New York Life
3.2 of 5 597 reviews
www.newyorklife.com New York, NY 5000+ Employees

New York Life Reviews

Updated Apr 15, 2014
All Employees Current Employees Only

3.2 597 reviews

                             

86% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(348 ratings)

55% of employees recommend this company to a friend
597 Employee Reviews
in

Review Highlights

Pros:
  • "They provide a great training ground for how to sell and scripts to use when selling"
    in 41 reviews
  • "The training program is very intense and really helps to make a very successful agent"
    in 25 reviews
Cons:
  • "charge you for everything and want you to annoy your friends and family"
    in 17 reviews
  • "Over hyped training and no base pay or even a draw"
    in 24 reviews
  • Show more review highlights

Reviews

  • Culture & Values
         
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  • Senior Management
         
  • Comp & Benefits
         
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  • Approves of CEO

 

Best Decision I Ever Made!

Financial Services Professional (Current Employee)
San Antonio, TX

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

ProsI have been with the company for over 5 and a half years and am considered an Established Agent. I joined right out of school and knew very little about the industry. NYL taught me everything I know and I am now a top producing agent. Quadrupled my salary in 3 years right out of college, flexible schedule and only work 11 months out of the year.

ConsMust be disciplined with an entrepreneur mindset. Be willing to do the work to reap the rewards.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Ok company to work for. No different than other 'mutual' life insurers.

Senior Associate (Former Employee)
New York, NY

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

ProsThe company sells a piece of paper for money and pays you a salary. You can stay put and do a mediocre job here if you want, while waiting for something better to come along.

ConsIn my case, benefit reductions and lack of vision by the group, partly due to management egos makes things difficult at times. The RIFFs should be complete. But, that doesn't mean the 'deadwood' gets filled with talent.

Mean managers that don't have inherent skillsets and won't acknowledge faults is a detriment to all.

Advice to Senior ManagementBozos hire bozos. A CEO that believed in something no-one understands, i.e. 'Distributed Leadership' is a warning sign.

Yes, I would recommend this company to a friend

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Great working environment!

Intern (Current Employee)

I have been working at New York Life as an intern for less than a year

ProsVery thoughtful and deliberate training. Everyone wants you to succeed and you have every resource you need to do just that!

ConsMust be self motivated. Commission based can add pressure, but those with dedication always succeed.

Yes, I would recommend this company to a friend

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The BEST financial services company to work for in Seattle, no doubt!

Insurance Agent (Current Employee)
Seattle, WA

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

ProsExcellent leadership. You can't find a better managing partner than Mark Madgett. He is forward thinking in all ways and provides excellent support, training and momentum for agents. The development managers are 100% available, helpful, informed and invaluable.

Great company. There's no financial institution with better ratings or reputation than NYL.

ConsThe challenge to working here is not specific to the company, but the financial business. It's commission based, so the first two or three years, you will probably have sporadic paychecks. The good news is that I know that NYL compensates its new agents well by industry standards with the training subsidy!

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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GREASY SALES PEOPLE WANTED

Insurance Agent (Former Employee)
Myrtle Beach, SC

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

ProsGood training. Potential for high salary. Be your "own" boss. Great agents to work with.

ConsWay to much competition out in the field to be successful. They want you to push life insurance on people no matter how many they have refused. They build up how much money you will earn during the interview process but do not tell how you will receive no income for at least 4 months. You also have to pay for your cubicle, copy machine, and Wi-Fi. Be ready to be micromanaged nonstop and yelled at if you do not push life insurance on anything that breathes.

Advice to Senior ManagementQuit micromanaging your agents and hopefully obtain some morals in life.

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

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Appreciate your new agent.

Anonymous Employee (Current Employee)

I have been working at New York Life full-time for more than a year

ProsLearn good product knowledge of life insurance, annuity and long term care.

ConsRead your contract . It is all listed in your contract. For things that are not in the contacts, learn it or leave it! Agents are captive. You do not run your own business. New agents are viewed as an access for new leads of establish agents. They have to make sales of $1,500 before they can be contracted, after contracted, they have to sell at least $1,500 / months to entitle training allowance , agents contract will be terminated in three months for no production. New agents are told to upload all their contacts into company's contact systems, do join work with establish agents and share their cases with established agents. Agent are told to sell to their nature markets which means their family, friends and pervious co-workers, believe in the company strength , roll over their IRA, 401K into the company. New agents chances of promotion is not only depending on sells ability but also depending on how good they keep their nose " brown" with their partners. Leads are only distributed to establish agent. New agents may get left over leads for re-sells. Training allowance is base on the percentage of sale. and if you sell to your family or to yourself, you do not get paid training allowance. New agent needs to paid to use social media, website, business cards. Be friends with whole life products and fix annuity for the first 6 months. Work environment is apathy and cold. Your human value is as good as your sales productions.

Advice to Senior ManagementGood salesman does not equal to good manager. Do not farm your new agents for their contacts. Continues to be the company with 138 years history where there are no twitter/ Facebook . " Keep Good Going!" Take care of your new agent.If new agent stays with the company, so does their family and friends,that's the best FREE marketing. High Retention rate will save company tongs of money in re-training , training technology and high paid training consultants, and the Disney trip they don't want to go." Boss said go, leader said let's go !" Let's go !

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

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Company that really does not care about employees.This applies to some departments only.

Senior Actuarial Associate (Current Employee)
New York, NY

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

ProsFree gym and medical care on site.
Flexible work at home schedule
Every other Friday off during summer.

ConsManagement does not offer support, was not given opportunity to move ahead and apply my skills in the area of interest.

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

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If you want to volunteer to push useless insurance products to people who don't need it, join this company

Insurance Sales Agent (Current Employee)
Denver, CO

I have been working at New York Life full-time for more than a year

ProsYou can get an idea of the industry and get a first hand look the companies that give it a bad name. The job may also get you interviews at better firms

ConsHorrible sales managers that do not care about clients, just selling whole life insurance. Training is stuck in 2001, with no online programs. It will take roughly 3-4 months before your first paycheck. If you last that long, company is not loyal to employees and often fires people after training is complete.

Advice to Senior ManagementUpdate training programs to 2014, be loyal to employees

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

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Tough job

Financial Advisor (Current Employee)
New Windsor, NY

I have been working at New York Life full-time for more than a year

ProsSales Experience, have the opportunity to learn various financial products

Conslong hours and straight commission is rough

Advice to Senior Managementgive a base pay and hire the best to get the best

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

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Good training and work flexibility. Perfect for the commission only employee.

Anonymous Employee (Current Employee)

I have been working at New York Life

ProsComplete freedom to design your business as you want.

ConsEstablishing your own financial practice is a multi-year process.

Yes, I would recommend this company to a friend

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