By: Roger Correa, LUTCF
What Can You Earn?
The compensation structure at New York Life is based on a sustained relationship, and has the potential to grow substantially over time. The NYLIC Retirement Plan is a defined benefit pension plan which provides monthly retirement income to eligible vested agents. In general, a participant’s monthly retirement benefit from the NYLIC Retirement Plan depends on the pensionable earnings, the age and years of service of the participant at benefit commencement and the form of payment.*
Based on specific eligibility requirements, Agent benefits may also include medical and dental care coverage, group life insurance, accidental death and dismemberment coverage, long-term disability insurance, a health care spending account, a 401(k) plan, and a deferred first-year commission plan.**
Customize Your Career
As an agent you target the clients you want to service and work to develop ongoing relationships. Of course, as a driven professional, you’ll find the appropriate balance. But there’s no denying the advantages of being in charge of your time and destiny.
Training & Support
Robert La Boy, Partner, Greater Philadelphia Office and Former Air Force, Retired, realized immediately how the Air Force and New York Life shared similar philosophies of success. “Both taught the importance of having a goal, game plan, and support system,” he notes. “New York Life’s model of agent support and training is unique in the industry.”
Built on decades of experience, the Company’s proprietary training program, NYLIC University, and the Agency Field system is the host to ongoing training throughout the enterprise. This industry education includes the School for Professional Development and offers many courses qualifying for state-approved continuing education. Reimbursement for CLU, ChFC, and MSFS are available from the American College. And perhaps most crucial is the General Office training and the learning that naturally occurs when a sense of camaraderie takes shape among agents as they develop and help each other.
Take Pride in an Honorable Profession
Possibly the most valuable reward you’ll gain here is the sense of accomplishment that comes with knowing you’ve helped give a family “peace of mind”. How many professionals can honestly feel that their efforts will someday have a profound effect on someone’s life? When the worst happens, New York Life is there to offer hope allowing that family to maintain their quality of life because an agent took time to discuss the importance of life insurance. What greater or more poignant role can an individual play in someone’s life?
For over 165 years, we’ve kept our promises — to agents and clients — and will continue to do so for years to come. As a mutual life insurer, we work to protect the interests of our policyholders and make the kinds of investment decisions that allow us to remain strong, even if the financial climate is uncertain.
Mark Ham concludes with this story: “One of our ‘Rookie of the Year’ awards went to a new hire after a year of phenomenal sales. He’d been with the Army for 20 years before coming to New York Life and several of our experienced agents, who were formerly in the military, presented him with his trophy at our Awards and Honor Banquet. The parting advice they gave to the new hire: ‘Here’s how we build quality among the troops!’”
We invite you to join our ranks as you begin this next and exciting adventure in your life and career. Learn how you can become a valuable member of The Company You Keep.®
This educational third-party article is being provided as a courtesy by Roger Correa. For additional information on the information or topic(s) discussed, please contact Roger Correa at (rdcorrea@ft.newyorklife.com or 954-958-4302).
*The Company reserves the right to amend or terminate the Group Plan (including active and retired coverages), the NYLIC Retirement Plan, and the APSI Plan (and other benefit plans) at any time and for any reason. Please refer to the applicable summary plan descriptions and plan documents for complete information about these benefit plans.
**Agents must meet eligibility requirements. The agent is eligible for Dental and Long Term Disability, January 1 of the year the agent completes 12 months of service. The agent must also have the necessary yearly first year commissions to become eligible. The agent must be in his/her 4th year to apply for a deferred first-year commissions plan during the open enrollment period. The agent is automatically eligible for long term disability if he/she previously had the coverage.
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