New York Life

  www.newyorklife.com
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New York Life Reviews

Updated Jul 22, 2014
All Employees Current Employees Only

3.3 673 reviews

85% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(396 ratings)

56% of employees recommend this company to a friend

Review Highlights

Pros
  • They provide a great training ground for how to sell and scripts to use when selling(in 48 reviews)

  • Their compensation package is excellent and they have a superb I mean superb training program(in 27 reviews)


Cons
  • Be prepared to hassle friends and family to buy useless products(in 32 reviews)

  • No base salary (you will invest in the company before they invest in you)(in 26 reviews)

673 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

    3 people found this helpful  

    Solid company and great career but need reserves to get started.

    Agent (Former Employee) Bala Cynwyd, PA (US)

    ProsGreat training and partners really do want you to succeed (perhaps only because it helps THEIR bottom line), but regardless, do not listen to those who say partners don't care, because the better you do, the more money they make, so it doesn't make sense for them to bring you on and leave you to the wolves. Training is great, very knowledgeable partners and trainers, vibrant and fast paced atmosphere. Make your own schedule but initially expect to come in to the office quite a bit for training, etc.

    ConsIt'll take awhile to get paid. You first need to get PTAS contract approved, then develop the business and place 5 life policies and $1500 in FYC before they will trigger you to TAS and pay you. In the meantime you are going to be spending money on gas and tolls to drive all over creation to meet with prospects, you need your own computer, in my case I needed to buy suits. During PTAS need to have some savings, a part time job, or a well off spouse/significant other to get rolling. Realistically give it 6 months before you can start supporting yourself. Will be hard work and long hours but if you enjoy the work it's not an issue. Must be thick skinned. You WILL be contacting friends and family, not necessarily to sell to but at least for referrals, so make sure you are comfortable with that.

    Advice to Senior ManagementOnly advice would be to add a signing bonus/base salary, even a minimal one. If I could have just broke even at first rather than going into the red to get up and running I'd still be an agent there. If you're looking for a career change this is a great place to start in this business, one of the tops in the industry in size and reputation.

    Yes, I would recommend this company to a friend

    • Culture & Values
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    • Senior Management
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    • Approves of CEO

     

    Great company great job

    Anonymous Employee (Former Employee)

    ProsGood company culture and values
    Better benefits than most companies
    Recognize importance of people

    ConsLonger work hours and big work load
    Good senior management
    Less politics

    Yes, I would recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Partner

    Partner (Current Employee) New York, NY (US)

    ProsChance to make a good income and build your skill set

    ConsYour unit is a house of cards. 10% or agents make it , 10% of partners make it

    Advice to Senior Managementdon't give a nice proforma to a new guy off the street and want a internal promotion to the same or more for very little. Help your new partners with recruiting expenses and update your very old comp plan

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

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Agent Intern

    Agent Intern (Former Employee) New York, NY (US)

    ProsGreat training programs and exposure to senior management. People that work there are very nice.

    ConsDisorganized intern program; Didn't lead to permanent placement, despite getting excellent review at end of internship

    Advice to Senior ManagementHave a more structured intern program in place, and give greater assistance in job placement within the organization once internship is complete

    No, I would not recommend this company to a friend

    • Culture & Values
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    • Approves of CEO

     

    Best Life Insurance company to work for

    Agent (Current Employee)

    ProsThe flexibility and control of your own schedule once you are an "established" agent. Unless you have experience in the financial services industry, this takes approximately 3 years. Without experience you spend your first three years being trained at a general office. The training is top notch as are the products and servcies offered by New York Life.

    ConsWorking on commissions is a challenge. There are plenty of bonus type opportunities that can greatly impact your income, but it is all based on your work and ability to place new business with New York Life.

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

    • Culture & Values
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    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Positive experience, but didn't make money.

    Insurance Agent (Former Employee) Roseville, CA (US)

    ProsGreat professional environment, great management and training. Wonderful opportunity for a high income career. Management is approachable and willing to help.

    ConsIncome is 100% commission and takes time to become significant. I worked very hard and brought in several high income potential clients, but even with experienced, successful agents or managers running the meeting with me, very few of them actually became clients. I was there for one full year and had to leave because I wasn't making money.

    Advice to Senior ManagementMore drilling on product knowledge.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Great co-workers

    Anonymous Employee (Former Employee) Dallas, TX (US)

    ProsTraining is excellent...good work-life balance

    ConsSome supervisors were more concerned about metrics than anything else

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

    • Culture & Values
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    • Senior Management
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    • Career Opportunities
    • No Opinion of CEO

     

    Insurance Agent

    Insurance Sales Agent (Former Employee) Edison, NJ (US)

    ProsYou are essentially running your own business

    ConsThey have you reach out to family members and people you haven't talked to in years when you have hardly any experience under your belt.

    Advice to Senior ManagementDevelop more networking skills and create realistic expectations for new agents.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Ask lots of questions before you make the plunge to this company or the industry in general.

    Registered Representative (Current Employee) Chicago, IL (US)

    ProsThe hours are somewhat flexible. Compensation in theory has no ceiling. The training is continuous, top notch and always encouraged.

    ConsThe biggest disappointment for me is the lack of any sort of leads from the company for it's sales force.

    Advice to Senior ManagementStop nickel and diming your employees for everything, from desk space to
    I.T. support

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    1 person found this helpful  

    Worst career move of my life

    Agent (Former Employee) Los Angeles, CA (US)

    ProsVery strong company with the strongest financial ratings, one of the best at what they do, they've been in the business for 168 years, good training and compensation (if you are actually managing to get appointments and sell life insurance or other financial products), benefits.

    Cons100% commission. This type of business is not for everyone. A lot of agents are starving, broke, or close to losing a lot of their assets which is quite ironic considering that agents give financial advice for a living.

    Your life is consumed by hunting ALL THE TIME everywhere you go (family parties, social gatherings, etc). EVERYONE is a suspect/prospect for business. Everywhere you go, you are thinking about networking to get those people to become your clients. It can become overwhelming and you reach a point where you're not always being genuine, but just in it to build your business (and help others in the process - because you are really helping others with your services IF you truly know what you're doing).

    Once you lose momentum in this business, you better work twice (or triple) as hard or prepare to be faced with one hell of a challenge to get back on your feet. This business is brutal. You truly have to go hard in this business. No slacking of any kind.

    They essentially own you for the first 3 years of your contract with them. If you have a creative side and dabble in any type of outside business activity, they will decide if you are "hire-able". If you are, you must sign a form that lists what you can and cannot do in your hours outside of work. They dictate how much time you can devote to other activities that could potentially lead to outside business.

    You CANNOT work another job while you work here as an agent. So if you decide to work here, you MUST have enough money saved up to carry you through stormy weather, because YOU WILL go through it. EVERYONE does. If you don't have money saved up, make sure you have another form of supporting yourself.

    Advice to Senior ManagementEncourage new agents to shadow seasoned agents, be open about production requirements from the very beginning, If you see an agent struggling, DO SOMETHING to help!

    Yes, I would recommend this company to a friend

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