New York Life Reviews

Updated September 4, 2015
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3.5
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Recommend to a friend
Approve of CEO
New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
353 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

620 Employee Reviews

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  1. Great company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Corporate Vice President in New York, NY
    Current Employee - Corporate Vice President in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Terrific location, well known brand with a talented group of people that are good to work with. Been here quite a while now and happy

    Cons

    Slow to change, which is typical of any company that does business in life insurance. Other than that, nothing to complain about.


  2. Manager

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Manager in Dallas, TX
    Current Employee - Manager in Dallas, TX
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Well educated staff, Fantastic benefits including Pension AND 401k with immediate 401K match of 100% on 3 % and 50% on 4 & 5% 37.5 hour work weeks, and excellent opportunities for advancement

    Cons

    Like most large well established companies team is not accustom to change.

    Advice to Management

    Work with current talent and be change leaders


  3. Great Company and Culture

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Negative Outlook
    Approves of CEO

    I have been working at New York Life full-time

    Pros

    People are friendly to work with; great atmosphere and technology aspects continue to grow.

    Cons

    Lack of promotions and frequent company changes.


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  5. Helpful (1)

    The Company You Keep

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Manager in Brooklyn, NY
    Current Employee - Manager in Brooklyn, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at New York Life (More than 10 years)

    Pros

    New York Life is a great company to work for. There are opportunities for career development, certifications, and tuition reimbursement. There are several opportunities to gain leadership with volunteer initiatives and learn about other areas of the company with the various networking groups.

    Cons

    Employees rarely take risks with their careers, they fear the unknown.

    Advice to Management

    There is plenty of talent in the company and plenty of fresh ideas within, please do not forget to develop the employees who are raising their hands for more projects.


  6. Insurance Agent

    • Work/Life Balance
    • Culture & Values
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Training. Lots and lots of training on insurance and annuity products.

    Cons

    None. It's not easy prospecting for clients but that's the business.


  7. Helpful (3)

    advice to newbies

    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Agent in Williamstown, WV
    Current Employee - Licensed Agent in Williamstown, WV
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great training, friendly atmosphere, flexible schedule

    Cons

    takes approximately 6 months to train before making any money, keep part time job while training, cannot work anywhere else once you trigger your full time contract, colleagues can play unfairly


  8. Helpful (1)

    Downward Spiral

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Accountant in New York, NY
    Current Employee - Senior Accountant in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at New York Life full-time (More than 10 years)

    Pros

    Pay and benefits. Environment of inclusion.

    Cons

    Company is outsourcing significantly in all areas and soon there will be more consultants than employees. Because the consultants do not understand the culture there will be confusion in completing tasks.

    Advice to Management

    Consider what the long term impact of job eliminations will have on policyholders.


  9. Helpful (3)

    Depends on the person

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Melville, NY
    Current Employee - Financial Services Professional in Melville, NY
    Recommends
    Neutral Outlook
    Approves of CEO

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

    Pros

    Flexible schedule. My manager has been fantastic and supportive. Commission pay outs are high. This company really does want to see you succeed, whatever it takes. They'll apparently hire anyone, but the success of the partners is directly connected to the success of their reps. So most of the partners will do anything to see you become successful. They stand by what they say in the contracts. If you do well, you get promoted. If you don't do well, you won't. They really do put the business in your hands. The products are powerful and the need for this service truly exists. I read a lot of reviews that consider this a scam. It's not. Those are generally whiners who don't understand how must insurance and financial institutions work. Initial positions are generally 100% commission based throughout the industry. That is the norm. That doesn't make it a scam. It makes it a sales position. Work harder and stop complaining.

    Cons

    The sales culture can be brutal. Anyone and everyone is a potential sale and once you decide to go home, your business closes. If you didn't get paid that day, oh well. People who come into the business with good connections (either within the company or personally) have a much easier road. They'll make sales or receive extra help while many other reps are left to sink or swim on their own. This means the best reps aren't always the best or most knowledgeable salespeople and advisors. Sometimes, they are simply the best connected. I watched as well connected reps coasted on the business of large clients while I worked nights and weekends to pay my bills and get licensed. The company does nickle and dime you. The commission structure is great, but the operating expenses are also high. And the support staff sometimes seems like they couldn't locate their own limbs without directions. Since the company is so large, there is common miscommunication between departments. While the products themselves are excellent, the platform for managing them is awful. Underwriting is nightmarish.

    Advice to Management

    Learn who the most knowledgeable new advisors are and pair them with senior advisors. Make it an actual, formal system. Just because a rep is making money doesn't mean they know what they're doing, and they'll often be chosen to assist senior advisors based on their production levels, which can be artificial and deceptive if their partner is closing the business for them.


  10. Helpful (1)

    Agent

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Insurance Agent in Mobile, AL
    Current Employee - Insurance Agent in Mobile, AL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Flexible hours, training, unlimited top end commissions

    Cons

    You pay for Everything out of pocket. You are your own company, if it happens you made it happen. training pay only applies if you sell.


  11. Helpful (1)

    Agent

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Portland, OR
    Current Employee - Agent in Portland, OR
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    The training here is phenomenal, they truly help you at every aspect of the job. Having more senior agents on the team is essential and they are great resources together ideas on what works and what does not. I came to New York Life for the exceptional training I heard that they had. I want to be a comprehensive financial planner and I can see that this company is going to do what it takes to get me to that point.

    Cons

    obviously commission only can be a bit scary, but there is no reward without hard work and this job is definitely not for everyone. Honestly it's what you make it, the only con about this job would be the uncertainty of if you are going to make it or not, but ultimately that relies on you.

    Advice to Management

    I love how involved management is with wanting you to be successful. I think I'm very lucky to be in the agency that I am in and also under The leadership of a great manager. No advice as of now, keep up the good work.



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