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New York Life Complaints & Reviews - Awful company

New York Life Contacts & Informations

New York Life

Posted:    Daniel

Awful company

Complaint Rating:  75 % with 135 votes
Contact information:
New York Life
United States
newyorklife.com
I was contacted by a recruiter after submitting my resume through my university job placement website. I couldn't imagine our academic institutions would actually participate in such an outrageous rip-off scheme.

First of all, it took them 4 interviews and 2 'workshops' to finally get to the point. After all that waste of my time, I found out that the company doesn't offer a salary. It actually wants their employees to pay for their cubicle, phone line and 'technology use'.

There was some sort of BS about generous bonus system and extremely complicated corporate expense account, which could be used later on to cover your operating expenses. Of course the money for that account would be allocated 'based on your sales performance'.

Basically to break even, you needed to sell at least 6 policies ($1200) per week and that 'average' sales effort would supposedly yield about 40K per year. If you do less than that you wouldn't meet the quota and get no bonuses or any other goodies that they promise.

Oh, yes and fulltime employee status only comes after selling a certain number of insurance policies and then in 3 to 4 months all the other benefits(health, life, dental) will 'kick in'

Bottom line: to sell their insurance you'd have to pay their rent, buy their computers, devote 75hours per week of your time 'on average', and have passion for getting screwed.
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 29th of Jun, 2009 by   mnhockeyfan +2 Votes
After 4 interviews and 2 workshops you should have had a pretty good idea what you were doing. New York Life has served its clients and employees very well for 164 years. Sorry it did not work for you.
 5th of Aug, 2009 by   ekul +1 Votes
Wow. You don't really have a clue what you are talking about. I have been with New York Life for two years. There are some truths in your statements, but mostly inaccurate. It is true that as a NYL producer (and most insurance/financial companies) your compensation is sales driven and that you cover a percent of your expenses, because it is your business!!

There isn't a quota or complicated bonus system. There is a simple subsidy based upon production. For example, you make x you get 70% on top of that...easy. Then, sell 6 policies to make $1200...what?? More like sell 6 policies to make $3600 then receive your subsidy on top of that. There are bonuses and expense allowances on top of all of this.

NYL is a very reputable company with the highest financial ratings possible and strong history. I'm sorry you didn't understand how the comp actually works. It sounds like you will be better off working as a bank teller anyways. Good luck!
 12th of Nov, 2009 by   Michael Douglas Jordan +1 Votes
Well, my son has really been through heck with this whacky bunch of psychopaths called New York Life. He kept jumping through all the hoops, sold lots of policies, took the tests, got his license and finally was told that he would have to quit school to be "triggered" (he told me that they owed him 4000.00 in commissions) He decided to stay in school, but that was a really tough decision for him, because it meant passing up all that money. We advised him to consult an attorney. If you are considering a "career" with this company, don't do it!!!
 22nd of Nov, 2009 by   tapout23rey -1 Votes
The views are not the views I have about treating clients...They think about commission rather than what is the best interest in the client...How do I know that..I have seen it for my own eyes and ears!!! I thought about the values and traditions that New York Life has and they are good, but the people behind the scenes is one thing. New York Life had a seminar on Thursday the 19th of 2009, and I over heard two agents talking about a prospect retiring in December!.. The initial agent stated that she wasn't registered yet and was taking the series 6 and 63 on Monday the 23rd of 2009 and can talk about it then. (which was the right thing to do). The other agent (assuming that HE was registered) just said put the prospect in a VARIABLE ANNUITY IT IS 4%... with out knowing the client... this is unblievable when you can make a educated financial decision about someone's situation...I work with this company New York Life and I hold a series 7 and 63. I do not agree with that...how can you make a decision about a client without the right information at hand. ANNUITIES is the answer with all the agents..WHY because EX...when you put $100, 000 in a annuity the agent gets 4% comission on the deal and you get fees...fees...and...fees...Needs to day...I got up and walked out!!! I really wanted to...well use your imagination on that one...
 22nd of Feb, 2010 by   El Guapo -2 Votes
My wife works for NYL. She has done good but she seems to be th eexception. They have a very large turnover and cut people loose if they don't sell enough or have a few down months. My beef with them is the amount of sexual harrassment she has had to endure. The managing partner called me and said he wanted to meet with me. Basically he told me that I need to get over it and that as long as she keep scoming home at night that I didn't really have anything to complain about. No integrity in my wife's office. Too much sexual innuendo and inappropriate BS for my taste. I wish she would switch to another company.
 27th of Feb, 2010 by   dutchgirl +1 Votes
Mr. El Guapo,

Why cut off your nose to spite your face. You are VERY out of line and wrong on your assumptions of turnover and "cutting people loose". Ask me in person when you read this why the turnovers have occured and what the rate currently is. Lets talk again about how hard I worked and the money I made to help support our family in this economy. There is nothing I am having to "endure", or a lack of integrity. If you would spend some time up there during the day (stop in to get me for lunch randomly) you would see that. I WILL NOT switch to another company and am devastated that I found you had done this. If you would put more energy into positive things, as we have already discussed, instead of trying to wear me down and out, you might see a little better and happier wife.

Mrs. El Guapo.
 22nd of Mar, 2010 by   Joe Nylaic +1 Votes
NEVER, EVER, EVER go to work for New York Life.

The job as an Agent is a legal Pyramid Scheme.

You will be Brain Washed by many mandatory meeting - All about how you can make millions, meanwhile you have to pay for the phone at your desk, you have to rent the cubicle, get charged for copies, and there is no base salary.

You are working for free and only get paid if you sell a life insurance policy to your family and friends.

Part of the training is to list 200 people that you know and then they train you how to sell them a policy.

After that they don't care if you leave because there is always another idiot blinded by millions ready to take your place.

So you were warned - Dont Do IT!!!
 1st of Apr, 2010 by   Princess Debbie 0 Votes
I'm sure it's not for everyone - that goes without saying, of course. My agent is the cute, bubbly, personable type, and she probably does quite well. I'm guessing that most others probably would not.

As a client of NYL, I'm not so sure I'm happy with the company itself, though. I was accepted for Long Term Care and a 20-year term life insurance policy, because I'm not likely to ever make use of either one. However, my husband was turned down at least for the long-term care insurance (and quite possibly for the life insurance as well - we have yet to hear back on that one for sure), because there's at least a fair chance that he'll actually need it at some point. That isn't taking care of people, which is what an insurance company should do. I understand that they have to make a profit, but I really resent the idea that if anything happens to my husband, I'll be completely hosed and will probably lose everything I've worked my entire life for after having paid out so much money to them for my own insurance. It just doesn't seem right to me. Once I find out for certain about the life insurance for my husband, I'll have to make a decision on whether or not to cancel my own policies. Since we'll have to find another means to keep the boat afloat if anything happens to him, I don't think I have any other choice. Thanks a bunch, NYL. :(
 6th of May, 2010 by   NYL Victim 0 Votes
If you have any self-respect, stay away from this company.

New York Life’s management style is autocratic. They are bullies who will stoop to any level to cover their inadequacies. If anyone is unfortunate enough to go to work for these jerks for God’s sake seek legal advice. They are a discriminatory, self-serving company who is convinced they are above the law. They hire people who could not make it in the real world without leaching off of this company financial strength. Unfortunately, most of those people make it to management.

Good Luck to you all, I am happy to say I was smart enough to get out. There is life after you have been abused by New York Life.
 22nd of Jun, 2010 by   RobertJohnson3 -1 Votes
I am New York Life agent Bobby Johnson. Here are my thoughts on this discussion. Feel free to contact me with your thoughts.

NYL has amongst the best sales professionals in the industry. We are fairly compensated, according to our sales production. For 55 years in a row, NYL has had more agents than any other company qualify for the Million Dollar Round Table, the most prestigious award for sales professionals in the industry. One must have almost $90K in paid commisions to qualify. NYL currently has over 2, 300 MDRT agents. I will qualify in my first year. However, I can see why it is hard to get started for those who don’t understand Pareto’s law (You need to make about 100 new calls for business to make 4 sales, which translates to about 12 such calls a business day) and who are not well versed in the fundamentals and disciplines of network marketing. This is not a job for those who are not able or willing to (1) prospect, which incudes what I just mentioned but also includes providing outstanding customer service and asking for referrals after the sale, (2) follow through with interested buyers to completed, paid sales, (3) execute business acumen, organizational skills, and a CEO mindset, and (4) undergo training, educating oneself thoroughly in the company, products, industry, competition, and best sales practices in the industry.

We have the best company and product combination in the industry. For life and health insurance, in 2010, NYL is the #1 most admired company in the world, according to Fortune. We are also just one of a couple companies (e.g., TIAA-CREF and Northwestern Mutual) who have the top ratings from all of principal rating agencies for the life insurance industry. The Fortune survey also also revealed our oustanding product quality and our innovativeness. The custom whole life policy I sell the most of is patented, and is a viable, safe, retirement planning product for those phased out of Roth. And there isn’t a more valuable term life insurance contract on the market. I can demonstrate both points, but I’d prefer to do it in person. No matter where you’re at, if you are in the market for life insurance, annuities, or long term care insurance, I can help you determine whether our products fit your need. Please email me at rjohnson3@ft.newyorklife.com or call me at 580-334-2134 to set up an appointment.

Sincerely,

Robert Aaron Johnson
Agent
New York Life Insurance Company
 1st of Sep, 2010 by   Scott NYL 0 Votes
Amazing how the people complaining have very similair complaints. No base salary, we are expected to perform, you have to put in long hours...etc. This is the REAL WORLD! In order to be sucessful with any Fortune 100 company, you actually need to prove yourself. If you are not talented enough to be sucesfull, then go work at McDonalds. Paying for your desk, phones, copies is reimbursed for you if you actually do your job. I am a New York Life agent and very proud to be part of a company that has been protecting families for 165 years. I own several policies and believe in the company and it's products. One of the problems with people these days is that they are afraid of hard work and want high pay for little effort. This is an honorable profession and the first time you deliver a death claim to a grieving widow, you will understand. As in any sales job, you will have people who are looking to make a "quick buck" and wont last long, but the truely committed and dedicated sales people will grow, continue their education and make a difference in peoples lives. Please dont judge an entire company on the views of a few underachievers, who want to seek legal advice every time they fail.
 2nd of Sep, 2010 by   Joe Insurance Guy 0 Votes
Actually, as a former NYLIC "employee" (And I say that because you are NOT a business owner if you produce for NYLIC), I agree with this statement. NYLIC targets people with absolutely no insurance experience. In my FCS class of 15, only 2 people had any insurance experience at all and they left within 3 months. You're brainwashed into believing that people aren't interested in price when going up against a company with such high financial ratings and the competition is all garbage compared to their products. What you get is HIGHLY overpriced term insurance, mediocre universal products, mainstay securities and outrageously expensive whole life. Sadly, I was trained to push yearly term so that I could bully my clients into converting to whole life. I was trained to deceive my friends and family into believing I was only trying to get my financial newsletter in their hands and all that was was a guise to sell them life insurance. I was taught that almost every life insurance agent out there was horribly undertrained compared to what I was given in 6 short months. I was taught to sell a name and it's financial ratings because apparently that's all everyone cared about. My favorite was their trying to convince everyone that the average agent would make between $60-$70, 000 in their first year. In fact, only the top 1 or two can accomplish this.

NYLIC didn't work out for me because I come from a family of insurance agents and have gotten to see both sides of the spectrum. I believed in what I did for NYLIC for my first 3 months or so. After that, I started losing sleep at night for what I was doing to people. I'd dread pulling myself out of bed, knowing that I would be calling people I genuinely cared about to push a ridiculous newsletter that even I cared nothing about in an attempt to get them into "NYLIC's process" so I could sell them life insurance. By my 6th month, I couldn't take it anymore and I resigned.

Here's something else to chew on. NYLIC comissions are horrid, at best. They tell you that they beat the industry with their training allowance and case rate bonus. You'll get 50-55% of the first year's premium and you're capped on training allowance. Even that goes away completely after 3 years. You get a $75 bonus for every case you write and that's limitted. In the independent world, you get upwards of 125% and above. NYLIC will get you to believe that you went up against 30 people to get your job, and that is true! The other 30 didn't make it through the process because they walked out of it.

The truth is, you can do very well with NYLIC. Follow their process, no matter how shady you think it is and talk to the people like you believe in everything they tell you. Force yourself to do things you don't feel right about doing and you'll eventually become numb and you might actually start believing it. Look at the top agents there. They do very well targetting vulnerable people to manipulate or win over with their charisma.
 8th of Sep, 2010 by   Mrs. Blunt 0 Votes
To be blunt. This firm is imploding. The sales managment teams at 51 Madison Ave are corrupt and unethical. I can't speak to the day to day trials of NYL Agents in the field but Senior Management is turning a blind eye to the corruption and serious ethical issues going at the home office.
 26th of Sep, 2010 by   inthebusiness 0 Votes
At the end of the day what it really comes down to is that fact that people fail out of this industry because they just weren't willing to form good habits and do the things that will make them successful, doesn't matter what company you work for!!!
ofcourse, when someone is failing out of this business due to their short comings, they blame everyone and everything around them, , , All they need to do is look in the mirror!!

Most companies wont pay a base and most will charge monthly expenses. That doesnt really matter if you are actually giving it 100% and not focusing on the things that are not in your control. Metlife, New York Life and Northwestern Mutual are the highest rated companies in the industry for a reason!! If you became an agent at one of these companies and you failed it is because you didnt follow their systems...They all breed successful people every single year.

People that sign on know exactly what they are getting themselves into, it's not any companies fault because someone was afraid to prospect!!!

In this business studies have shown that being paid a base salary at first makes your chance of survival worse due to the fact that it won't make you work as smart as you have to as first, , , makes you lazy from day 1...

Never blame a company, blame yourself
 7th of Oct, 2010 by   WBalza +1 Votes
Those life agents who spoke ill against New York Life are those who didnt make it. You sour grapes.
 11th of Dec, 2010 by   Beansy -1 Votes
They called me a couple days ago to come in for a informative 1st interview/meeting and first thing they told me to do when I got there was take the "personality assessment test" which was standard. Afterwards, they handed me a take-home background check Packet then pretty much shooed me off. Told me "we don't have any time right now to answer any of your questions." Then the douchebag manager proceeded to tell me "you have to take the background check/credit check before we can interview you." I wish you would have told me before I drove 40minutes there and could have take the assessment at home. Its not worth it for a PURE COMMISSION job.

Bad first impression and they were already lying to me. STAY AWAY FROM NY LIFE.
 24th of Jan, 2011 by   larryrothchild -1 Votes
New York Life is a big pyramid scheme. The tried to recruit me, but I saw through their BS. At least they were curteous and went away.
 5th of Feb, 2011 by   mijon +1 Votes
I'm NYL agent I just start to work with them 3 month ago and I made more money with them than like Attorney in California, The training is good, the people and the product, the only thing that you need is the pasion for your work and then the money come to you. Most of the people talking and talking because they dind't make it, is really hard past to the second interview and the investigation of crimal, credit record but after that, you will make a lot of money. In just 3 month I made $16, 000, If you don't like to be aoutgoing don't do it. Go to work to MC Donald and you will have what you want base salary and work lol. All depend of you
 5th of Feb, 2011 by   heil grammer 0 Votes
@ Mijon

I take it you don't need to know how to use a grammar or spell checker. Pasion? Passion! In just 3 month...? In just three monthS! Don't be a turkey and use Word to it's fullest.
 9th of Mar, 2011 by   lil daisy 0 Votes
YOa'll right about new york life insurance company. I had this interview in NY office. Oh my gosh, they were interviewing people from everywhere. They had sooo many retarted employees who don't even speak English. They had this manager guy who looks like he just came from some sales job and he walks maddddd funny. They had people fighting over who can make copies and printing and all kind of messy stuff. STAY AWAY FROM NEW YORK LIFE SALES POSITION!

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