New York Life Reviews | Glassdoor

New York Life Reviews

Updated August 15, 2017
224 reviews

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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
95 Ratings

224 Employee Reviews

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Pros
  • Great training, great environment (in 142 reviews)

  • The 3 year training program is top notch in the industry (in 76 reviews)

Cons
  • Another thing - Expect that your manager (managing partner) to push you to sell to your friends and family (in 75 reviews)

  • Only Commissions no base salary (in 73 reviews)

More Pros and Cons

  1. "Registered Representitive"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Anonymous Contractor
    Former Contractor - Anonymous Contractor
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at New York Life as a contractor

    Pros

    good intro into the industry

    Cons

    Internal managers are misaligned with your client's goals and are incentivized to have you sell products with high fees to help them meet their quotas.


  2. Helpful (1)

    "Wanted to Vomit After Seeing Their Logo On PGA Golf Channel"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at New York Life full-time (More than 8 years)

    Pros

    Looks good on the resume...but overall experience was low point in my 38 year career.

    Cons

    Many, many, many hundreds of Technology persons were forced out into early retirement or placed into positions to fail over the past 5 years. Glad to be away from the short-sighted, greedy Management

    Advice to Management

    Bottom line, the selfish, short-sighted middle-management and even some Senior Management i saw first hand in Technology showed little if any professional leadership and management skills.

    Don't advertise on the Golf channel and ruin my Sundays!

    God bless the ADA! Epileptic ex Employee

  3. Helpful (1)

    "Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Agents like to help and are friendly.

    Cons

    The job is 100% Commission and very difficult. That is why 9 out of 10 people quit.

    Advice to Management

    Invest in your people with at least a small salary the first year.


  4. Helpful (2)

    "CAUTION!!!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Okemos, MI
    Former Employee - Agent in Okemos, MI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Absolutely no pros with these lack of core values!

    Cons

    This company is structured very well from a contractual basis in order to steal as much money from its employees as possible.

    The problem is such with the 3 offices in Michigan. They try to mass hire as many people as possible, have you write friends and family, make sure they sabotage you, or fire you with any way possible. Once you're gone, there is something called orphan business, as they call it. They then cede it to about 1 agent per agency within Michigan, and they then ride the commission train on your friends and family that don't cancel. It's a pyramid scheme/good 'ol boys club method they use in order to "legally" conduct their business.

    They set me back, what I can prove was intentionally, by exactly 5 months. When 5 months and 1 day hit, via their own proven mistakes, they said, "we don't have to pay your commissions of $10,000, because you were a day late". I of course fought this, but contractually they were able to use loopholes to pull this off. In other words they got to "legally" steal $10,000 of commission that otherwise should have been mine. Also a retaliation from them was set forth as well.

    Moral of the story, be VERY careful who you join. They have no core values, and don't hold up their end of ANY bargains. Crooks and thieves are VERY much alive here in Michigan, and urge the utmost caution when or if you make the mistake of moving forward with them.

    Advice to Management

    Better training, must have CORE VALUES!


  5. Helpful (3)

    "Corporate VP Project Management"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at New York Life full-time

    Pros

    Financially stable company.
    The fact that is not listed in the stock exchange (Mutual company) shields it from market fluctuations.

    Cons

    Frequent changes in top management result in frequent strategy changes which affects the organization.
    Poor corporate culture that helps the creation of "politics" between people and functions which results in projects' delays and loss of accountability.


  6. Helpful (1)

    "Ok place to work if you can survive on little to no income to start"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Hyannis, MA
    Former Employee - Agent in Hyannis, MA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Great training and people to work with

    Cons

    Too much promised. they nickel and dime you for everything and only help those higher up. General office manager won't acknowledge you unless you produce

    Advice to Management

    Pay a base salary for the first couple of years and help those starting out


  7. Helpful (1)

    "Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at New York Life full-time

    Pros

    Excellent training program. If you have the right personality you can do very well.

    Cons

    Know what your getting yourself into, I obviously had no idea. During the series of interviews the hiring manager talked about how much money could be made, all the added perks and benefits. Once I signed on I started finding out that there was more to the story, a whole lot more. The biggest thing was what they call "triggering", where they set limits on how many deals you must close before they will release any commissions. This time varies from agent to agent, took me about 2.5 months. That is two and a half months with no pay, nothing. Now this is a 100% commission position, so unless you are a top-notch agent with unlimited leads you will starve for the first year, plan for that because it will happen. Leads: they ask you list and solicit anyone that you have ever had contact in your life, once you exhaust those names you'll need to be creative, which they have several methods to try out. I noticed that people once close to me would shy away just because they though I was trying to sell them something, can't tell you how many close friends and family members wouldn't even return my calls. Be prepared to work 50-60 hours a week between training, client meetings and seminars and receive no pay. If you have bills to pay and do not have a savings to go through or some additional income it will be very hard. Remember, everything is out of pocket, everything. In addition, the turnover is sickening! I would say each week there would be a person or two that would disappear. If New York Life was more transparent during the interview process I would have never accepted the position.

    Advice to Management

    Transparency, be honest upfront with potential hires. My biggest complaint about the company is that I was repeatedly told by trainers and managers that I did not need to know the products in order to sell them. Does not make any sense, period.

  8. Helpful (1)

    "Basic Agent review"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New York Life full-time

    Pros

    If you have an established book, it is a good opportunity

    Cons

    No base Salary, they seem to hire anyone who applies


  9. Helpful (2)

    "administrative"

    StarStarStarStarStar
    Former Employee - Administrative in New York, NY
    Former Employee - Administrative in New York, NY

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

    Pros

    Summer vacation days, other than that, none

    Cons

    workload, management, coworkers, agents etc....

    Advice to Management

    Get it together, no manager has the same rules


  10. Helpful (5)

    "Terrible experience selling for NYL"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Dallas, TX
    Former Employee - Agent in Dallas, TX
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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

    Pros

    Excellent insurance products. Very stable financially.

    Cons

    Their sales program is full commission and advertised as 'running your own business.' In reality, they have so many requirements for training, meetings, reports, etc that you have no time to sell during normal work hours. Still they place enormous pressure on you to make 10+ appointments per week and collect 30+ new names per week. So you're going to end up working 50-60 hours per week for zero pay. They also monitor and restrict you outside activities so you can't make any money outside of NYL while your insurance sales build up. Overall I found it to be terrible experience and made no money even though I have a lot of previous experience in sales. I heard they lose over 75% of the people who start their sales program. Perhaps that's the way they want it.

    Advice to Management

    Pay a salary. Your program is too demanding to do for free.


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