New York Life

  www.newyorklife.com
  www.newyorklife.com
There are newer employer reviews for New York Life

 

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

I worked at New York Life full-time (less than an year)

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

801 Other Employee Reviews for New York Life (View Most Recent)

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  1.  

    Cold called everyday for several months

    Former Employee - Insurance Agent in Irvine, CA
    Former Employee - Insurance Agent in Irvine, CA

    I worked at New York Life full-time (less than an year)

    Pros

    worked with friendly, optimistic and outgoing people

    Cons

    recruiters targeted recent college grads who do not know enough about the industry and how difficult and unstable it is, high turn over rate

  2. 1 person found this helpful  

    Financial Services Rep - Insurance Sales

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

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

    Pros

    Amazing education. Incredibly supportive in that respect. You can take your training as far as you want. Great company strength. Pension.

    Cons

    They teach you how to be a New York Life Insurance salesman and not how to grow other aspects of what will be "your" business. There wasn't any support when I was selling outside product.....Disability, Health, Medicare, 30 year term life insurance products...which when was what my client needed I would sell. Of course the paying your way through the business as well, but I knew about that going in.

    Advice to ManagementAdvice

    Learn to develop well rounded advisors and they won't leave to go independent.

    Positive Outlook
    Approves of CEO
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