New York Life

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New York Life Reviews in New York City, NY

Updated Jul 29, 2014
All Employees Current Employees Only

3.1 156 reviews

68% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(99 ratings)

36% of employees recommend this company to a friend

Review Highlights

Pros
  • They provide a great training ground for how to sell and scripts to use when selling (in 48 reviews)

  • Their compensation package is excellent and they have a superb I mean superb training program (in 27 reviews)


Cons
  • Be prepared to hassle friends and family to buy useless products (in 32 reviews)

  • No base salary (you will invest in the company before they invest in you) (in 26 reviews)

More Highlights
157 Employee Reviews Back to all reviews
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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    A good opportunity for the right person

    Agent (Current Employee) White Plains, NY

    ProsExcellent training program, great products, good support structures

    ConsProspecting is the most important part of this job and this component can be very challenging - especially when your personal/warm market runs out. People can become defensive/hostile when you ask them specific questions about their financial situation, which is a required part of the first appointment FNA (financial needs analysis). I personally disliked this part so much I chose not to continue on as an agent. For the right person, however, this job can be a good fit. It's possible to make an excellent income in time with this job.

    Yes, I would recommend this company to a friend

    • Culture & Values
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    • Senior Management
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    • Career Opportunities
    • Approves of CEO

     

    Partner

    Partner (Current Employee) New York, NY

    ProsChance to make a good income and build your skill set

    ConsYour unit is a house of cards. 10% or agents make it , 10% of partners make it

    Advice to Senior Managementdon't give a nice proforma to a new guy off the street and want a internal promotion to the same or more for very little. Help your new partners with recruiting expenses and update your very old comp plan

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
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    • Approves of CEO

     

    Agent Intern

    Agent Intern (Former Employee) New York, NY

    ProsGreat training programs and exposure to senior management. People that work there are very nice.

    ConsDisorganized intern program; Didn't lead to permanent placement, despite getting excellent review at end of internship

    Advice to Senior ManagementHave a more structured intern program in place, and give greater assistance in job placement within the organization once internship is complete

    No, I would not recommend this company to a friend

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Insurance Agent

    Insurance Sales Agent (Former Employee) Edison, NJ

    ProsYou are essentially running your own business

    ConsThey have you reach out to family members and people you haven't talked to in years when you have hardly any experience under your belt.

    Advice to Senior ManagementDevelop more networking skills and create realistic expectations for new agents.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    100% commission for Agents

    Financial Services Representative (Former Employee) New York, NY

    ProsGreat Training. Great Management. Ability to make really good money.

    Cons100% commission. Unless you know people who have money that want to do business with you, it will be hard to make money at first. It really helps if you grew up around the area where you are working.

    Advice to Senior ManagementPay established agents to help guide new recruits.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Great if you want to sell, but not if you want to be a "financial planner"

    Financial Services Professional (Former Employee) Saddle Brook, NJ

    ProsIf you want little capital investment with a lot of upside potential, this might be for you. If you can spend all your energy into prospecting for new clients 24/7 in the beginning or if you have a built in market from your previous business contacts, you might have a slight chance of staying on. The company brand and name recognition will help and that is what you are trained to sell.

    Conss much as the promising earning potential, the chances of an agent making enough during the first couple of years to sustain a decent income is extremely hard. You have to be smart with how you use the resources and who to ask for help, because you are bombarded with marketing techniques and information, that it is easy to be overwhelmed. You think you can be everything to everyone, but the quicker you find what works for you and hone in on it, the easier it will be to build a list of clients first. Don't over think things. They want you to be a great sales person, and you will survive only if you follow their lead. Regarding the flexibility of being able to make your own hours, it can be a blessing or a curse. The flexibility should not be an excuse for less overall working hours.

    Advice to Senior ManagementIt seems like their management style is a bit superficial. They have a huge system and check lists they go by, but whether it's a matter of not having enough development managers or just hiring anyone that comes through their door, you feel like just another body in an agent conveyor belt. What the agents really need is exposure and mentorship by working with established agents. The commission issue is always tricky, which deters the agents from both ends of the spectrum to not bother reaching out to each other. The more established agents have no reason to bother with the newer ones since they already have enough on their plates, and the newer agents fear that they will lose credibility with their potential clients and sacrifice their commissions which is all the more precious in the beginning.

    Yes, I would recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Sr project manager

    Senior Project Manager (Current Employee) New York, NY

    ProsWork Life balance
    Good benefits and salary

    ConsProjects are small scale and environment has too many people who cannot accept change . very slow paced and growth potential is limited

    Advice to Senior ManagementAllow challenging status quo

    Yes, I would recommend this company to a friend

    • Culture & Values
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    Assistant Financial Advisor

    Assistant Financial Advisor (Former Employee) New York, NY

    Prosgood learning experience but extremely difficult for a recent graduate to suvive

    Consthere were too many sales cold calls to make and talking to random people in the Mall

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
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    • Approves of CEO

     

    Great company, horrible career path

    Financial Services Professional (Former Employee) New York, NY

    ProsNew York Life, is a sound Life Insurance company with the highest ratings and upmost integrity. I didn't have to pay for anything except study material (i was told I would be reimbursed once ive passed the test which i never received). One of the best things that I can say about working here was the development managers, these guys are top notch and are very helpful, knowledgeable as well. They have been in my shoes so they know everything that goes on. Their new organization and team meetings are extremely helpful.

    ConsMy point-person also known as my recruiter was a scum bag, I know that this does not reflect on the agency or company itself but all recruiter use the same methods and tactics. You will be told that you are taking the position as a "financial services profession" when in reality you are a life insurance salesman. Sure you are able to do a plethora of other services but your quotas are based and paid life insurance cases and if you are not maintain those then you are gone.

    When you first start out you are under a P-TAS contract, which means that you must bring in a certain amount of cases and commissions within 6 months or you will be gone. This is also a commission based position, which means you eat what you kill, but not when you kill it. You if you do bring in cases, the money is held until one of two things happen, you either resign, or you get your TAS (which is basically your second contract once you've completed your first). If any of your clients cancel their policy within 6 months, that commission will be reversed.

    Printing and many other materials were free but If you really want to step your game up you will have to buy the premium products to impress your prospects.

    You will also have to find your own prospects. I do not recommend this position unless you know alot of people with money or unless your parents are rich. If none of these apply, look else where. If you choose not to then you will have to cold call, go door to door, do events, and pray that you make it.

    Advice to Senior ManagementBe more hands on with your agents, you are doing a stand up job, but please don't let the younger guys fall through the cracks.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    2 people found this helpful  

    Scorched earth policy attitude towards employees

    Director (Former Employee) New York, NY

    ProsNice cafeteria and good location and the people worked with were very nice.

    ConsEgomaniac CEO and greed over their employees.

    Ship out American jobs to foreign countries

    Advice to Senior ManagementTry a little empathy towards the people who actually make you millions of dollars and stop sending American jobs to Mexico like you did in 2011-2012

    Also, don't lie to your employees and tell them their jobs are safe only to be let go 30 days later

    No, I would not recommend this company to a friend

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