There are newer employer reviews for New York Life

3 people found this helpful  

It was Very Rewarding!

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Insurance Sales Agent  in  Waltham, MA
Former Employee - Insurance Sales Agent in Waltham, MA

I worked at New York Life

Pros

Lots and Lots of Training!
Very Good Support from Management!
Work your own hours after your training period!
Very good benefits!

Cons

Some training is repeated over and over.
Too much cold calling.
Long hours in the beginning.
Need to simplify paperwork.

Recommends
No opinion of CEO

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

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  1. 5 people found this helpful  

    Only the strong will survive

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Agent  in  Los Angeles, CA
    Current Employee - Agent in Los Angeles, CA

    I have been working at New York Life

    Pros

    You call the shots. You can earn a comfortable salary. Be prepared to work 60 hours a week if you want to earn more than 50k a year during your 1st 10 years. Yes there will be high's and lows but 50k is average for a hardworking agent. Also be prepared to invest at least 20% back into your business for marketing and expenses. making your net take home about about 30K. When you toss in residuals. your AGI is 40k. Not bad considering the freedom you have. If you are considering a career as an agent set aside 6 months of living expenses up front. If you ever get lucky enough to have a 6 figure year. SAVE the extra money!! remember you might need it next year, be sure to take a nice vacation though.

    Cons

    Be prepared to weather, reversals ( that's when you have to give back your commission when a customer cancels during the 1st year) Declines, for every $1000 new business you turn in, NYLIC will likey decline 30-40% of it. ( it's all about risk management) so that means if you want to earn $3000 per month in commssions you need to turn in $5000 in new business every month. Also If you want to sell investments you need to bring in $43,000 in commissions (annually or you'll have to pay a supervsion fee of $1.500. The company makes you pay this during the last quarter of the year. along with your professional laibility insurance, and tech support, that's $2800 right off the top. (Happy Holidays!) That means you'll have to turn in about 18K in new business during the last qtr to make $3000 take home each month.

    Advice to ManagementAdvice

    Agents are the reason you and your staff have a job. Treat us like a partner in your own success, not the outcome of your efforts. You expect to agents to invest in their own business with their commissions. You should consider investing more of your income into your agents. Loyalty is a valuable commodity in this business.

    Approves of CEO
  2. 1 person found this helpful  

    I would have had a better experience if management knew all the resources available at their disposal

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Agent  in  San Mateo, CA
    Former Employee - Agent in San Mateo, CA

    I worked at New York Life

    Pros

    Well established company
    Good values
    Good bonus package (if u meet sales goals)
    Lot s of available (free) resources
    Promotions are available to successful agents

    Cons

    Management sometimes don't even know what resources are available to agents
    There are very few support people available to help you with questions
    You have to spend a lot on marketing yourself or you have to spend a lot of time chasing cold leads
    At the interview process, they want you to start immediately, they don't tell you that you can keep your current job for 6 months to one year while you test the waters. I would have stayed if they let me test the waters first to get a feel of the industry.
    They push you a lot to get your natural market. Not a good idea if you end up leaving and your friends and family will be marketed to by another agent you don't know.
    Agents get money for referrals so they lie to their teeth to get you in as well, and they get your orphan clients when you leave.

    Advice to ManagementAdvice

    Be more knowledgable about resources. Be able to relate to new agents by looking back at how hard it was when you first started out. Offer more support.

    No opinion of CEO
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