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
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Awesome Company!

    Intern (Current Employee) Columbus, OH

    ProsGreat company! A lots of room for advancement. Worked there full-time for a short time but felt that my co-workers were very hard working and positive.

    ConsNothing bad to say about the company. The month of June is very busy so be prepared to work extra hard.

    Advice to Senior ManagementContinue to train and educate employees

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

    • Culture & Values
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    • Approves of CEO

     

    Career at NYL

    Agent (Current Employee) Bala Cynwyd, PA

    Prosflexible work/life balance
    no defined territories
    management opportunity within 2 years of council performance
    unlimited income
    training allowance and bonuses to aid in start up of career
    benefits and 401k
    great training and support systems in place
    pension and renewals

    Consneed discipline to self manage work load
    need continued edu
    need firm understand insurance and financial products to be successful
    can be discouraging at time being commissioned based with no renewals in the beginning

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

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    Hard Career, Good Company

    Agent/Financial Services Professional (Current Employee)

    ProsI had the pleasure of having excellent training and a partner that really cared about their agents success. The office culture was great as well. If you are successful, the compensation if outstanding.

    ConsHard to get started. With no base salary and all commission If you do not have an additional source of income at the beginning, it can place a financial strain on the individual. You also have to prospect on your own. If you are not use to this, you may not be successful.

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    • Culture & Values
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    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

     

    Good Place

    Anonymous Employee (Former Employee)

    ProsGood people, new technology, good pay

    ConsDepartmentalized, some people don't do much, lots of red tape, outsourcing over seas

    Advice to Senior Managementstop outsourcing over seas

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

    • Culture & Values
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    • Senior Management
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    • 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

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    • No Opinion of CEO

     

    Be prepared to do what it takes...

    Insurance Agent (Former Employee) Richmond, VA

    ProsControl of your own business

    ConsSelling to people you don't want to sell to

    Advice to Senior ManagementOnly hire people that are the right age for the job

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

    • Culture & Values
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    • Approves of CEO

    1 person found this helpful  

    HARD WORK. NOT FOR EVERYONE

    Financial Services Professional (Former Employee) Midland, TX

    ProsAbility to make own schedule, $$$$ can be made, training is excellent, personally rewarding, great brand name and financial standing, and overall good career if you can enjoy it.

    ConsLONG HOURS, need list of people to sell to in order to start off, no base salary, traveling to/from training, EXPENSES add up, other companies have higher pay outs.

    Advice to Senior ManagementStop hiring people to hire them, micromanaging style does not work in this industry, patience....

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

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

    1 person found this helpful  

    Poor management, low wages,

    Customer Service Representative CS2 (Current Employee)

    Pros-Good benefits and vacation time.
    -Pensions and 401k match

    Cons-benefits cost have gone up.
    -Incompetent managers
    -Strict promotional requirements, often based on seniority rather than knowledge and ability.
    -Low salaries, low "bonuses', lack of raises.

    Advice to Senior Management-Be care careful not to hire/promote those who know how to say the right thing but cannot produce, manage, or delegate.
    -Don't confuse length of employment with competence.
    -embrace technology, cut down on the amount of paper used and processed.

    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

     

    Great place if you know a lot of people, can be disciplined and sell, otherwise terrible.

    Anonymous Employee (Current Employee)

    ProsInfinit upside. Flexible schedule. If done properly you are viewed as a financial professional. Gain knowlege of your own finances.

    ConsInfinit downside, you dont know if you're getting a pay check this month. The first thing they have you do is make a list of all your friends and family so you can start trying to sell them things day one. Regardless if you make money, you have Heavy office fees. Managment only helps those who are doing big business.
    When I resigned, they kept my account open for 2 months past when they were supposed to where I accrued $1200 in fees that they sent to a collection agency without telling me.
    They are all about whats best for them not the client.

    Advice to Senior ManagementManage people with potential. Do not make it obviouse you're using them for names.

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

     

    Better have some money in the Bank

    Anonymous Employee (Former Employee)

    ProsOpportunity for you to find out how much Hustle you have in you.

    ConsCommission only. Don't quit after you get all of your friends and family signed up, because their money will be handled by someone else at NYL.

    No, I would not recommend this company to a friend

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