New York Life Reviews

Updated August 28, 2015
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3.4
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Approve of CEO
New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
516 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

962 Employee Reviews

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  1. Helpful (6)

    Good for some - horrible for most

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

    Pros

    Working for a mutual company, being able to try to "milk" that to death in front of clients.

    Cons

    1. Zero salary - 100% commission. The "PTAS" the recruiting managers spout on & on about only kicks in if you make at least $500 FYC PER MONTH!! If you make $499, you get nothing. For new agents, this can be very demoralizing. 2. Maybe I just wasn't ready for this kind of work (and maybe the next thing I am going to comment on is actually commonplace in the insurance industry) but I have NEVER EVER worked for a company that would actually call people into a room, ask each one of you how much commission you made this week or last, and then tell you about Mr. So & So (who just happens to know millionaires in his natural market) making $40,000 FYC in the last month!!! I find this COMPLETELY demoralizing and does absolutely NOTHING to get me all "rah-rah's" up about my next 3 hour cold-calling session. 3. Personal time? Forget it. The "excellent work-life balance" that the managers who hire you go on and on about is completely bogus. They expect you to work all day and then return to the office each night and cold-call until 8PM until you make the requisite 2 appointments per day. For a new agent with a lousy natural market, this is almost impossible.

    Advice to Management

    Tell people who do NOT have an excellent natural market NOT TO APPLY for this job!


  2. Helpful (3)

    Like a huge 150 year old battleship - chugging along so slowly along not even a tidal wave will change its course

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Annuities Management in Sleepy Hollow, NY
    Former Employee - Annuities Management in Sleepy Hollow, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Great time off flexibility, especially if you live close to the office. Low stress environment, except if you like to be productive.

    Cons

    You won't find a high level of empoyee professionalism here. I think sombody said something about zombies in an earlier review. I've never seen anything like it before nor since (thank God). At times humiliating and demoralizing work conditions and inept leadership aplenty. I often see castoffs from other companies hired by NYL at higher levels then from where they were dismissed from.

    Advice to Management

    Clean house. Eeesh.


  3. Helpful (1)

    not what it's cracked up to be

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Las Vegas, NV
    Former Employee - Financial Services Professional in Las Vegas, NV
    Doesn't Recommend
    No opinion of CEO

    Pros

    great product training, great product knowledge

    Cons

    no maketing assistance. company leads that are worse than leads purchased from internet sites. no leadership. An air of simply churning out agents in order to get most amount of premium and then not have to pay residuals (as they've upset agent so much the agent leaves company).

    Advice to Management

    why would you listen now? I believe that this is actually your business model. When I have some money, I will be taking good ol New York Life to court.


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  5. Helpful (3)

    Beware the "Gotcha" after you accept the job

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent/Financial Services Professional in Okemos, MI
    Current Employee - Agent/Financial Services Professional in Okemos, MI
    Doesn't Recommend
    Approves of CEO

    Pros

    -Excellent Insurance company. It's very easy to stand behind their insurance products given their financial strength and history in the industry. -The people there other than my managing partner (manager/person who hired me) all seemed very competent and helpful.

    Cons

    -The interview process was very detailed in the way they describe compensation. The only problem, and the thing they don't make clear, is that you receive ZERO compensation until you sell 6 life cases to non-immediate family members. -The managing partner also led me to believe that I would be compensated for the materials I purchased to study for my insurance and securities licenses. I was told later that I was mistaken. -They put on a welcome to the company seminar where they proclaimed the reason to work for them was that they invested in their employees. After I hired in (late november/early december) I was informed that the management had decided to cancel the two week training session to allow the new agents time in the field to sell the six cases. No training, no description of what types of products they offer, nothing.

    Advice to Management

    -Be up front with new hires about the requirements before commissions are paid. -Provide new agents/advisors with a base salary during the first year of employment. -Limit new agents exposure to managers and let them hear more from existing agents.


  6. No career development

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Actuary in New York, NY
    Former Employee - Actuary in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    New york life provides decent salary and paid time off. That is about it. can not think of other pros to put on here.

    Cons

    Very unfair and political. Poor leadership. actuarial practice not solid at all. Do come if you want to career development

    Advice to Management

    should fire executives who have been there long but are really worthless in developing staff. should get feed-backs downside up.


  7. Helpful (2)

    Dinosaur

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Stable culture Fairly predictable business performance Well-defined job responsibilities Low expectations of employees-- management takes a very strong role and is not looking for much input; if you want to do your job and go home this is a good place.

    Cons

    Management is not interested in the market and how the world is changing. Committed to Agent business model and no interest in seeing other opportunities. Captive to the field force-- management is scared of them.

    Advice to Management

    Recognize that we are in the midst of a technological and especially social revolution that will change your business. Holding on to what you have is good for management today but not good for policyholders in the long run.


  8. Failed Experiment

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Sales Agent in Orlando, FL
    Current Employee - Sales Agent in Orlando, FL
    Doesn't Recommend
    No opinion of CEO

    Pros

    One of the largest salaries for entry level job

    Cons

    This is just my personal experience. I am sure not everyone will have the same experience. I did not receive any training and was asked to set up appointments with family and friends. When my sales manager had no success selling to those people, I pretty much had no more communications from him.

    Advice to Management

    You don't just lose money by hiring a bad employee, you also lose money when you fail to recognize a good employee. Stop using a system that promotes mass hiring sales agents and hoping they can swim on their own.


  9. Participant Service Rep

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Bad Bad Jo In Customer Servuce In Parsippany New Jersey and MA in Parsippany, NJ
    Former Employee - Bad Bad Jo In Customer Servuce In Parsippany New Jersey and MA in Parsippany, NJ
    Doesn't Recommend
    No opinion of CEO

    Pros

    good health insurance bu tnothing else

    Cons

    This place was terrible, except for the benefits. When I was hired, the interviewers made it sound like I would be doing more than just "working in a call center". When I got on the floor, I found out it was the exact opposite of what they told me. I was told I'd be trained to process and do correspondance, but instead was just pushed to take back-to-back calls all day (if you weren't taking 80-100 a day during tax season, you got lectured by your supervisor). Pay was very, very low. Started at $27k/year (and I have a bachelor's degree in business!). After I started working there, I was shocked that they could convince finance, accounting, management majors from good schools to work there for $27k/year. Promotions were hard to come by. When I was there, they started shipping all of the processing to India, and layoff rumors were starting. I got out just in time. A while after I left, they did layoffs of about 150 people. Whenever a job would post in another part of the company, you'd get so many people applying that your chances of actually landing it were slim to nil. Eventually, I looked around and saw that I was sitting in a call center with 140 people just like me (college business degrees, smart) and realized that unless I was a major butt-kisser I'd never get anywhere in the company.

    Advice to Management

    stop lying to the particpant service representatives


  10. Helpful (2)

    sell sub par financial products to family and friends

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Waltham, MA
    Former Employee - Financial Services Professional in Waltham, MA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    everything is great except a few things, cold calling, selling sub part financial products and terrible training

    Cons

    cold calling selling financial products to friends and family when other products are better

    Advice to Management

    give A LOT A LOT A LOT MORE detail about products, everything is "concept" based, no one cares about concepts, they want to know the details, at least the employees should know the details of how a FINANCIAL product works, might be important? ya think?


  11. Helpful (2)

    a big name fellow

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Boston, MA
    Current Employee - Analyst in Boston, MA
    Doesn't Recommend
    Approves of CEO

    Pros

    big name, a resume booster and dont have to exaplain where it is...

    Cons

    evrything, worst emplyee moral,looking for cheap talent

    Advice to Management

    have some lesson from other sucessful company and boost employee moral



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