New York Life Reviews | Glassdoor

New York Life Reviews

Updated September 20, 2017
565 reviews

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3.0
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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
228 Ratings

565 Employee Reviews

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Pros
  • Great training, great environment (in 147 reviews)

  • The 3 year training program is top notch in the industry (in 77 reviews)

Cons
  • Another thing - Expect that your manager (managing partner) to push you to sell to your friends and family (in 77 reviews)

  • No base salary, need to know lot's of people to hit sales goals (in 74 reviews)

More Pros and Cons

  1. Helpful (1)

    "Financial Professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Former Employee - Insurance Agent in Edison, NJ
    Former Employee - Insurance Agent in Edison, NJ
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at New York Life (More than 3 years)

    Pros

    - ability to move up

    Cons

    - poor pay and false advertisment


  2. "Hired with exciting possibilities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Underwriter in Tampa, FL
    Current Employee - Senior Underwriter in Tampa, FL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than 5 years)

    Pros

    Great benefits people are nice. Very diverse atmosphere. Current renovations at office for cafeteria, gym with all types of classes and secure place to work.

    Cons

    Changes to underwriting not all underwriters working evenly on production , special assignment given to the special employees. no advancement, management reporting not comparable with work distribution .

    Advice to Management

    Promote from all departments, including New York Home Office. You have many talented employees.

  3. "CVP"

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

    I have been working at New York Life full-time

    Pros

    Great collegial culture and work-life balance

    Cons

    Deep silos restrict information needed to make valid decisions

    Advice to Management

    Seek input from inhouse expertise


  4. Helpful (1)

    "financial service professional"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend

    I have been working at New York Life full-time

    Pros

    commission is not too bad

    Cons

    pay everything by yourself, no basic salary


  5. "Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Sunrise, FL
    Former Employee - Anonymous Employee in Sunrise, FL

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

    Pros

    Great benefits, great training, pension plan, good health ins,

    Cons

    commission base only !No leads, cold calling, tremendous pressure to sell and push Life Ins to people. To be successful in this this industry you need to come in with a big natural market and be VERY good at prospecting for new clients all the time. If you can make it and survive with little income for a couple years you will make a LOT of money, but it takes time and know it the right type of people and being good at prospecting, that includes going to businesses door to door, cold calling, networking , etc.

    Advice to Management

    Be honest with new agents coming in.


  6. "Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Boise, ID
    Former Employee - Agent in Boise, ID
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at New York Life full-time (More than 3 years)

    Pros

    Income potential, schedule flexibility, autonomy, and quality training. Financial strength and reputation of company and quality of product line.

    Cons

    Captive agency, 100% commission contract, many business expenses, limited local mentorship, and limited local opportunities to advance unless you want to be a Partner (recruiter).


  7. "Financial Representative"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life full-time

    Pros

    Good team and people at the company.

    Cons

    No lead generation and forced to work friends and family too hard.

  8. Helpful (4)

    "Agent"

    StarStarStarStarStar
    Current Employee - Agent in Pittsburgh, PA
    Current Employee - Agent in Pittsburgh, PA
    Doesn't Recommend

    I have been working at New York Life full-time (More than a year)

    Pros

    Good training, good people, good company.

    Cons

    No expense reimbursement, watch out for being sold in to the position by your recruiter/partner, no leads or help from office in prospecting. Most in management seem to end up there because they cannot maintain successful agent status, not necessarily successful agents, I would ask your recruiter how long were you in business? Make sure you align with a good partner/recruiter from the start, critical to your success, some partners are still learning and not successful themselves

    Advice to Management

    Distribute leads and opportunities equally, let cream rise to top. To make partner you should have to be in business 3 plus years, not 2, and have become established. Most agents fake or manipulate their success for 2 years just to make partner


  9. Helpful (3)

    "Underwriter"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Underwriter in Tampa, FL
    Current Employee - Senior Underwriter in Tampa, FL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at New York Life full-time (More than 5 years)

    Pros

    Good benefits, work from home, charity and doing do for good for community. Not much more in underwriting depart for Tampa Direct.

    Cons

    Under appreciated, low moral, work barriers and rating for work not apples to apples and no room for upward advancement.

    Advice to Management

    Reasons why qualified workers do not apply for or stay with New York Life, is word of mouth.


  10. Helpful (16)

    "New York Life Agent"

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

    I worked at New York Life full-time

    Pros

    The good things. I personally believe that the training they give their new agents is pretty good. I don’t have another insurance company to compare them too, but I’m willing to say that they do pretty good job considering the vast amount of information and data you have to absorb in the course of a week. Compared to other places I’ve worked in, they are ranked close to the top for their training. Your trainers are pretty much down to earth people, easy to get along with, and willing to help you. I’d say the same for your managing partner as well. The culture is a very sales-y culture. Prizes, lunches, games etc. to keep you motivated in the company and keep you selling.

    Cons

    Let me begin with, New York LIfe is not a company for everyone. I mean that seriously, not just because of a personality/ambition/work ethic thing we all know of but also because of life circumstances. The reviews you read on here about one having to work hard, persistent, and all around hours are true. What almost (at least no one told me) no one tells you is one thing: This career change requires a BIG, I mean VERY BIG safety net; Whether that is that you have enough money saved up to last you 6 months stress free, have a spouse or partner willing to support you financially through the time you spend here, or live rent free with your parents/family cause you just got out of college/military/other. Without this safety net, if you do not sell within your first month, life will become very hard for you without an income for you to live off of. That’s not even including the expenses you have to account for in this career like for gas (for you to drive and prospect around the city), food (because you’re going to go hungry in the middle of the day). The part of investing in gas, meals, etc. into this career is spoken about too late in the game because it’s briefly discussed while you are already training. Why is this important because ***all of your income is commission based.***

    Another thing - Expect that your manager (managing partner) to push you to sell to your friends and family. Nothing wrong with that, I’m a believer in Life Insurance and think everybody should have it. Just know that not everyone will be ready or willing to listen to you, and that you should learn how to deal with the awkwardness of talking to your friends and family about their money/death. You will be pushed to sell to them because actually getting a stranger, who does not know you, to sit down with you to talk about their own personal finances/death is even more difficult to accomplish.

    Personal recommendation: If you have money to pursue this career change and are comfortable to ask your friends/families to speak to them about their money/death, look at your network of relationships. If you truly have a big network, example: large number of acquaintances, previous co-workers, or that barista/banker/cashier you make small talk with to pass the time then, then*, you may have a shot at this career. If you do not have a large and extensive network you have natural rapport with, keep in mind that you have a limited number of family and friends. They’re not an in-exhaustive source of prospecting.

    Advice to Management

    More transparency when hiring agents. Let candidates know they will have 0 leads when they start and what that looks like a daily basis. That the position requires a lot of initially investment from the the agent, time/money. Do not glamorize the position when you know that the churn rate is pretty bad.


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