New York Life Reviews

Updated March 21, 2015
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New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
493 Ratings

104 Employee Reviews

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  1. 2 people found this helpful

    No base pay, and there's no paid training

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Sales Agent in New York, NY
    Current Employee - Insurance Sales Agent in New York, NY

    I have been working at New York Life

    Pros

    Good training, lots of scope if you already have sales experience, lots of growth eithin thr company.

    Cons

    You cannot have a second job in this business for first three years and after that you still need to take permission from them. In the beginning they tell you that training is paid, actually its not. You need to make some sales and then they give training allowance so basically its a bonus and not training. A lot of policies were stolen by my manager and given to some other agent so that he could become fulltime as the agent does not get paid until he becomes fulltime by making atleast $2500. And the bonus is 80% of what you make and the maximum u can get by making 2900 and the training allowance will be 2300 around.
    And thats y I'm planning to leave it very soon.
    And even if you leave then u might end up paying back the commissions u earend if something happen to the case after u leave.

    Be careful!!

    Advice to ManagementAdvice

    Get a proper policy of commission sharing and stop embarassing new agents by putting up their income and policies on the board. Give some time to them.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 1 person found this helpful

    This is "The Good Old Boys Club"!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New York Life

    Pros

    Has potential to do well but management is is stuck on certain ideas and not open to new ones.

    Cons

    Old school mentality that is effecting the companies ability to moved forward.

    Advice to ManagementAdvice

    Intelligent women can add value!

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3. 4 people found this helpful

    Company that you keep (getting lied to)

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Professional in White Plains, NY
    Former Employee - Financial Services Professional in White Plains, NY

    I worked at New York Life full-time (more than 3 years)

    Pros

    You have the potential to make unlimited money, just follow their "sales" technique. The ones that "fail", are the ones that don't follow the "system".

    Cons

    The sales technique - harass your friends and family. Spend your weekends conducting child id's and harass strangers with kids. Goto networking groups and harass other salespeople.

    Do all that and barely make any money.

    Then spends hours a week "training" on products (whole life) that help families (whole life) and businesses (whole life).

    That at the end of the month, start using your savings, 401k, other money to pay your bills.

    Lastly, for a majority, go broke while your Partner makes you feel bad about trying to resign.

    Can't lose in this job.

    Advice to ManagementAdvice

    Fire all of the shady lying partners and managing partners that spend each day of their miserable lives lying to people about the wonderful world of insurance sales.

    Be aware that dateline nbc will be doing an undercover show regarding nyl partners.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 2 people found this helpful

    Work for this company at your own peril.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life part-time (less than a year)

    Pros

    They have a brand name and they use it mercilessly. They welcome you with open arms, but beware of this.

    Cons

    They apply unrealistic goals and pressure from day one. They expect you to bring your own leads, meaning family and friends, and they will stop at nothing to get you to sign them up. Then, they have you repeatedly call all your clients and constantly try to get them to upgrade or buy something else. Many of your once contented clients will want to change insurance companies, because of the incessant calling. The stress is unrelenting and impossible to deal with and they don't care. You must produce a certain amount of money or you don't go up the ladder.
    If you're considering working for this company, don't do it.

    Advice to ManagementAdvice

    Stop the unrelenting pressure and unrealistic goals. No one can make 100 telemarketing calls in one day and produce quality leads. Stop making a once fine company look like a Ponzi scheme, instead of a quality insurance company. Learn from your mistakes and hire individuals who will stay with the company and not wash out after a few months.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 1 person found this helpful

    NONSENSE

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Professional in New York, NY
    Current Employee - Financial Services Professional in New York, NY

    I have been working at New York Life

    Pros

    FREE Training i guess, Other than that?

    Cons

    COMMISSION, slow pay process, NO respect

    Advice to ManagementAdvice

    KNOW YOUR EMPLOYEES BETTER, please

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. 2 people found this helpful

    Decent training but needs a lot of improvement

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Representative in Oklahoma City, OK
    Former Employee - Financial Services Representative in Oklahoma City, OK

    I worked at New York Life full-time (more than 5 years)

    Pros

    - Somewhat flexible work schedule

    Cons

    - They tell you that you can run your own business but they expect you to attend numerous meetings per week that aren't relevant after the first few. The company sells this position as being able to own and run your own business but in reality that isn't true. They micromanage everything.
    - Very low commission compared to other financial companies. If you want to work in finance then I would get on with an independent agent because you can make much higher commissions and have much more flexibility in what you sell. If you're wanting the b2b experience then I wold look for more straight-line b2b positions like ADT, etc.
    - They charge you for everything including a cubicle, using the printer, internet and phone. Normally this wouldn't be bad but because they pay such low commissions it can be more noticeable. If you are going to have to pay for everything anyways why wouldn't you be an independent agent and make more commissions?
    - Sales training isn't that great. Product training is but not sales training.
    - Benefits are very weak especially for a Fortune 100 company. A life insurance company that makes you pay for your life insurance when most companies pay for theirs?
    - While the company does have very high financial ratings, if you're a good salesman it shouldn't matter. Get on with a company that pays better and has better benefits and make a better living.

    Advice to ManagementAdvice

    Increase commissions and benefits to be competitive in the financial market. Focus more on developing sales skills and not just on learning the products. Don't be a manager that waits to the last minute to ask if there is anything they can do to help you close a sale.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  8. 2 people found this helpful

    Waiting for Ax to Fall

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at New York Life

    Pros

    Lobby, Gold Dome, Lobby Floor, Building Construction

    Cons

    "Management"

    Four years of nonstop reorganizations, downsizing, firings and now again........many of the IT people are just waiting to be given the package. The general work atmosphere in Technology is horrific except for a few chosen who are masters at kissing-up to senior management.

    Advice to ManagementAdvice

    Pay yourselves $1 for a year to show real honest commitment to "redefining" the company culture.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  9. 2 people found this helpful

    Horrible to their agents

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Agent
    Former Employee - Agent

    I worked at New York Life

    Pros

    Commission based which if you can make it allows freedom with hours worked

    Cons

    Commission only which is very difficult. Management is horrible; unethical behavior and gender discrimination constantly.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 2 people found this helpful

    Comission jobs

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    Flexible work schedule and great balance work life

    Cons

    Unstable salary and too much unnessary meeting

    Advice to ManagementAdvice

    Less meetings

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 2 people found this helpful

    Not Great

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    You make your own work schedule but that is the only real perk. They have a good pension if you work there for 30 years.

    Cons

    They just hire a bunch of people, give you a week of "training" and send you on your way and hopefully some stick. Everything is sunshine and rainbows and don't really tell you what it is really like. Also will throw you under the bus if your not a top producer when it comes to dealing with clients that may have a complaint. It is 100% commission.

    Advice to ManagementAdvice

    Start actually caring about developing agents so you don't have to hire 30 new ones every month. Actually look at how some of your agents are getting those great numbers.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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