New York Life

  www.newyorklife.com
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New York Life Reviews

Updated Jul 29, 2014
All Employees Current Employees Only

3.3 680 reviews

85% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(400 ratings)

56% 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
680 Employee Reviews
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • 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

     

    Collateral Damage

    Graphic Designer (Former Employee) New York, NY

    ProsYou have a job and great benefits

    ConsThey will cut you out

    Advice to Senior ManagementPeople are people

    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

    1 person found this helpful  

    Another Reorganization in Technology! #25

    CVP (Current Employee) New York, NY

    ProsGreat Lobby, Cafeteria, Gold Roof, Elevators.

    ConsWith nonstop reorganizations, layoffs and outsourcing to places like Manila, in my humble opinion NYL has become a joke of an organization to work for. If you decide to take a job here, take advantage of the education reimbursement side and other benefits, but if your under 50 years old, get out as-soon-as-you-find other employment.

    Advice to Senior ManagementGo back to school and learn how to treat people as professionals. For all intensive purposes people who have survived the non-stop, multi-year reorganizations are totally, totally fed up with the organization.

    Many of my colleagues feel like me. CAN'T WAIT TO I CAN RETIRE AND GET OUT OF HERE!

    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
    • Approves of CEO

     

    Great products but do NOT work in the Hudson Valley, NY office

    Anonymous Employee (Current Employee) New Windsor, NY

    ProsThis company is over 150 years old and has a solid line of financial products to fit most financial needs. Generally, clients can't go wrong unless you are looking to invest very aggressively, then, there are other solid options.

    ConsIf there were laws specifically against workplace bullying then you might enjoy going through their 3-year new hire training program. It is very hard to make a living and pay your bills if you refrain from backstabbing your fellow Agents. In fact, that seems to get you noticed and offered Partner positions. You sign a contract that basically says that you are an independent business owner except when they want you to be their "beck and call" person. If you are interested in the industry, please look at the other top-rated insurance firms or start someplace else where you come in with solid experience (then, you most likely wouldn't choose NYL). The office environment is very misogynistic. Finally, almost all of the favorable reviews for Agent positions appear to have been written by Partners (whose primary responsibility is to recruit), therefore, take those with a massive grain of salt.

    Advice to Senior ManagementFollow state Labor Laws at the General Office level. Hold your General Office Management staff accountable for more than just bringing in numbers (new business and new hires).

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
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    • Disapproves of CEO

     

    Do not join this company, go to another firm.

    Insurance Agent (Current Employee) Denver, CO

    ProsYou'll work in finance so when you leave, you'll have opportunities to work elsewhere. The offices are in a nice area of town. Otherwise, the company is just another insurance place with products that nobody needs or wants.

    ConsThe whole recruitment process is an act. The products they sell aren't that good either. Be prepared to hassle friends and family to buy useless products. The company won't pay you until you hit a quota, or you'll get nothing. They use the pasta on wall technique to the extreme.

    Advice to Senior ManagementBe nicer to employees and they won't always quit

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

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

    2 people found this helpful  

    Worst company ever

    Life Insurance Agent (Former Employee) Denver, CO

    ProsThe office was in a nice area of town, and leaving the company was a great opportunity for me to join a real company. Very happy to be gone.

    ConsThey charge you for every thing, from wifi to paper to your phone. The company will make money off you no matter what. Training is horrible too, no direction, the material is out of date and the trainers are horrible. Upper management is way out of touch. The worst part is they force you to sell useless insurance to people you care about, in other words, they want you to rip off your friends and family.

    Management does not look out for employees and will hold you back from getting licensed to sell more products.

    Advice to Senior ManagementAbandon ship

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

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

    1 person found this helpful  

    Worst insurance firm in town

    Sales Representative (Current Employee) Denver, CO

    ProsNone, this company will lie to you, use you and then throw you away. Avoid this company like a disease.

    ConsToo many to list: poor training, no to little pay, self centered sales managers, poor morale amount sales people and bad products, to name a few.

    Advice to Senior ManagementQuit and find a new firm, New York Life is not the right place to be

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

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

    5 people found this helpful  

    I regret joining this company, if you join this company, you're making a huge mistake!

    Insurance Sales Agent (Current Employee) Denver, CO

    ProsIf you study hard enough you can get your life and health insurance license plus become registered to sell financial products.

    ConsThe company will Miske classify you as an independent contractor, but then they will turn around and micromanage your day-to-day activities. The products offered by the company or not that great either, longtime clients are now realizing that and these victims regret their purchases.

    During your initial interview process, management will make promises to you about how much money your bank and the culture at the company. This is all lies because many reps do not even earn a paycheck for up to 3 months. Sales managers are only concerned about bonuses and encourage you to sell products to people who do not need them

    For the first month, you will spend about 100 to 200 hours at corporate headquarters. You will be paid $0 for this time, yet work harder than you did at any other job.

    Advice to Senior ManagementStop lying to your prospects and telling them how great of a company this is, and how much money reps make. People do not like it when you lie to them

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

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

     

    Whole Life, Whole life, Whole life!

    Insurance Sales Agent (Former Employee) Los Angeles, CA

    ProsGood thing about New York Life is a Name Value. Everybody will know that you will work for life insurance company.

    ConsYou can not sell other products except for New York Life products. Basically, it is virtually impossible to make a living by selling New York Life products only, such as Whole Life. As I have been in this insurance industry for more than 7 years, My conclusion is that you can not survive without selling health insurance or other companies products. Once you start working for New York Life, you will find that you need go to your friends or family to beg them to buy Whole Life which they do not need or make more than 100 cold calls a day.

    Advice to Senior ManagementPlease do not promise unlimited potential income to new agents. You KNOW exactly it does not make a sense. That is why you became a manager rathen than remaing as an agent.

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

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

    1 person found this helpful  

    Agent

    Insurance Agent (Former Employee) Rockville, MD

    ProsYour own freedom to a certain extent

    Cons1. The agent contract is not clear and cannot be understood unless you're an attorney. This is a catch 22 because as an agent, they shove a trove of papers for you to sign and the agent contract is one that they should allow you time to consult with your attorney or a senior manager who can help you walk through it. I met seasoned agents who still don't understand their agent contract.
    2. There are no leads for agents. Agents are expected to source their family and friends as "warm market" then hit up their referrals.
    3. It's not for everyone.
    4. New agents are treated as employees of NYL but until you hit $24+ in commission, you are 1099 but NYL doesn't tell the agents that. Again, the agents contract is very convoluted with language that the average agent will not understand without a law degree.
    5. They expect agents to get series 6/7 licenses. Most agents want to sell life insurance but they push you toward the series 6/7 license. Would you want some guy who can just study and pass 6/7 license to manage your life's savings?
    6. As I said in #4, you're treated as a W2 employee by NYL but you drive around burning gas and putting miles on your car that you cannot write-off because while you're running around like an independent agent, the company does not allow you to claim that status.
    7. See #3. It's not for everyone.

    Advice to Senior ManagementBetter understanding of the agent's contract during their first 6-12 months.

    No, I would not recommend this company to a friend

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