New York Life

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

Updated 29 September 2014
Updated 29 September 2014
728 Reviews
3.3
728 Reviews
Rating Trends

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

Review Highlights

Pros
  • They provide a great training ground for how to sell and scripts to use when selling (in 53 reviews)

  • Their compensation package is excellent and they have a superb I mean superb training program (in 29 reviews)


Cons
  • Be prepared to hassle friends and family to buy useless products (in 36 reviews)

  • No base salary (you will invest in the company before they invest in you) (in 28 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Great company to begin a financial Services career with.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative  in  Manchester, NH (US)
    Current Employee - Financial Services Representative in Manchester, NH (US)

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

    Pros

    Education in the Life insurance industry. Great people to learn and grow a business with.

    Cons

    Not paid enough for doing investments for clients. No investing education.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    I thoroughly enjoyed my time with NYL as I felt like a true member of the team within such a short time period.

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

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

    Pros

    Friendly staff and managers, great balance of work and life, competitive pay, multiple outside work activities.

    Cons

    I wish I had more training.

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Great Company for the right people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Professional  in  Waltham, MA (US)
    Former Employee - Financial Services Professional in Waltham, MA (US)

    I worked at New York Life full-time for more than a year

    Pros

    Management is great, hundreds of resources at your disposal to help you learn the business, flexible scheduling, high income potential

    Cons

    Commission based earnings, market is flooded with agents, need a large source of prospects, training time tends to get in the way of field time to make money

    Advice to ManagementAdvice

    Base salary would be helpful, online training would be beneficial so that agents don't have to come from far away for training only to have to go back out farther

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Great Company for the right person

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Professional  in  Orange, CA (US)
    Current Employee - Financial Services Professional in Orange, CA (US)

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

    Pros

    Flexibility of schedule is a huge benefit. Ability to purchase I Shares through MainStay investments w/o sales load is great. Ability to work as hard (or not) as you wish. Truly does have unlimited income potential - for the right person and the right personality.

    Cons

    Make sure when you sign up you really know your manager, their philosophy, their target market, their leadership style! I cannot stress this enough! My first manager was HORRIBLE! Actually insulted 2 of my close friends when insisting to come to initial meetings. Not much support if you don't rent an office in the building.

    Advice to ManagementAdvice

    Work with staff more closely to setup teams for those who desire to have camaraderie.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Great company to work for

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

    I have been working at New York Life

    Pros

    Great company to work for. The people are great to work with and the benefits are wonderful. I worked there for 15 years

    Cons

    The management in my department was not very good at all.

    Advice to ManagementAdvice

    Take better care of your people and stop showing favortism.

    Recommends
    Approves of CEO
  7.  

    Identity crisis

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Service Professional  in  New York, NY (US)
    Former Employee - Financial Service Professional in New York, NY (US)

    I worked at New York Life full-time for more than 5 years

    Pros

    - Well-recognized company
    - established business units and distribution channels that you can gain experience in
    - being a mutual makes it less stressful but it's easy for things to fester.

    Cons

    - life insurance is king, if you are in any of the other business units it's easy to be pushed aside
    - CEO is running amuck doesn't have to answer to anyone due to executive retirements. Can get petty and that trickles down to managers. So that great 'we're all in this together feel' is eroding.

    Recommends
    Positive Outlook
    Disapproves of CEO
  8.  

    Rewarding

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Professional  in  Jacksonville, FL (US)
    Former Employee - Financial Services Professional in Jacksonville, FL (US)

    I worked at New York Life full-time for less than a year

    Pros

    Get to set your own hours

    Cons

    100% commission. Trying to hard to sell the dream

    Advice to ManagementAdvice

    Be more upfront with the new crew

    Recommends
    Positive Outlook
    Approves of CEO
  9. 2 people found this helpful  

    If I knew then what I know now.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Sales Agent
    Former Employee - Sales Agent

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

    Pros

    I worked with some really genuine people that I plan to stay in touch with

    Cons

    If I had known about these reviews before I signed my contract , I would never have taken the job. I would never recommend anyone to work for this company. Like other agents I am in debt now. When your bringing in cases the management is friendly. When your not doing so well they ignore you. When I read the previous reviews I knew everything they were saying because I've been through it . 100% commission I was told that I get a stipend or training allowance to get me in the door. Afterwards I found out the truth. I tried to make it work but it's very hard when YOU are struggling financially and have to pay for EVERYTHING at New York life. And I do mean EVERYTHING

    Advice to ManagementAdvice

    Stop trying to push the new agents out. And try to help them. Come up with a better way of helping to get leads instead of asking your agents to harass EVERY person they know. And tell the TRUTH about how agents get paid. Stop telling new agents they will get a training allowance or stipend to help them with bills when that's not the way it works

  10.  

    Training, Calls, Driving

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Professional  in  Glendale, CA (US)
    Current Employee - Financial Services Professional in Glendale, CA (US)

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

    Pros

    Unlimited earning potential, 401k, pension, 2 year advancement opportunities to management, investments, rollovers and insurance make it so you have a lot of things to talk to every type of person about.

    Cons

    A lot of training hours, inconsistent income, commission with no base, stress, having to reach out to your natural market, being put under the insurance tag, 24/7.

    Advice to ManagementAdvice

    Too much required training hours at the beginning makes it so you can't earn as much as you want to initially.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  11. 1 person found this helpful  

    Agent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Insurance Agent  in  Annapolis, MD (US)
    Former Employee - Insurance Agent in Annapolis, MD (US)

    I worked at New York Life full-time for more than 3 years

    Pros

    The company has a great reputation to build your business on. Flexible schedule once certain sales goals are met.

    Cons

    Straight commission and a "What have you done for me lately?" attitude that is persistent from all levels of management. Sales quotas were so demanding that there was always a threat of losing job due to automatic termination of contract that is out of the control of management. I actually tried to leave the company after 6 months but was told I was had not given the business a chance unless I tried for three years. It turns out the three years is tied to the bonuses that management receives once a recruit hits their three year anniversary.

    I also think that management should be more selective in who they hire. It was embarrassing who was considered a colleague once you were able to observe the lack of people skills that were exhibited from these new hires.

    Advice to ManagementAdvice

    Back up your words with actions and I don't mean just as the end of the quarter is approaching. Be a little more discerning when you hire. I know it is a numbers game but have a little respect for the company name. Stop being so self-serving. You are damaging peoples lives if this is truly not the career for them.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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