New York Life Reviews

Updated September 1, 2015
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3.0
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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
132 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

278 Employee Reviews

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  1. 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.


  2. 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.


  3. On your own...

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent
    Current Employee - Agent
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    You have a lot of freedom. And the commision structure is fairly aggressive for the industry. They have a Good training program.

    Cons

    Very little support for new hires. Partners have nothing invested in new hires so there is very little support. If you're new to the industry be prepared for some very lean times.


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  5. Helpful (1)

    Changing

    Current Employee - Corporate Vice President in New York, NY
    Current Employee - Corporate Vice President in New York, NY

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

    Pros

    Revamping much needed technology and service structures

    Cons

    Lack of robust communication from top to bottom

    Advice to Management

    Improve communications around change strategy


  6. Helpful (1)

    Marketing Department- Tampa

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Corporate Vice President in Tampa, FL
    Current Employee - Corporate Vice President in Tampa, FL
    Neutral Outlook
    Approves of CEO

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

    Pros

    Most people are great to work with and very are very good at there jobs. Work from home program is a nice perk and the vacation and summer days are really great. Bonus structure is awesome and hard work most of the time - is acknowledged and appreciated.

    Cons

    Silos areas across marketing make collaboration almost impossible and sometimes, one-sided. Old ways of doing business are no longer working in some areas and executives don't seem to be doing anything about it. Workload has increased significantly with the same amount of staff to manage it which has created a bit of an imbalance in work/life.

    Advice to Management

    Talk to other people beside your direct reports and solicit candid, honest feedback about what is going on. Stop being so one-sided.


  7. Sales

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

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

    Pros

    Solid Company, lots of Growth, Great Benefits: Medical, Dental, Tuition Reimbursement. Company works hard to create a positive environment

    Cons

    Growing to quickly. Lots of new employees still learning roles, including management. Still trying to define metrics for roles even though people have been working them for over a year.

    Advice to Management

    Work with you managers to make sure they understand their role and responsibilities first, so they can correctly and effectively manage their staff.


  8. Good opportunity, especially if you are well-connected.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Philadelphia, PA
    Current Employee - Registered Representative in Philadelphia, PA
    Positive Outlook
    Approves of CEO

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

    Pros

    Unlimited income potential, freedom, company strength, decent benefits, brand recognition in marketplace.

    Cons

    No salary. They are primarily focused on how much whole life you sell. Despite being one of the highest commissioned agents in my office through annuity sales, I'm reprimanded for not selling enough life insurance.


  9. It's hard work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Insurance Agent in San Dimas, CA
    Current Employee - Insurance Agent in San Dimas, CA
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    thorough training and management keeps up with your progress on a regular basis. The managing partner David Hughes is amazing.

    Cons

    Beginning is difficult and frustrating especially for younger people trying to market to younger people.

    Advice to Management

    nothing


  10. Helpful (1)

    Current

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Disapproves of CEO

    I have been working at New York Life full-time

    Pros

    Used to have good work/life balance and good benefits

    Cons

    Executive management does not have a vision


  11. Helpful (2)

    Agent

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Insurance Agent in Raleigh, NC
    Former Employee - Insurance Agent in Raleigh, NC
    Doesn't Recommend
    Neutral Outlook

    I worked at New York Life full-time

    Pros

    Solid company and products. Good reputation and name recognition, good support from operational staff ..CE opportunity and marketing material good.

    Cons

    Each agency office is its own world..really a churn and burn hiring process, for every 20 agents hired maybe 1 will be there in 2 years...tough industry, did not have much support from office.

    Advice to Management

    None really, you know the drill, talk big money , keep recruiting pipeline filled



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