New York Life - Make sure you understand what you're about to get into | Glassdoor
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Helpful (3)

"Make sure you understand what you're about to get into"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Contractor - Insurance Sales Agent in Washington, DC
Former Contractor - Insurance Sales Agent in Washington, DC
Doesn't Recommend
Neutral Outlook
No opinion of CEO

I worked at New York Life as a contractor (More than a year)

Pros

Education of core products
Many partners and agents are great people
Efforts made to place a high importance on training

Cons

BEWARE - get ready spend your money by taking this job! Perfectly fine if you subscribe to the idea that this downside is more than made up for by the upside of a very high potential income. But while you are spending time trying to develop your client base (for which you receive minimal help) you will be spending more and more of YOUR OWN money on things like: office spaces (personal and common areas), office phone monthly charge, communal office supplies monthly charge, a monthly charge for advertising over social networking, expenses for study materials and exams for insurance and securities certifications, and...well you get the idea. No genuine teamwork. Everyone is incentivized to push product and are told to do so by any and all means necessary in order to survive.

Sales bonuses are offered as an alternative to a base salary. Management spends most of its time trying to convince you that this an acceptable and preferable alternative. In fact, many times, sales meetings scheduled for product knowledge purposes were quickly hijacked to showcase the present and past incomes (or lack therof) of the agent's attending.

Overall, there is a significant degree of hypocrisy that pervades all levels of the office. That environment of course is not unique to NYL, but personally I need more than 0 guaranteed dollars a year to put up with it.

Advice to Management

Put some of your own skin in the game like the salespeople you aim to motivate and encourage.

Other Employee Reviews for New York Life

  1. Helpful (5)

    "Great company, great training, hard to make a consistent income."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Agent in San Bernardino, CA
    Former Employee - Sales Agent in San Bernardino, CA
    Recommends
    Negative Outlook
    No opinion of CEO

    I worked at New York Life full-time (More than a year)

    Pros

    Training is great and comprehensive. Opportunity to go more into retirement planning/ investments. Top performers can earn trips.

    Cons

    Income is commission, and while you can get draws/advances, if your client drops their policy, you get that (prorated) income taken off, leaving you with a hole to fill before you see income again. As in any sales you have to talk to A Lot of people, and life insurance and retirement planning are resistance sales.

    Advice to Management

    Help keep promising new agents with more leads.


  2. Helpful (1)

    "Misleading at recruiting employees"

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

    Pros

    None that are beneficial to anyone

    Cons

    Misleading, not what they say will happen with compensation, and rent office space

    Advice to Management

    Base pay


There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

See Most Recent

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