New York Life

  www.newyorklife.com
  www.newyorklife.com
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New York Life Reviews

Updated September 11, 2014
Updated September 11, 2014
715 Reviews
3.3
715 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
415 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

Sort: Popular Rating Date
  1.  

    Excellent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Agent  in  Scranton, PA
    Current Employee - Agent in Scranton, PA

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

    Pros

    Growth potential. Renewals are awesome.

    Cons

    This is your own business. So success is in your hands

    Advice to ManagementAdvice

    None

    Recommends
    Positive Outlook
    Approves of CEO
  2. 1 person found this helpful  

    Partner

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

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

    Pros

    Chance to make a good income and build your skill set

    Cons

    Your unit is a house of cards. 10% or agents make it , 10% of partners make it

    Advice to ManagementAdvice

    don't give a nice proforma to a new guy off the street and want a internal promotion to the same or more for very little. Help your new partners with recruiting expenses and update your very old comp plan

    Recommends
    Positive Outlook
    Approves of CEO
  3. 1 person found this helpful  

    Lack of transparency and honesty

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

    I worked at New York Life full-time for more than 10 years

    Pros

    Great potential with broad range of capabilities and outstanding distribution

    Cons

    Lack of honesr feedback and highly secretive decision making

    Advice to ManagementAdvice

    Be honest and open about real intentions and objectives so employees and agents have true information to make decisions about their lives

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    A growing (and changing) company

    • 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 as a contractor

    Pros

    Company has a commitment for the long term and strives to remain contemporary in an industry that's slow to change. Great education benefits for folks interested in study at the in-house university. Sales teams are quite dedicated.

    Cons

    You need to take advantage of everything the company offers, which, some of which may not be apparent at first. Can also take awhile to find your place with the organization--though the company does encourage moving around (after the first year).

    Advice to ManagementAdvice

    Be clear about your direction and be certain that the relevant teams are in agreement before going forward.

    Recommends
    Neutral Outlook
    No opinion of CEO
  6.  

    Agent Intern

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

    I worked at New York Life as an intern for less than a year

    Pros

    Great training programs and exposure to senior management. People that work there are very nice.

    Cons

    Disorganized intern program; Didn't lead to permanent placement, despite getting excellent review at end of internship

    Advice to ManagementAdvice

    Have a more structured intern program in place, and give greater assistance in job placement within the organization once internship is complete

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  7. 1 person found this helpful  

    "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
  8. 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
  9. 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
  10. 6 people found this helpful  

    Solid company and great career but need reserves to get started.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Agent  in  Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA

    I worked at New York Life full-time

    Pros

    Great training and partners really do want you to succeed (perhaps only because it helps THEIR bottom line), but regardless, do not listen to those who say partners don't care, because the better you do, the more money they make, so it doesn't make sense for them to bring you on and leave you to the wolves. Training is great, very knowledgeable partners and trainers, vibrant and fast paced atmosphere. Make your own schedule but initially expect to come in to the office quite a bit for training, etc.

    Cons

    It'll take awhile to get paid. You first need to get PTAS contract approved, then develop the business and place 5 life policies and $1500 in FYC before they will trigger you to TAS and pay you. In the meantime you are going to be spending money on gas and tolls to drive all over creation to meet with prospects, you need your own computer, in my case I needed to buy suits. During PTAS need to have some savings, a part time job, or a well off spouse/significant other to get rolling. Realistically give it 6 months before you can start supporting yourself. Will be hard work and long hours but if you enjoy the work it's not an issue. Must be thick skinned. You WILL be contacting friends and family, not necessarily to sell to but at least for referrals, so make sure you are comfortable with that.

    Advice to ManagementAdvice

    Only advice would be to add a signing bonus/base salary, even a minimal one. If I could have just broke even at first rather than going into the red to get up and running I'd still be an agent there. If you're looking for a career change this is a great place to start in this business, one of the tops in the industry in size and reputation.

    Recommends
    Neutral Outlook
    Approves of CEO
  11.  

    Better want it.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Professional  in  Chicago, IL
    Current Employee - Financial Services Professional in Chicago, IL

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

    Pros

    Uncapped earning potential and freedom of schedule

    Cons

    No salary only bonus incentives

    Advice to ManagementAdvice

    Make sure you have the right partners in place

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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