New York Life

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Great training program, but salary is strictly commission-based.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Licensed Insurance Agent  in  New Windsor, NY
Former Employee - Licensed Insurance Agent in New Windsor, NY

Pros

Very thorough training program, company trains and sponsors you to pass the series 6 exam and acquire your insurance license, friendly co-workers, contests with generous bonuses, decent compensation structure if you can sell enough policies and retain customers.

Cons

The only negative aspect of being an insurance agent is that there is no salary, and compensation is strictly commission-based, which was 50% of a customer's first year of premium payments or about 3% for IRA rollovers, which can amount to an enormous paycheck if you can land enough sales to allow you to survive. This is more difficult than it might seem, and there is a high turnover rate due to agents not making enough money to survive.

Advice to ManagementAdvice

Pay at least a low salary plus commission for a certain amount of time until agents become successful enough to be selling multiple policies weekly and provide sales leads for beginners. Cold calling and prospecting businesses door to door can be very difficult when you're getting screamed at by multiple people on a daily basis.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

Other reviews for New York Life

  1. 1 person found this helpful  

    Excellent training, not much support

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

    Pros

    I received really excellent training from the staff at my office -- sales, service, financial, all the basics of the job. They also sponsored my Series 6, 63, and 7 licenses with no questions asked.

    Cons

    Commission-only, so if sales is not you thing then look elsewhere. The only real problem I had was that I always felt like I was on my own -- for all the talk about how I have a team supporting me and backing me up, I was never able to make that help materialize when it was actually needed.

    Advice to ManagementAdvice

    Spend more time with new employees to guide them on a path to success. You're putting a lot of money into training them, why do you cut them loose to sink or swim without help?

    Recommends
    Positive Outlook
    Approves of CEO
  2. 1 person found this helpful  

    Brown nosing is the only way to survive

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

    Pros

    Good money, which of course you have to negotiate for.

    Cons

    Mediocre benefits. Very little merit-based promotions. All upward opportunities are based on who you know and who likes you. If you don't have a Godfather, forget it.

    Advice to ManagementAdvice

    Open your eyes! Get rid of the deadweight.

    Doesn't Recommend
    Positive Outlook
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