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How To Work With Your New York Life Insurance Agent

Do you want to get the best value for the time you spend with your New York Life Insurance Company agent? Not always sure what your agent's role really is? What can you expect from your agent and what does your agent expect from you?

The key to achieving long-term objectives
is planning. Your goal may be to fund your children's college educations, to protect your family during your working years, to someday own that vacation cottage by the shore, or to guarantee your own retirement security. These things won't happen by accident, or if left to chance. You must plan. You need to know what you want to achieve...and then map out a strategy that will help you achieve it.

The good news: You don't have to go it alone.
Your New York Life insurance agent does more than just sell insurance policies. He or she is a professional problem solver who can help you identify the most cost-effective way to help meet your financial objectives.

Your New York Life agent provides a full range of services. These include working with you to:

  • Review your individual situation and personal objectives. Perhaps your needs are so clear that they can be determined after a few minutes of conversation. Or it may quickly become apparent that nothing short of a detailed "fact finding" session is required, a meeting that goes beyond such basic vital statistics as birth dates, income, assets, etc. Why is it important to probe and ask questions? Three reasons for this:


    1. Your situation and needs are unique. What's right for others may not be right for you. Your agent needs to understand those differences.


    2. Money is not a goal in and of itself; it is merely the means to an end, the tool that helps us achieve our objectives. (Example: Your goal may be a comfortable, secure retirement. The means to achieve that might be a retirement nest egg of $800,000.)


    3. The more your agent knows about you, the more precise and on-target will his or her recommendations to you be. That's why it is important for your agent to get a clear understanding of who you are. As a result, he or she may take some time to discuss - and even appear to be a bit nosey about - your hopes, dreams and objectives, the things that really matter to you. By the way, all information will remain strictly confidential.


  • Analyze & review your needs. As needed, your agent will work with you to identify and prioritize your objectives, then help you establish benchmark goals. This is important because we live in a world in which there are unlimited choices, but only limited resources. People often fail to achieve objectives because they try to accomplish too much at once, or they don't attach specific deadlines to their goals. They confuse the difference between vague wishes and precise goals. For instance, you may have a desire to retire in comfort, make sure your children are able to graduate from college debt-free, plus vacation in a different European country every winter. But your resources may say that you cannot do it all. Your New York Life agent can work with you and help you focus on what is most important to you. Together, you may find it helpful to break down these goals into quantifiable objectives: accumulate $800,000 by age 62; have a college fund of $40,000 in 15 years; set aside $15,000 each year for vacationing. Then you can look at available resources and decide which goals are realistic, which need to be adjusted and scaled down, and which simply must be abandoned.


  • Develop and implement a strategy to help you achieve your goals. Once you've prioritized and quantified what you want to achieve, the next step is to develop a critical path to help you actually do it. Based on the information you share, you'll receive specific recommendations. Some may be process suggestions (meet with your attorney to draft a revised will, set up a trust), while others may be product recommendations (adjust your insurance coverage, commit a specific amount of money to an annuity for long-term accumulation each month).


  • Coordinate your financial activities. If you wish, your agent can serve as a quarterback to help you design a strategy and coordinate the work of other professionals. These may include your attorney, your accountant, and your financial institution


  • Monitor progress, providing ongoing service as your needs and situation change over time. This is crucial. Planning for your future is not a one-shot deal. Strategies need to be adjusted periodically. Your agent will work with you over the years to help keep your program on track with your changing needs.

By the way, there is no charge for the suggestions or ongoing service provided by your New York Life agent.

Your role: It also is a crucial one. Your agent cannot do it alone. It must be a two-way street. The key to getting maximum value from your relationship with your agent is communication and candor. Do the following:

  • Get acquainted. Understand the need to establish and maintain an ongoing relationship with your agent. That's why it is recommended that you contact your agent and arrange a meeting to discuss the full extent of available services and to review your financial situation.


  • Educate your agent. Do not expect your agent to be a mind reader who intuitively understands what you want. Your agent may anticipate many of your needs, but will not assume anything. That's why it is so important that you be candid and honest in providing information.


  • Educate yourself. At the same time, you too should be sure to ask a lot of questions. Be nosey. Ask for details and explanations about recommendations and how certain plans may work. Remember, the only dumb question is the one that you do not ask.


  • Make it a team effort. Work together. Listen carefully to recommendations, but remember -- all final decisions are yours. Make sure you are comfortable with the outcome.


Recommendation: Find out more. Contact your New York Life insurance agent today. Arrange an appointment and find out how he or she can help you achieve your objectives and get where you want to be. There's no cost or obligation.

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How To Work With Your New York Life Insurance Agent

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