New York Life Reviews

Updated August 26, 2014
Updated August 26, 2014
723 Reviews

3.3
723 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
422 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

Employee Reviews

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  1.  

    "Let's charge the clients AND our employees!" The ultimate MLM company.

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

    I worked at New York Life full-time for more than a year

    Pros

    If you enjoy taking repetitive classes, are a white male whose family supports them financially, then you might as well join if you cannot find anything else to do. You can get 'hired' if you have a pulse and can name one friend or relative with a bank account.

    Cons

    'Salary' described in interviews is not a real salary. Entirely commission based. "Management's" idea of support is creating new ways for you to get new clients, by paying them a fee. You are entirely disposable, and the minute you don't make required sales figures, your manager will ignore you.

    You pay for EVERYTHING. Want to work in the office? Cubicle: $____ a month. Phone line: $____ a month. Use some equipment to promote the company: $____ each time. You will be told to go to MANDATORY meetings to hear about new 'GAME-CHANGERS' that you are told will bring in big clients at some catering hall....if you pay $100 for entry. If you enjoy living in a cult that requires your time, assets and loyalty, you may enjoy it here. Even if you are out selling a lot of policies, you are expected to go to multiple meetings a week.

    The company uses a CHILD ID Program to make Child IDs for school groups / youth sport leagues to get new parents (yes, you pay to use the machine as an agent too). The information parents give them is strictly for marketing purposes. Any information taken on the child is not given to police, so in the event your child goes missing, the parent would still need to give police the child's info, and the Child ID kit is only good for matching up fingerprints on a dead body. (Sad, but true.) In all of the history of the Program, not one was ever used for an Amber alert or other child incident.

    Like many sales jobs, you are expected to go out and get a client base yourself, so this usually means bugging your family or friends. If you don't find a consistent number of new wealthy clients, the company doesn't care. They can always give your clients to another agent. If client ends a policy, they want your COMMISSION BACK.

    This company seems to be the one that was run by old white men until 200_, who suddenly looked around and said "What are these things all around me? We should try selling to them." when they saw a woman, a minority, or homosexual. As a result, the company has several initiatives to get more clients from minority groups, but such groups are talked about as if they were some sort of "lesser" person. If you are, say, a gay African American, they would love to have you as an agent, because then you could maybe get clients from "those black people" or "those gay people" (substitute any adjective for a slur if the door is closed). (I heard one of the marketing people talk about "creating _______ wealth in the ________ community" as if buying life insurance would defeat discrimination.)

    Company will hold raffles of items at events, then not actually hold the raffle, or choose a winner only if a person entering has interest in a $5,000,000 policy (who of course "wins" the raffle).

    All in all, not the place to be if you are honest, in need of a regular paycheck, or if you want to be treated as an individual. Enrollment in a military program will net you more income, stability, and a sense of doing something good with your life. Oddly enough, you would probably feel more satisfied as an individual then you would at NY Life.

    ---- Oh, almost forgot, expect some shill to say 'The person didn't put in the hard work and that's why they didn't make it." Has little to do with how hard you work, but more about who you know walking in the door.

    Advice to ManagementAdvice

    Maintain the white man balance, but make sure to throw in some of those women or minorities every once in a while. Continue to play the numbers game.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. 2 people found this helpful  

    NIGHTMARE

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    This company ruined my life! Full of corruption and greed. ONLY pro was that I made money when I worked there.

    Cons

    The most stressful job I have ever had. All they care about is hitting goals and doing whatever needs to be done to hit those goals. I witnessed managers and senior managers paying premiums for cases to hit numbers in June and December. This behavior was expected. I was trained how to manipulate! Then they turn around and fire me!!! I can name many managers who are still there (all men) who have been promoted and continue to earn a high six figure income..

    Advice to ManagementAdvice

    You preach integrity! What a joke! KARMA!!!

    Disapproves of CEO
  3. 2 people found this helpful  

    Horrible on all aspects of management - fair and ethical treatment, mentoring, encouragement-

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Insurance Agent  in  El Paso, TX
    Former Employee - Insurance Agent in El Paso, TX

    I worked at New York Life as a contractor for more than a year

    Pros

    Great products, Great NY agent support, Great Advanced planning support

    Cons

    Working with managers who did not care about agents who berrated and belittled those not making their numbers
    who looked the other way when senior agents took cases away and asked jr agents to do unethical things that could cost them their licence- Forced to attend daily classes for months to be ridiculed by management - forced to watch 95% of agents leave and new ones come in their place- to know that when I left after 2 years - there were only 3 agents in the whole office - not senior- who had been there 2 years or more--that says it all-Most times the development manager was no where to be found- and if he was there - he was too busy with paperwork to help
    Manager was a former policeman who treated you like a criminal if you did not make your numbers--to the point of not even speaking to you-He even reprimanded me because my desk was full of papers and he wanted to give a "tour" of the office-

    Advice to ManagementAdvice

    PLEASE put a mentoring program in place so that junior agents can team up with senior- and not have to rely on one development manager to answ ? There should be more than one development manager per office- as the one I had was gone out of town and or in training most of the time- the other time he was absent- Also- when asking a question agents should never be ridiculed or made to feel stupid like I was to the point I hated to ask a question- of anyone but a senior agent - Mel Adams who was always there to help - unlike my DM or manager-
    If I asked a question - it had to be quick in between a phone call or another person at the door- Weekly meeting with manager became a time waster- nothing productive to say- If I said something -about a case I was working on he would berate or correct me--he was on a time schedule- 10 min was too long-
    If you were producing- then you got attention- if not-- you were treated like your manager disliked you- not even saying hello in the hallway-There was favoritism as well- to senior agents- when I told my manger a senior agent had asked me to pay a premium on a case which I brought her into- (10-12 total-she shared with me) He did nothing- I lost 10-12 cases and the senior agent was so hateful to me she would not speak to me- she bad mouthed me to her best friend the admin leader of the office- who told me I should leave- I could not cut it-My boss did nothing to protect me or stick up for me- even though I had brought the senior agent into the business-place one of the largest in the city I lived-and told him what I went through-he promised to investigate but since the senior agent had been there 25 years- he did nothing about it-
    I and many others felt like we were forced to pay for services that did not work like computers and copy machines- and to pay for a cubical and phone when we really did not need it-there was no choice- even after the agents signed a petition. I did not get paid for 6 months and still went back to work every day- we were given chances to make our number but no help to get there-it was like they wanted us to leave--it became pure torture to get any help- to get cases cleared to get paid anything for our hard work! Even the best manager in the office and the best agent left for greener pastures while I was there--

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5.  

    Bad IT Dept.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Web Developer  in  Tampa, FL
    Current Employee - Web Developer in Tampa, FL

    I have been working at New York Life full-time for more than 3 years

    Pros

    Not too many anymore. Ok work life balance but you may get called when you are off for really lame reasons.

    Cons

    Some coworkers are the chosen few and can do what ever they want. Lots of people getting thrown under the bus on a daily basis. The chosen few are picked on the good old boy network and when they can't deliver they throw everyone else under the bus. Management is to inept to even notice what is going on. The technology is total garbage. Avoid if you want to stay marketable.

    Advice to ManagementAdvice

    Actually try to figure out who is really getting things done and who are the drama queens. Most of the problems your pets are solving are problems they created.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6.  

    Financial Services Agent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Agent  in  Albuquerque, NM
    Former Employee - Financial Services Agent in Albuquerque, NM

    I worked at New York Life full-time for less than a year

    Pros

    An Entrepreneurial endeavour .. However, NOBODY wants to talk about Life Insurance!

    Cons

    Upon accepting an employment offer with New York Life Insurance company, I was promised a training allowance subsidy for the first three years and later found out that these contingencies were based upon selling eight life insurance contracts in order to "trigger" my contract. Optimistic regarding the relativity of difficulty, I toughed it out. New York Life Insurance company benefits immensely by way of leveraging others' time in exchange for a "project 200" marketing towards new agent's family and friends. Additionally, as an agent with New York Life Insurance company we were expected to pay out of pocket for studying materials in order to pass a Life, Accident and Health state licensing exam. Their continuously ongoing "bait and switch" tactic with respect to hiring procedures is extremely unethical.

    Advice to ManagementAdvice

    To be honest and truthful during the recruitment process regarding arbitrary "PTAS," "TAS" terms relative to compensation!

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7.  

    Fail

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

    I worked at New York Life as a contractor for more than 5 years

    Pros

    Good sales training on products

    Cons

    no structure, support, one man show you do all the marketing, advising and administration work and you pay to do it too. These types of jobs should have a base salary of at least $30,000 plus the commission so that the agents / advisors can confidently engage the market.

    Advice to ManagementAdvice

    See the above "Cons"

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8.  

    Careers Die Here

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Marketing
    Current Employee - Marketing

    I have been working at New York Life full-time for more than 5 years

    Pros

    Paychecks don't bounce
    Lots of vacation
    Easy to find places to nap
    No need to work hard
    9-5

    Cons

    Non-stop re-orgs
    Everything is outdated
    Technology from the 70s
    Culture of mediocrity
    No career growth - pigeonholing
    Lots of angry, frustrated people

    Advice to ManagementAdvice

    Stop reshuffling the deck and actually start firing people. Leaving incompetent people in place just because "they've always been there" is detrimental to your company and to the capable people who work there.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9. 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

    I worked at New York Life full-time for less than a year

    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
  10.  

    Collateral Damage

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

    I worked at New York Life full-time for more than 5 years

    Pros

    You have a job and great benefits

    Cons

    They will cut you out

    Advice to ManagementAdvice

    People are people

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 2 people found this helpful  

    Another Reorganization in Technology! #25

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

    I have been working at New York Life full-time for more than 5 years

    Pros

    Great Lobby, Cafeteria, Gold Roof, Elevators.

    Cons

    With 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 ManagementAdvice

    Go 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!

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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