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New York Life

Engaged Employer

New York Life reviews

3.7

63% would recommend to a friend

(5,497 total reviews)
avatar

Craig DeSanto

79% approve of CEO

63% positive business outlook

Ratings by category

4.2

Diversity & inclusion

3.8

Culture & values

3.8

Work/Life balance

3.6

Senior management

3.6

Career opportunities

3.4

Compensation and benefits

New York Life has an employee rating of 3.7 out of 5 stars, based on 5,497 company reviews on Glassdoor which indicates that most employees have a good working experience there. The New York Life employee rating is in line with the average (within 1 standard deviation) for employers within the Insurance industry (3.7 stars).

Ratings by demographic groups

Reviews by job title

5K reviews
1.0
May 8, 2009

Good for some - horrible for most

Agent
Recommend
CEO approval
Business Outlook

Pros

Working for a mutual company, being able to try to "milk" that to death in front of clients.

Cons

1. Zero salary - 100% commission. The "PTAS" the recruiting managers spout on & on about only kicks in if you make at least $500 FYC PER MONTH!! If you make $499, you get nothing. For new agents, this can be very demoralizing. 2. Maybe I just wasn't ready for this kind of work (and maybe the next thing I am going to comment on is actually commonplace in the insurance industry) but I have NEVER EVER worked for a company that would actually call people into a room, ask each one of you how much commission you made this week or last, and then tell you about Mr. So & So (who just happens to know millionaires in his natural market) making $40,000 FYC in the last month!!! I find this COMPLETELY demoralizing and does absolutely NOTHING to get me all "rah-rah's" up about my next 3 hour cold-calling session. 3. Personal time? Forget it. The "excellent work-life balance" that the managers who hire you go on and on about is completely bogus. They expect you to work all day and then return to the office each night and cold-call until 8PM until you make the requisite 2 appointments per day. For a new agent with a lousy natural market, this is almost impossible.

3.0
May 6, 2009

Great place for established agents and community members, but not so great for beginners.

Agent
Recommend
CEO approval
Business Outlook

Pros

This company has a superb reputation for keeping its clients satisfied. It is very highly rated so the employees can be proud to tell prospects how much they value their clients. I have no reason (when I go represent this company) to be afraid of telling the community that New York Life is here to help. It is a good feeling when people tell you that they hear good things about the company. MANY of the people in financial services have the general intent of helping people and that is the reason I chose New York Life. It is a good fit between one wanting to help people and New York Life showing that it can help people.

Cons

I would not consider New York Life the best choice for one starting out in the field of financial services. There are various circumstances which could hinder your paycheck and if this is your first job, this could be worrisome. If a client cancels the policy or if a policy lapses, you owe the company money. This affects your check and your salary amount received. If your bank account is not stacked up, you will not get your check until you pay back that money. Typically, college grads are trying to build their career and wealth. Many of us do not have the resources to be in a situation where our paychecks can be very volatile. The bottom line with the company is that it wants you to make the company money and if you are not, it's not their fault that your not getting paid.... That's not in the employee's best interest.

4.0
Apr 7, 2009

Not perfect, but very close.

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

This company has an outstanding reputation, among its employees, agents and customers. The newly appointed CEO, Theodore Mathas, is one of the smartest and most innovative in the industry. The leadership's caution and restraint in investing may seem dull to others but have proved to be very smart in the long-run. There are a good number of products and accounting practices that New York Life has steered clear of because they aren't suitable for new clients or the policyholders. Others should take note of the mutual business model as it emphasizes what's best for those policyowners, not the investors or shareholders.

Cons

There are a lot of young, smart, hard-working and broke employees at this company. Though senior management is addressing the development/retention issue, a more open-door approach would benefit everyone. Individuals should be paid based on their merit, not according to who's "due" for a promotion. Huge disparity in pay between grade levels and slow advancement needlessly hurt the company's rep -- a shame because many employees want to stay with the company but either have to leave for better opportunities or resign themselves to a lengthy struggle.

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Glassdoor has 6,537 New York Life reviews submitted anonymously by New York Life employees. Read employee reviews and ratings on Glassdoor to decide if New York Life is right for you.