New York Life
3.2 of 5 598 reviews
www.newyorklife.com New York, NY 5000+ Employees

New York Life Reviews

Updated Apr 20, 2014
All Employees Current Employees Only

3.2 598 reviews

                             

85% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(350 ratings)

55% of employees recommend this company to a friend
598 Employee Reviews
Relevance Date Rating
in

Review Highlights

Pros:
  • "They provide a great training ground for how to sell and scripts to use when selling"
    in 41 reviews
  • "The training program is very intense and really helps to make a very successful agent"
    in 25 reviews
Cons:
  • "charge you for everything and want you to annoy your friends and family"
    in 17 reviews
  • "Over hyped training and no base pay or even a draw"
    in 24 reviews
  • Show more review highlights

Reviews

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  • Approves of CEO

 

Best Decision I Ever Made!

Financial Services Professional (Current Employee)
San Antonio, TX (US)

I have been working at New York Life full-time for more than 5 years

ProsI have been with the company for over 5 and a half years and am considered an Established Agent. I joined right out of school and knew very little about the industry. NYL taught me everything I know and I am now a top producing agent. Quadrupled my salary in 3 years right out of college, flexible schedule and only work 11 months out of the year.

ConsMust be disciplined with an entrepreneur mindset. Be willing to do the work to reap the rewards.

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

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The BEST financial services company to work for in Seattle, no doubt!

Insurance Agent (Current Employee)
Seattle, WA (US)

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

ProsExcellent leadership. You can't find a better managing partner than Mark Madgett. He is forward thinking in all ways and provides excellent support, training and momentum for agents. The development managers are 100% available, helpful, informed and invaluable.

Great company. There's no financial institution with better ratings or reputation than NYL.

ConsThe challenge to working here is not specific to the company, but the financial business. It's commission based, so the first two or three years, you will probably have sporadic paychecks. The good news is that I know that NYL compensates its new agents well by industry standards with the training subsidy!

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

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Great working environment!

Intern (Current Employee)

I have been working at New York Life as an intern for less than a year

ProsVery thoughtful and deliberate training. Everyone wants you to succeed and you have every resource you need to do just that!

ConsMust be self motivated. Commission based can add pressure, but those with dedication always succeed.

Yes, I would recommend this company to a friend

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Experience at New York Life

Agent (Former Employee)
Boston, MA (US)

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

ProsGreat leadership, training and mentoring. Excellent company, products and a leader in the industry. There is never a lack of resources to call upon for sales, product or technical expertise. The Boston General office is an exceptional organization.

ConsCompensation structure makes it difficult to succeed in the long term.

Advice to Senior ManagementRestructuring of some of the compensation terms. Training allowance is front loaded to first couple of years. Perhaps it would have been more helpful if this was leveled out.

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

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Good training and work flexibility. Perfect for the commission only employee.

Anonymous Employee (Current Employee)

I have been working at New York Life

ProsComplete freedom to design your business as you want.

ConsEstablishing your own financial practice is a multi-year process.

Yes, I would recommend this company to a friend

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Senior Actuarial Associate

Senior Actuarial Associate (Former Employee)
New York, NY (US)

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

ProsYoung, motivated peers and managers

ConsCompetitive, some managers are not suited to manage

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

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Great people and environment

Anonymous Employee (Current Employee)

I have been working at New York Life

ProsGreat compensation and benefits, free time could be good if you work alot in the beginning years. Great residual potential. Great environment and co workers are friendly and helpful as well. Overall a could fit for the right person. Training is good up front.

ConsLots of paper work, Have to be good on the phone, very few leads provided. should have more help given to employees

Advice to Senior Managementhelp out more with employees outside the office, focus on the sales force you have rather than so much on the next ones to come.

Yes, I would recommend this company to a friend

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Great training!

Anonymous Employee (Current Employee)

I have been working at New York Life

ProsUnlimited income is truly possible

ConsYou're selling life insurance; the last thing people want to talk about.

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

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Ok company to work for. No different than other 'mutual' life insurers.

Senior Associate (Former Employee)
New York, NY (US)

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

ProsThe company sells a piece of paper for money and pays you a salary. You can stay put and do a mediocre job here if you want, while waiting for something better to come along.

ConsIn my case, benefit reductions and lack of vision by the group, partly due to management egos makes things difficult at times. The RIFFs should be complete. But, that doesn't mean the 'deadwood' gets filled with talent.

Mean managers that don't have inherent skillsets and won't acknowledge faults is a detriment to all.

Advice to Senior ManagementBozos hire bozos. A CEO that believed in something no-one understands, i.e. 'Distributed Leadership' is a warning sign.

Yes, I would recommend this company to a friend

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Appreciate your new agent.

Anonymous Employee (Current Employee)

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

ProsLearn good product knowledge of life insurance, annuity and long term care.

ConsRead your contract . It is all listed in your contract. For things that are not in the contacts, learn it or leave it! Agents are captive. You do not run your own business. New agents are viewed as an access for new leads of establish agents. They have to make sales of $1,500 before they can be contracted, after contracted, they have to sell at least $1,500 / months to entitle training allowance , agents contract will be terminated in three months for no production. New agents are told to upload all their contacts into company's contact systems, do join work with establish agents and share their cases with established agents. Agent are told to sell to their nature markets which means their family, friends and pervious co-workers, believe in the company strength , roll over their IRA, 401K into the company. New agents chances of promotion is not only depending on sells ability but also depending on how good they keep their nose " brown" with their partners. Leads are only distributed to establish agent. New agents may get left over leads for re-sells. Training allowance is base on the percentage of sale. and if you sell to your family or to yourself, you do not get paid training allowance. New agent needs to paid to use social media, website, business cards. Be friends with whole life products and fix annuity for the first 6 months. Work environment is apathy and cold. Your human value is as good as your sales productions.

Advice to Senior ManagementGood salesman does not equal to good manager. Do not farm your new agents for their contacts. Continues to be the company with 138 years history where there are no twitter/ Facebook . " Keep Good Going!" Take care of your new agent.If new agent stays with the company, so does their family and friends,that's the best FREE marketing. High Retention rate will save company tongs of money in re-training , training technology and high paid training consultants, and the Disney trip they don't want to go." Boss said go, leader said let's go !" Let's go !

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

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