New York Life Reviews

Updated June 24, 2015
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3.7
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Recommend to a friend
Approve of CEO
New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
8 Ratings

Pros
  • Great Training Programs for new Agents (in 55 reviews)

  • Solid training program and an army of product support (in 32 reviews)

Cons
  • Be prepared to hassle friends and family to buy useless products (in 37 reviews)

  • Sales intensive environment, most training is about sales, limited in products offered, no base salary (in 29 reviews)

More Pros and Cons

10 Employee Reviews

Sort: Popular Rating Date
  1. Warm, wonderful, nuturing environment

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Receptionist in Bala Cynwyd, PA
    Former Employee - Receptionist in Bala Cynwyd, PA

    I worked at New York Life (Less than a year)

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    I met some of the nicest people I've ever worked with during my temporary stint at the Bala Cynwyd office of New York Life. Friendly, helpful, welcoming--everyone, at all levels.

    Cons

    None. A practically perfect work environment.


  2. Helpful (6)

    Financial Services Professional

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Bala Cynwyd, PA
    Current Employee - Registered Representative in Bala Cynwyd, PA

    I have been working at New York Life full-time (More than a year)

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    Pros

    The more you produce, the more you earn. It's as simple as that. Hard work is not directly related to success, but it certainly helps. The new hire program is pretty good for the industry, though it is solely contingent on you selling. You receive an 80% bonus on all sales up to a limit your first year, 45% the second year, and 25% in your third year. Going back to production - the more you sell, the more perks you receive. The perks include but are not limited to: annual trip if quota is made, growing expense allowance, a retirement pension that vests after 5 years, etc. The payouts are pretty fair for the industry. You are approximately compensated 50% on all first year premium sold on life insurance products and approximately 4% on annuities sold. If you don't care that you are selling potentially crappy products in an improper way, with a poor understanding of what you're doing -- then the opportunities are limitless and you will be handsomely rewarded.

    Cons

    Selling mutual funds is allowed but not exactly championed. Brokering out business, such as disability, health, etc, isn't exactly championed either. While they claim to be advisors, the vast majority of the company (I'd reckon 95%+) aren't anything more than annuity wholesalers or life insurance peddlers. The common claim is that "something is better than nothing" when selling a client, but often times the case is one where the agent/rep did a disservice through poor insight, advice, etc. There is little real guidance other than the product training and marginal manager oversight. The chief concern for managers is retention in the first year or so and the ability to hit minimum production requirements. Beyond that, there is little assistance or guidance. From my experiences with managers, I'd say few of them are real advisors and were nothing more than glorified sales reps who met quotas and decided to get a salary because they didn't want to grind it out anymore. It should be noted that you are required and encouraged to leverage your friends and family to sell in the beginning. It makes sense because they are more likely to trust and want to help you. But the real reason is because they're the most likely suspect to convince for a quick sale. While it may benefit to a degree, often times it's done improperly because the agents aren't really qualified. I would say at least 80% of new agents under 3 years have no background in finance and are pushed to sell serious financial products without any real merit of knowledge themselves about the industry or ramifications of the products they sell. This even goes for senior agents. Even guys with 5-15 years experience are hardly qualified to be speaking about financial-related matters yet because they took in-house training and passed 1-2 tests -- then they are held out to be experts. It's a shame. Occasionally a good agent/representative comes along because of pure circumstance and chance, but they often don't stay because of the industry and move on to a more proper use of their time and expertise. I'd be surprised if more than 5% of the industry could be trusted for sound financial advice.

    Advice to Management

    I couldn't truthfully provide any advice to management. That would imply they would take the advice to improve the company, but that will never happen. The company operates the way it does for a reason. The company will continually roll in new hire after new hire and hope a few stick along the way so as to grow market share and cram more insurance-based products down clients throats.


  3. Helpful (9)

    Solid company and great career but need reserves to get started.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA

    I worked at New York Life full-time

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Great training and partners really do want you to succeed (perhaps only because it helps THEIR bottom line), but regardless, do not listen to those who say partners don't care, because the better you do, the more money they make, so it doesn't make sense for them to bring you on and leave you to the wolves. Training is great, very knowledgeable partners and trainers, vibrant and fast paced atmosphere. Make your own schedule but initially expect to come in to the office quite a bit for training, etc.

    Cons

    It'll take awhile to get paid. You first need to get PTAS contract approved, then develop the business and place 5 life policies and $1500 in FYC before they will trigger you to TAS and pay you. In the meantime you are going to be spending money on gas and tolls to drive all over creation to meet with prospects, you need your own computer, in my case I needed to buy suits. During PTAS need to have some savings, a part time job, or a well off spouse/significant other to get rolling. Realistically give it 6 months before you can start supporting yourself. Will be hard work and long hours but if you enjoy the work it's not an issue. Must be thick skinned. You WILL be contacting friends and family, not necessarily to sell to but at least for referrals, so make sure you are comfortable with that.

    Advice to Management

    Only advice would be to add a signing bonus/base salary, even a minimal one. If I could have just broke even at first rather than going into the red to get up and running I'd still be an agent there. If you're looking for a career change this is a great place to start in this business, one of the tops in the industry in size and reputation.


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  5. Career at NYL

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Bala Cynwyd, PA
    Current Employee - Agent in Bala Cynwyd, PA

    I have been working at New York Life full-time (More than 3 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    flexible work/life balance no defined territories management opportunity within 2 years of council performance unlimited income training allowance and bonuses to aid in start up of career benefits and 401k great training and support systems in place pension and renewals

    Cons

    need discipline to self manage work load need continued edu need firm understand insurance and financial products to be successful can be discouraging at time being commissioned based with no renewals in the beginning


  6. Great Building Block.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA

    I worked at New York Life full-time (More than a year)

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    The training is second to none. Trainers and managers are there to assist on day-to-day basis. Also, the resources available without extra fees is extraordinary.

    Cons

    Focus too much on certain products that the company wants you to sell. Too much overturn in employees to keep the business going. A little too much of brainwashing on how great the company is.

    Advice to Management

    Consider more study groups within new agents and also challenge them more often within the week.


  7. Helpful (2)

    A great place to launch your career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Bala Cynwyd, PA
    Current Employee - Agent in Bala Cynwyd, PA

    I have been working at New York Life full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The variety and strength of the NYL portfolio is unmatched and gives agents the ability to implement plans and strategies that are unmatched in the industry Very focused leadership Tremendous amount of expertise at your fingertips

    Cons

    Way to many charges for agents

    Advice to Management

    Spend more time coaching and developing new agents


  8. Helpful (3)

    Tough environment with very little support

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA

    I worked at New York Life full-time (Less than a year)

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Easy to get a job here

    Cons

    Your success really depends on the manger you get placed with. I got stuck with a frat boy who was still reliving his college days, coming in late and expecting the rest of us to stay late with him. The hours look ideal because there is a lot of flexibility to make your own schedule. There is no "base salary" which they try to sell you on when they offer you the job. They 'match' what you make in commission which since you spend the first month or so in training meetings, there isn't much (if any) of. They ask you to essentially create a list of the 200 people you have know and then start setting up meetings with them and selling them life insurance. It's awkward. If you don't do it, they will have other people in the office start calling on your list. There is no leadersihp in the office because at some point, agents get senior enough to just work from home/ "have meetings" all day. The make you pay for upfront the tests you need to take to be an agent and they aren't cheap.

    Advice to Management

    make sure your "partners" are mature enough to handle their jobs/training responsibilities offer some kind of base (even if it's minimal) to really convince good people to take and stick with the job


  9. Overall good opportunity

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Representative in Bala Cynwyd, PA
    Current Employee - Financial Services Representative in Bala Cynwyd, PA

    I have been working at New York Life full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Opportunity to make your own schedule and be your own boss Unlimited earning potential

    Cons

    Compensation tied to commission Commissions can be reversed in the first year

    Advice to Management

    Hire more qualified candidates


  10. Helpful (1)

    Can be very rewarding

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Insurance Agent in Bala Cynwyd, PA
    Current Employee - Insurance Agent in Bala Cynwyd, PA

    I have been working at New York Life full-time (Less than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    good management, training and development classes free all week. Own hours, Good for working at home if you have kids. Make your own scehdule.

    Cons

    no leads given. Make your own leads. can be expensive to start off with state license fees for life/health and series 6 and 63 state licenses. all commision based. tough to get started,


  11. Helpful (1)

    Great job, truly great career opportunity for educated and driven individuals

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Bala Cynwyd, PA
    Current Employee - Agent in Bala Cynwyd, PA

    I have been working at New York Life

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    For hard workers the sky’s the limits, you’re your own boss, they enable you to succeed and give you continual education to keep you sharp and able to help your clients ever changing financial needs. I like the long term offer of this career they offer a very generous pension plan, comp was far above the other companies. NYL the brand is a sure foot in the door for most clients due to their reputation and standings in our community. I found out before coming on board that thtey have the most Million dollar round table agents in the industry. This is great opportunity to make a very lucrative career. In so many words they supply the business office and staff and you are the boss of your own branch.

    Cons

    You are your own boss that means you have to be a master of your own time management. Sometimes the freedom you have in this business is the down falll of the newer agents. Income varies from month to month $10,000+ one month and $5000 the next, you have to manage your books accordingly for your overhead.

    Advice to Management

    I am very confident in my management staff and direction of the Constitution office in Bala Cynwd. We continue to grow and climb the rankings in a steady manner.



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