How To Become A New York Life Insurance Agent

Keep Both The Seller And Buyer Talking

When buying property, what usually happens is that the seller wont get their full asking price and will hold out for a figure that is more profitable to him.

As for the buyer, the buyer submits an offer lower than the sellers price but cant purchase the property until he meets or exceeds the sellers price.

A real estate agent knows that to set herself up for success, she must keep both sides talking while she negotiates a price until both parties come to a deal that is fair and which they both can live with it.

Find A Sponsoring Broker

Once you complete the state exam, you are only one step away from getting your real estate license.

Your last step is to be sponsored by a licensed broker. New York State requires this step so you can start selling or renting real estate.

Also, without a sponsoring broker, you cant get an active real estate salesperson agent license in New York.

Companies Like New York Life

Lets take a look at some insurance agencies and companies similar to New York Life in case youre interested in doing a comparison.

Symmetry

Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina.

SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholders passing.

Bankers Life

Bankers Life was established in 1879 in Chicago, Illinois. The company is a subsidiary of CNO Financial Group.

Bankers Life offers life insurance, long-term care, annuities, Medicare , critical illness insurance, as well as vision and dental plans. It targets the senior market, typically people age 60 and older who are near retirement.

People Helping People

People Helping People was established in 2009 in Northridge, California. The company serves the middle markets for insurance-based financial planning. It focuses on term insurance, index universal life insurance, and fixed indexed annuities.

American Income Life

American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. The company was founded in 1951 and is headquartered in Waco, Texas.

USHEALTH Advisors

Equis

Freedom Equity Group

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Special Marketing And Sales Training Programs

New York Life prioritizes agent training and expertise in their sales programs.

With its NYLIC University, New York Life offers comprehensive agent training that includes not only education and skills that will help them succeed in the company but training in real-world scenarios with the New York Life sales principles.

New York Life offers professional designations as well as reimbursement for tuition when agents pursue valued designations through NYLIC University.

These include:

• Master of Science in Financial Services
• Chartered Financial Consultant
• Chartered Leadership Fellow

As a new agent, you will not only be responsible for using your new education to sell plans but also for creating marketing plans and providing unique solutions to premier clients.

For those who have completed their MBA in the last two years before being hired or have previous business-specific management experience, New York Life will consider you for a Management Fast Track Program.

Those who succeed in the program can be fast-tracked to management within the first 12 months of being an agent with New York Life.

Receive The Certificate Of Completion

If you pass the schools final exam, congratulations! Youre on your way to becoming a real estate agent.

The school will show that you passed the test by giving you a certificate of completion.

Both in-person schools and online classes will send you the certificate by mail.

But the online classes are faster, as you may be able to get the certificate by email.

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What Will My Exam Be Like

Your exam experience is dependent on the line of authority you are testing for but all exams take place by computer. Carefully review the below examination breakdowns to learn important factors like:

Please Note: The examination breakdowns below apply to those courses ExamFX currently offers. State exams are offered in Spanish. The following ExamFX courses are currently available in Spanish: New York Life, New York Health, New York Life and Health.

Complete A New York Life Insurance License Application

Once you pass the life insurance exam, you can apply for your New York life insurance license. The application fee is $40, and you must apply online via the DFS Secure Portal.

The New York State DFS will issue a life insurance license to individuals who are at least 18 years old and have passed the proper licensing exam. You should submit your completed license application within 12 months of passing the exam.

To apply for a life insurance license in New York, make sure you comply with the insurance licensing requirements as defined under the New York Insurance Law and New York Administrative Code.

Send any questions or supporting documents to .

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The Tools You Need To Succeed

Expert Field Consultants

We know that insurance can be complicated. Thats why New York Life has experts on hand or on call to answer your questions and provide crucial support.

Digital Sales and Marketing Tools

Building a business in the modern era requires extensive online marketing and a compelling social media presence. We have the tools and resources you need to meet this moment.

Premier Services

New York Lifes Advanced Planning Group works with financial professionals to provide expertise on complex financial solutions, business strategies, and estate planning so that they can better serve their clients.

New York Life, its agents and employees do not provide legal or tax advice.

Constantly Work On Expanding Your Network

The most successful agents and brokers in the field know everyone.

Many of the highest-grossing rookie agents succeeded because they came into the industry with a huge Rolodex or were already community fixtures.

Once you have an established reputation as someone smart, well-connected, hardworking, and trustworthy most people will be happy to refer you to everyone they know.

The best agents never stop expanding their network. You do not have to attend sale seminars or networking events to do this.

It’s as simple as attending community events, getting to know your neighbors, volunteering, joining your kid’s school PTA board, or joining a meetup group.

Taking soup to a sick neighbor can even end up with getting several good leads!

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New York Life Insurance Company

New York Life Insurance Company is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #67 on the 2021 Fortune 500 list of the largest United States corporations by total revenue. NYLIC has about $593 billion in total assets under management, and more than $25 billion in surplus and AVR. In 2007, NYLIC achieved the best possible ratings by the four independent rating companies . Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Get Your Finra Securities Licenses

Overview

Individuals planning to market and sell market-based life insurance products also must obtain the proper securities licenses. As a securities license holder, you can offer securities as part of your services. Thatll make you a credible authority in addressing all of your clients financial needs.

To learn more, check out our Securities Licensing guide.

SIE Exam

To obtain these licenses, youll first need to take and pass the Securities Industry Essentials exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority .

The SIE exam ensures every life insurance professional has a basic understanding of securities. While taking the SIE exam isnt a requirement for all insurance professionals, those who dont obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.

Tip:

Once you get your securities license, FINRA will list you as a registered representative. By achieving the securities licensee designation, youll become a highly sought-after professional and set yourself up for a successful career in the insurance industry.

Series 6, 7, and 63 Licenses

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How You Find Prospects

New York Life offers an extensive mentoring program through its Million Dollar Round Table Mentoring Program and informal relationships on the job.

Mentors will be your main resource to learn the ins and outs of New York Life and hunt down prospects.

Through seminars, networking events, workshops, and special guest speakers, New York Life offers additional education and outreach opportunities to help agents refine their skills and find prospects.

Fourthly: What Are The Fees Associated With Becoming An Associated Agent

Many but not all brokerages or agencies have fees or dues their agents must pay. This is normally annual.

As you might have guessed, a broker willing to offer you all the support you need might also ask you for hefty sums in return.

If you join an agency that’s a REBNY member, you’ll also be required to pay the REBNY fee directly to REBNY.

The fees can equal thousands of dollars each year that you must buy into right off the bat before you even earn a cent.

However, it’s not impossible to find a sponsoring broker that won’t require you to pay anything and still offer you a desk, email, computer, and even some listings.

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Fees And Renewal Period

Licenses are issued for up to 2 years. Individual/tba licenses will be issued with an expiration date determined by the applicants date of birth:

• If born in an even numbered year, the license will expire on the birthday in an even numbered year.
• If born in an odd numbered year, the license will expire on the birthday in an odd numbered year.

All licensing fees are non-refundable. A full fee is charged when a license is issued for a licensing period of more than one year a half fee is charged when a license is issued for a period of one year or less.

For New York residents the full fee is $80, half fee is $40.

Non-residents please see the Fee Schedules to determine the licensing fee.

Companys Ceo Says Its Pivot To Cultural Markets In The Us Rather Than Overseas Expansion Boosted Sales And Agent Recruitment

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A career in sales is a hard sell right now, and building a diverse sales force is even tougher, recruiters say.

The 176-year-old New York Life Insurance Co. has one of the nations biggest fleets of life-insurance agents, totaling about 13,000, and the company has long been committed to keeping its sales force diverse.

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How To Increase Commissions

The biggest issue with working with such a huge and reputable insurance provider is that the monthly sales quotas are very demanding. Your standing with the company could change quickly, even if you sell your minimum 50 policies a year.

The trick to staying with the company and increasing your commissions is to take advantage of New York Lifes extensive employee training and education services to get premium policies or long-lasting annuities to support the intense sales quota requirements.

Always Good To Seek A Second Opinion

Prior to joining New York Life or any other field marketing organization to sell insurance, its a wise choice to consider other options to fully weigh which option is best suited for your career goals.

If youd like to take a look at another insurance sales option, take a look at how my agency operates here.

And learn more about my Agent Success Stories in addition to my highly-reviewed insurance sales books.

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Basics Of A New York Registered Agent

A New York State registered agent can take several different forms. For example, registered agents in this state can be a person, a corporation, or a limited liability company . A registered agent must have a physical street address in the state and should be willing to accept a business’s official mail and service of process.

New York requires that a registered agent have the ability to accept any documents sent to a business by the state:

• Demands
• Notices
• Service of process

Registered businesses in New York are required to name a registered agent. The main reason that New York businesses are required to have a registered agent is so that the state Corporations Division and the general public will be easily able to contact these businesses.

New York registered agents will have several characteristics:

• Accepting business documents and then delivering them to you as soon as possible.
• Possessing a physical office in New York. Registered agents are not allowed to use Post Office Boxes.
• Maintain regular business hours.

If you live in New York, you have the right to serve as your own registered agent. By default, the New York Secretary of State will be your registered agent. After your LLC is formed, however, you should find a new registered agent.

Once you have appointed your registered agent, that agent can receive a variety of documents on your behalf:

Lack Of A Steady Income

With a lack of a steady income, while being a new agent, it can take a while until you receive your first commission.

So, if youre not selling a house, youre not getting a paycheck.

Plus, you have to file 1099, which means you wont receive health insurance from your broker and have to keep track of all your expenses for tax purposes.

Even very experienced and fairly successful agents and brokers can have periods where they have a dry spell.

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What Is Training At A Brokerage Firm Like

It can be hectic. You find listings through your connections.

But since you wont have many at this point because you are just starting out, you should use your companys database to discover listings.

Then you have to create ads for the listings, which can take a long time.

If youve marketed well, you may just land your first potential client. Then you need to find listings for the client.

But there are many pitfalls when dealing with clients that can be frustrating.

A client may want a private showing of a condo but then cancel the appointment at the last moment.

A client may love an apartment and will tell you they want to rent it, but then disappear.

Some clients like to negotiate the brokers fee even after you tell them upfront what your cost is.

Then you have to start all over again from scratch. And all the paperwork involved in a real estate transaction.

New York Insurance License Application

Once you have completed your exams, you are now ready to apply for your license. If you have more than one line of authority that you have passed the exam for, be sure to apply for all of those lines.

You must wait 48 hours after passing the exam to apply for your license.

The fee for an online application is $40 per line of authority.

Fill out your online application on the New York DFS License Application page.

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Get A Job In The Insurance Field

Once you earn your license, you can start applying for jobs in the insurance field. With a life insurance license, you can provide advice and recommend insurance products to clients, sell life insurance policies that pay a beneficiary upon an insured persons death, and sell annuities that pay a set income at retirement.

Find life insurance job postings on our Insurance Jobs Board.

When applying for an insurance-related job, potential employers will request your license number and National Producer Number . You can request a letter of certification, which proves you have a life insurance license in New York, by logging in to the DFS Secure Portal. You may need to submit this letter along with your job applications.

How To Quit New York Life

There are many reasons you may want to quit New York Life, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasnt a good fit for you.

The good news is, quitting New York Life is easy.

Heres how to do it.

First, start by doing your due diligence and find another insurance agency to work for. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join.

Once you find a new agency or carrier to join, you can go ahead and switch your affiliations.

You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization.

You may need to cancel the affiliation with New York Life. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory.

To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier.

Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average.

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