New York Life

  www.newyorklife.com
Work in HR? Unlock Free Profile

New York Life Reviews in New York City, NY

Updated August 3, 2014
Updated August 3, 2014
713 Reviews

3.3
713 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
421 Ratings

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

161 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1. 1 person found this helpful  

    A good opportunity for the right person

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

    Pros

    Excellent training program, great products, good support structures

    Cons

    Prospecting 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.

    Recommends
    No opinion of CEO
  2.  

    Summer Intern

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

    Pros

    variety of work given to me

    Cons

    a lot of busy work/administrative work

    Advice to ManagementAdvice

    Give interns more relevant work

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Insurance Agent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Insurance Sales Agent  in  Edison, NJ
    Former Employee - Insurance Sales Agent in Edison, NJ

    Pros

    You are essentially running your own business

    Cons

    They 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 ManagementAdvice

    Develop more networking skills and create realistic expectations for new agents.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  4. We want your feedback – Are these company reviews helpful to you?  Yes | No
  5.  

    Partner

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

    Pros

    Chance to make a good income and build your skill set

    Cons

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

    Advice to ManagementAdvice

    don'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

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Agent Intern

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

    Pros

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

    Cons

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

    Advice to ManagementAdvice

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

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  7.  

    100% commission for Agents

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

    Pros

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

    Cons

    100% 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 ManagementAdvice

    Pay established agents to help guide new recruits.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  8.  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Professional  in  Saddle Brook, NJ
    Former Employee - Financial Services Professional in Saddle Brook, NJ

    Pros

    If 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.

    Cons

    s 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 ManagementAdvice

    It 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.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    Sr project manager

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

    Pros

    Work Life balance
    Good benefits and salary

    Cons

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

    Advice to ManagementAdvice

    Allow challenging status quo

    Recommends
    Neutral Outlook
    No opinion of CEO
  10.  

    Assistant Financial Advisor

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Financial Advisor  in  New York, NY
    Former Employee - Assistant Financial Advisor in New York, NY

    Pros

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

    Cons

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

  11. 1 person found this helpful  

    Great company, horrible career path

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Professional  in  New York, NY
    Former Employee - Financial Services Professional in New York, NY

    Pros

    New 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.

    Cons

    My 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 ManagementAdvice

    Be 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.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

Worked for New York Life? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.