making it VERY hard for new agents to get up and running. Better off with a bigger well known company like METLife or Avmed or someone that can offer a starting salary and some benefits, starting off on commission only is tough, but most companies will only offer that so its hard to find but they are out there. I am in the process of trying to find one myself.

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Agminx in Miami, Florida

67 months ago

Dont get me wrong Bankers is a great company, I would buy a policy from them, They have been around 130 years and have great products, now as far as my experience trying to make a living as an agent with them, its not that great. ITs eat or be eaten and some of the bigger fish are doing great because they leave very little for the smaller starting fish, its very discouraging. Some companies offer more encouragement and equal opportunity to new agents so they can continue to grow, and do not allow the fat cats of the branch to take all the glory, and most importantly all the cash!

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michelle in Providence, Rhode Island

63 months ago

i use to work for bankers and now i'm w new york life. best change i did in my entire life. as an employee point of view, if you want benefits, better class training, better mentoring and better work environment then go to ny life. extremely hard to get on with ny life so better to come with experience.

Kijosh in Gig Harbor, Washington said: I have a oppurtunity to join either company. Does anyone out in the insurance world have a opinon. On which company in the long run would be the best. New to this field. Thank you

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nxg in Douglasville, Georgia

60 months ago

michelle in Providence, Rhode Island said: i use to work for bankers and now i'm w new york life. best change i did in my entire life. as an employee point of view, if you want benefits, better class training, better mentoring and better work environment then go to ny life. extremely hard to get on with ny life so better to come with experience.

Hi Michelle!

I am actually interviewing with NY Life and I was wondering if you would mind answering some questions for me. In your opinion, what is the most challenging thing to starting out at NY Life? Are there any expenses upfront I should expect to pay?

Any help you can provide is greatly appreciated!

Thanks!

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michelle in Atlanta, Georgia

53 months ago

i no longer recommend new york life. like the earlier comment, you can go months without pay and the downside to NY Life is although they offer benefits you grow in teh negative owing money on the charges for the benefits if no business is coming in to pay the charges on your benefits (health, dental, life insurance, etc.). both companies make you go without pay for months and bankers doesn't give benefits but NY Life does but still either way you will end up in the negative if business is slow which means you still go without pay for the longest time. plus, right now, people are afraid to take on any more monthly payments for life insurance and afraid to move money into any investments even if they are losing money. the trust factor is gone for the insurance and banking industry so it's a difficult business in sales in those industries. i don't recommend the business at all but good luck if you try it.

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Amy in Mason, Ohio

52 months ago

Does anyone know the situation for the office in Cincinnati Ohio? I am suppose to interview with them tomorrow and I am now regreting it.

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michelle in Atlanta, Georgia

52 months ago

i agree with juli. bankers is not a good company. i worked for them for two and half years and they worked me like a dog but i did learn a lot about the insurance business as a first timer. i also worked briefly for new york life and hated the job. it is better than bankers but they too have issues that make it harder to grow in the business. i am now with an insurance brokerage insurance company owned by goldman sachs and blackstone and i love the company i'm with. my advise, if you want to try bankers go ahead but go in with the plan to learn all what you can know from selling insurance and annuities and stuff and then leave. it will be grueling and difficut but when you leave don't get discouraged. use that knowledge to land with experience in another company and a name brand company is not always the best. the company i'm with is not a name brand and it is the best place and perfect fit for me and i am making more money now than i ever did at bankers or new york life. i get beneifts and get paid twice a week and i'm not in the negative like those companies put you in when a customer no longer pays on their policy. the company i am with has another way for you to pay back the money and still you can continue to get paid each week. no door-to-door or cold calling, much more in control of your hours and destiny with the business. there are companies out there that are no name and can be a good fit for you. good luck.

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Triciagray in Calhoun, Louisiana

50 months ago

any chance they are hiring in Louisiana???

michelle in Atlanta, Georgia said: i agree with juli. bankers is not a good company. i worked for them for two and half years and they worked me like a dog but i did learn a lot about the insurance business as a first timer. i also worked briefly for new york life and hated the job. it is better than bankers but they too have issues that make it harder to grow in the business. i am now with an insurance brokerage insurance company owned by goldman sachs and blackstone and i love the company i'm with. my advise, if you want to try bankers go ahead but go in with the plan to learn all what you can know from selling insurance and annuities and stuff and then leave. it will be grueling and difficut but when you leave don't get discouraged. use that knowledge to land with experience in another company and a name brand company is not always the best. the company i'm with is not a name brand and it is the best place and perfect fit for me and i am making more money now than i ever did at bankers or new york life. i get beneifts and get paid twice a week and i'm not in the negative like those companies put you in when a customer no longer pays on their policy. the company i am with has another way for you to pay back the money and still you can continue to get paid each week. no door-to-door or cold calling, much more in control of your hours and destiny with the business. there are companies out there that are no name and can be a good fit for you. good luck.

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reese89 in suwanee, Georgia

49 months ago

michelle in Atlanta, Georgia said: to the one who retired and praises NY Life. when you were 24 starting your career, most people had something to fall back on during those times when funds were not coming in. not sure how your situation was then, but most were not living home with mommy and poppy rent free or with family who will work with you when money is not coming in so you can still live and eat. or, had a roomate or partner who can carry you when no money is coming in for long periods of time. or, better yet, don't have a lot of referrals to draw from in your earlier career so you need more time to network and build a referral base. if you had support during those times in any form allowing you to be carried, congrats and i'm happy they were able to allow you to prosper in the career. unlike some others who do not have those means of support you when times are dry, then i still do not recommend the career. those i know who were able to succeed were supported in some shape or form and yes they were able to succeed. don't be fooled by those wonderful comments, the career is difficult in the beginning and maybe even a receipe for disater if you don't have a means to be carried for several months. i still do not recommend the career. that advise is coming from someone who was probably young, fresh out of college, had some means of support and was able to succeed in the career. don't be fooled.

Michelle-I'm in Atlanta in the insurance industry too....would you mind revealing who you are with now?- Thanks

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reese89 in suwanee, Georgia

49 months ago

This is for Michelle in Atlanta- I am an agent here in ATL. Would you mind revealing who you are with now? I am finding it most difficult finding a good fit in this industry....too many out there scamming.

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njb in Dallas, Texas

49 months ago

Michelle, why so bitter? I quit my job with an advertising agency after 1 week of employment. I'd just bought a new home. Now it was my 1st home, so nothing elaborate. I was on my own, but use to it. My father died when I was 4. Raised by my mom & my grandmother. My mom worked 2 jobs most of her life. I was forced to learn at a very young age, people will let you down, depend on no one. Not 1 friend or family member supported me financially, because they were never asked. I succeeded because I did what they told me to do. Yes it's a tough business! For the 20% who make it, the rewards are unlimited. Michelle, that industry as allowed me a freedom most will never have. I'm retired. I don't have to work another day for the rest of my life. I'm in that 20% who made it, but still outnumbered, by all those who didn't. Did I deserve it all? No I didn't, but I'm grateful for my blessings. I earned it all by trusting God & me,,,period. No silver spoon here, come to think of it, never seen one. Have you? You single Michelle? I am. Let me know if your ever in Dallas, dinner, my treat..njb

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Matthew in Los Angeles, California

49 months ago

Well Said NJB.........

I am having my third interview with New York Life tomorrow. I filled out a market survey of ten people that might be future clients for me and I am presenting it tomorrow. Anyone know what the next step is after this one?

Also whats the deal with their training program? Is it paid?

Thanks everyone!

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corey windom in Columbia, Tennessee

48 months ago

Listen, ther is nothign wrong with NYL at all. It is a great company to work with but let me ask you why you want to get into insurance. If it is because you received an email from a recruiter and that is the first time you thought about it you probably should not even get into insurance. You have to understand how companies like NYL work. They are an Independa t career agency. when you start with them you are a partner not an employee. if u have no sales experience you need to ask yourself if you are capable of handeling a job as an independat agent. more than likely if you have no sales experience you should not work with them...i started insurance becuase i wanted to be in insurance. i was not recruited by NYL i make 6 figures my first year. when you get recuiting emails that they say you can make 75,000 a year they are telling the truth. it is very very very possible to do it but you have to work your ass off and you need to be a special kind of person. sales is nt for everyone. there is nothing wrong with NYL other than the fact that their agents are independant and most pople can do it

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michelle in Davenport, Florida

48 months ago

Look, when i came into the insurance business i also was not recruited and when i joined new york life i had already worked for another company so when i worked for new york life or bankers i was not coming into the business blind. i am still in the business only with another company so i have much to compare. the company i am now with is far better than both bankers and new york life. when i say better i am referring to it's structure. the pay is more frequent, benefits are provided, always have a check even when you go into the negative due to a cancelled policy. there are many other benefits as well. i make much more now than i ever did with either one of those companies and i work extremely hard. so i still hold true to my original comment about both companies, especially new york life. there are many insurance companies that are not big brnad names that allow new and experienced sales agents far greater opportunities in the insuance industry. i am so happy to have found one.

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Triciagray in West Monroe, Louisiana

48 months ago

michelle in Davenport, Florida said: Look, when i came into the insurance business i also was not recruited and when i joined new york life i had already worked for another company so when i worked for new york life or bankers i was not coming into the business blind. i am still in the business only with another company so i have much to compare. the company i am now with is far better than both bankers and new york life. when i say better i am referring to it's structure. the pay is more frequent, benefits are provided, always have a check even when you go into the negative due to a cancelled policy. there are many other benefits as well. i make much more now than i ever did with either one of those companies and i work extremely hard. so i still hold true to my original comment about both companies, especially new york life. there are many insurance companies that are not big brnad names that allow new and experienced sales agents far greater opportunities in the insuance industry. i am so happy to have found one.

Who is it that you are working for? Are they nationwide? Are they hiring?

thanks,
Tricia Gray
tricia.gray@hotmail.com

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scott1212 in san diego, California

46 months ago

njb in Dallas, Texas said: Michelle, why so bitter? I quit my job with an advertising agency after 1 week of employment. I'd just bought a new home. Now it was my 1st home, so nothing elaborate. I was on my own, but use to it. My father died when I was 4. Raised by my mom & my grandmother. My mom worked 2 jobs most of her life. I was forced to learn at a very young age, people will let you down, depend on no one. Not 1 friend or family member supported me financially, because they were never asked. I succeeded because I did what they told me to do. Yes it's a tough business! For the 20% who make it, the rewards are unlimited. Michelle, that industry as allowed me a freedom most will never have. I'm retired. I don't have to work another day for the rest of my life. I'm in that 20% who made it, but still outnumbered, by all those who didn't. Did I deserve it all? No I didn't, but I'm grateful for my blessings. I earned it all by trusting God & me,,,period. No silver spoon here, come to think of it, never seen one. Have you? You single Michelle? I am. Let me know if your ever in Dallas, dinner, my treat..njb

NJB.....well said. That was an encouraging post. I'm 24 myself and also work in advertising. I am strongly considering NYL along with a few wirehouses I have interviewed at. I am excited about this career move and am confident in my ability to sell. Is the secret to success to just do What they tell you? It seems that's the way it is but most people dont like the idea of cold calling

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michelle in Davenport, Florida

46 months ago

yes it is a nice post but correction i am not so bitter and actually extremely happy i left NYL and with the new company i am with and i am doing extremely well engaged to get married and i had no silver spoon in my mouth as well. i come from very humble beginnings, raised a child alone without child support for 20 yrs, was once homeless living in a car for entire winter and homeschooled child at same time using borrowed books from the library so i am not bitter and i am an extremely ambitious and hard working individual. my child is successful, became an oprah winfrey scholar attends number one historically black college in the country has her own business while a junior in college so my hard work ethics was passed on. if your happy at NYL good for you but i am happy at another insurance company that i feel is much better and i still don't recommend that company to anyone.

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Virginia in Blue Springs, Missouri

43 months ago

I have been scheduled for my second interview with Banker Life. Does anyone out there recommend starting and woking for this company?
I will be starting out new in this field and don't want to waste my time on any insurance company the doesn't do what they promise.

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clemsongirl in Florence, South Carolina

42 months ago

Stay away from Bankers...you basically pay THEM to work and are self-employed...they make ZERO investment in you!

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Kevin in Columbus, Georgia

42 months ago

Banker's life is basically as scam. Stay away! NYL is a good company, but i agree with others that if you don't already have renewals or a great circle of influence(family& friends) don't count on it paying the bills for 6 months or so. Long-term, very solid. And I worked for both companies before going independent, which was just a personal choice. Was very happy ay NYL. Bankers....umm they jusy hire 100 ppl and see if anyone sticks. And they rarely do. NYL will actually give you professional training, not just how to basically beat the sh*t out of some old guy until they buy something.

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kim taylor in Pilot Mountain, North Carolina

38 months ago

i am scheduled for second interview with bankers in greensboro for tomorrow . I am not sure to go or not because if the work on salary only im not interested i am brand new at this anyone have any advice ? please .

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ANON in Wylie, Texas

38 months ago

Amy in Mason, Ohio said: Does anyone know the situation for the office in Cincinnati Ohio? I am suppose to interview with them tomorrow and I am now regreting it.

Learning English would help you.

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Lisa Black in St. Albans, West Virginia

36 months ago

I'm in the process of gettin my insurance license and have been working with bankers. They have put a ton of effect into training and the manager there calls me or emails me everyday to see how I'm doin. So far this has been a good experience and have learned a lot. Everyone in the office is so nice and supportive. I'm pumped and ready to go!!

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kens106 in Monrovia, California

36 months ago

I recently received an offer for Bankers but I wasn't sure if I should take it. Since graduating college, I have been looking for a job for several months now.

Any input? I have read the reviews by others, and was hoping to see some recent people. The Bankers team seemed fine to me, but some are making over a thousand phone calls and still couldn't get an appointment.

I still have student loans to pay for and hopefully I'll find a primary job for income, and Bankers as a second job. I know it takes a special kind of person to sell, so I might give it a try.

Input, rants/raves, recent experience appreciated

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kens106 in Monrovia, California

36 months ago

I recently received an offer for Bankers but I wasn't sure if I should take it. Since graduating college, I have been looking for a job for several months now.

Any input? I have read the reviews by others, and was hoping to see some recent people. The Bankers team seemed fine to me, but some are making over a thousand phone calls and still couldn't get an appointment.

I still have student loans to pay for and hopefully I'll find a primary job for income, and Bankers as a second job. I know it takes a special kind of person to sell, so I might give it a try.

Input, rants/raves, recent experience appreciated

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albatross in Mahwah, New Jersey

34 months ago

Matthew in Los Angeles, California said: Well Said NJB.........

I am having my third interview with New York Life tomorrow. I filled out a market survey of ten people that might be future clients for me and I am presenting it tomorrow. Anyone know what the next step is after this one?

Also whats the deal with their training program? Is it paid?

Thanks everyone!

Hi Matthew, so where did you end up going with NY Life? I'm also in the interview process, where I was told later I would have to submit two hundred names! The ten names I'm required to submit now are supposed to be "references". I'm just dubious of how they are going to use it for. In any case, I will probably be going for my next interview, where they will be giving me more information on their products. I am also simultaneously interviewing with MetLife. The main deciding factor for me would be who provides better training and mentoring. So far, the MetLife manager surprisingly had more of a Financial Planner type approach, and NY Life was all about sales. I would help a lot if you could let me know whether you are satisfied with your training a NYL if you joined them, and how you are doing so far. Thanks!

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bonnie in North Port, Florida

34 months ago

Agminx in Miami, Florida said: I wouldnt recommend bankers for any new agent. I got my 215 license April 30th this year and started there and am having second thoughts. I did my homework as best as a person newly licensed with no experience in the insurance industry can do, and after a couple of weeks there I think I have to change to a company that offers something called" starting salaries", because I cannot sit around for weeks at time, (Even months sometimes) training while earning nothing and making my first sale months into having started, some agents have been there for over a year and are earning $1 to $2k per month! Supposedly Bankers does well in Chicago and New York, New Jersey, etc, but from some of the experienced agents and financial planners I met through the Miami Branch I started with, South Florida is not a good place for Bankers to succeed, thus making it VERY hard for new agents to get up and running. Better off with a bigger well known company like METLife or Avmed or someone that can offer a starting salary and some benefits, starting off on commission only is tough, but most companies will only offer that so its hard to find but they are out there. I am in the process of trying to find one myself.

Hey ,I just started with them a week ago, and it's too bad that i did not do my homework earlier. I am quitting tomorrow. This company is full of BS

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bonnie in North Port, Florida

34 months ago

kens106 in Monrovia, California said: I recently received an offer for Bankers but I wasn't sure if I should take it. Since graduating college, I have been looking for a job for several months now.

Any input? I have read the reviews by others, and was hoping to see some recent people. The Bankers team seemed fine to me, but some are making over a thousand phone calls and still couldn't get an appointment.

I still have student loans to pay for and hopefully I'll find a primary job for income, and Bankers as a second job. I know it takes a special kind of person to sell, so I might give it a try.

Input, rants/raves, recent experience appreciated

if you go with bankers you won't have time for your primary job. do not listen to what they tell you. It's a BS, you will work for free calling very old leads of people turning 65. I called one guy and he was already 70.

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Jennifer in Fairfield, Connecticut

32 months ago

I am going in for a second interview tomorrow for NYLife. Once hired as trainee...do you begin receiving a salary? And how long is it before you are eligible for benefits? Anyone know?
Appreciate it!

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Thatguy in Charlotte, North Carolina

31 months ago

I work for bankers now, it's been a positive expirence. Everyone was very supportive and the training was excellent, I don't know why everyone is complaining..it's competative, it's sales people..no kidding it's competative. Suck it up, but your time into it and make money!

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Ann in Palm Bay, Florida

31 months ago

I have to say Bankers is a very good company so far. You just have to know what to expect going into it. Yes it's a little bit fluff talk at the group interview...they make it seem so, so easy to be rich quick.) With that being said, if you can handle LOTS of rejection (my experience with sales is 80 - 90 % rejection), just keep in mind this:

The more "NO THANK YOU"s you hear, think about it for a minute: the more no's you hear, the more commissions you will make.
And what you lack in skill or talent you can make up for in activity. Go out and get muddy and bloody, and keep on going, and you WILL be successful.

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