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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:  74 % with 130 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.
Comments United States Job & Career
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 9th of Jul, 2012 by   NYL UMM....Yeah-No +1 Votes
I currently work at NYL and I would tell you after having written more than 100 policies, several annuities, and long term care, NYL is not the company I thought they were. They focus on life insurance becasue (while it is very important) it is how the partners and MP get to fatten the pensions.
I believed the hype and have done marginally well. I actually wrote the largest case in my office, and was a top case writer in one of the most decorated offices in the company and I am struggling very bad to keep the rent paid.
I would look to a company with a stronger insight to REAL financial planning. I didn't get into NYL to peddle life insurance, but that is what they expect. The commissions are impotent, the managers were all agents who puttered out after 2 to 3 years, and realized the only way to make it long term was to get into a salaried position. (Ask yourself, if the $ was so good as an agent, why would anyone get into management???). If you want to sell insurance then they are top notch. It is the hardest thing I have ever done (and continue to do) only until I can get through my TAS contract and then I am independent all the way. Don't drink the Kool-Aid. Sorry NYL but you f*ck your agents with your "taxes" on everything. Time to pay the piper!
 13th of Aug, 2012 by   caliagent -1 Votes
I am an agent and just did some estate planning with my doctor. He is paying 9, 000 a month for a whole life policy which he can write off at the end of the year. In ten years he will have over 2 million he can pull out. Pyramid scheme? The same people who say this, are typically the people who don't know! I just made 75k in one sale...tootles
 1st of Sep, 2012 by   van Vliet 0 Votes
I've been in financial services for a long time and done well. Recently a NYL recruiter started pursuing me in a big way. I finally agreed to meet with one of the their "partners" just to find out what the company has to offer to a successful established agent.
The guy I met with turned out to be a total joke. Dressed in a polyester oversize dark-color shirt with a three-dollar ancient tie, he looked like he just returned from a flea-market swap shop. After asking me a few inane questions about my friends and hobbies, he launched into a bragging tirade about how much money he's making now that he's a "partner". He told me how thrilled he was to meet me, that I impressed him tremendously, and promised to send me a whole lot of stuff in the mail. When I finally left, I felt like I just took a mud bath. I also thought that I wouldn't trust this guy to wash my car. Of course, I never heard from him or his recruiter again; perhaps they only look for naive and gullible rookies to meet their hiring quotas. For me, NYL = that guy. He's their representative, and it speaks volume. I would not want to have anything to do with any of them.
 1st of Sep, 2012 by   van Vliet 0 Votes
I've been in financial services for a long time and done well. Recently a NYL recruiter started pursuing me in a big way. I finally agreed to meet with one of their "partners" just to find out what the company had to offer to a successful established agent.
The guy I met with turned out to be a total joke. Dressed in a polyester oversize dark-color shirt with a three-dollar ancient tie, he looked like he just returned from a flea-market swap shop. After asking me a few inane questions about my friends and hobbies, he launched into a bragging tirade about how much money he's making now that he's a "partner". He told me how thrilled he was to meet me, that I impressed him tremendously, and promised to send me a whole lot of stuff in the mail. When I finally left, I felt like I just took a mud bath. I also thought that I wouldn't trust this guy to wash my car. Of course, I never heard from him or his recruiter again; perhaps they only look for naive and gullible rookies to meet their quotas. For me, NYL = this guy. He's their representative, and it speaks volumes. I would not want to have anything to do with any of them.
 7th of Sep, 2012 by   Paula2012 +1 Votes
Is anyone familiar with the location in Edison NJ? I have interviewed with them twice and now I have to get 45 referrals plus other info from friends, family and strangers. They mentioned schooling for a series 6 and training of the packages. I was also told small salary and benefits. The manager I interviewed with was quite respectful and easy to talk with. I hope most of what I have read is not necessarily so with all locations. Let me know if there is any other info anyone can give. Thanks a bunch. Actively seeking employment...smile
 8th of Sep, 2012 by   van Vliet +1 Votes
To Paula2012
The company is interested in your "warm" market - they want you to sell insurance to your family and friends. That would more than recoup the cost of your salary and benefits.
 7th of Dec, 2012 by   Does not sound good!!! -1 Votes
Wow! This is very interesting. I had an interview yesterday. I was pretty impressed with my recruiter . He contacted me from a job board and my second interview is on Monday. Is this a bad idea? Need to make money and from everything I'm reading, I should maybe forget this position.
 14th of Dec, 2012 by   TimDC -1 Votes
My experience with NY Life was horrid. This is out of the Pasadena office and with a "partner" named Armine. I was interviewed a number of times and told I was hired. I was very upfront that my credit was not good. I was told that was fine, and that I might have to write a letter or two. In the meantime, I was told I had to spend $1K on e and o insurance and $500 to join the million dollar club. Then for three months I was told they were waiting for home office to sign off on my appointment. I called them and said.. is this going to happen (I also spend HOURS in training) they wouldn't even call me back. Now after well over $1500 out of pocket hours and hours of wasted time.. I still haven't heard from them. They may not have made up their mind, but I have. I would never go to work for them after the way they treated me and reading all these negative posts on here.
 1st of Feb, 2013 by   Dyingtoliveal -2 Votes
I work for jpmorgan chase. JPMORGAN CHASE N.A.! Great base salary, great benefits, they paid me a bonus 2000 for passing series lic., I don't pay for the phones (what a joke). I get a discount on my cell phone actually and almost every other thing I buy though our employee website. And we actually care about our clients bc we don't care about the short term profit of a sale as we do the long term rep of our company. We haven't been perfect but overall our profits per qt are in the B's (billions) and we actually care for ppl. Any NYL employees looking for a real career and already have series lic plz email me. I get $500 bux if u get hired, .NYL offer that with their hiiigh turn over???
 11th of May, 2013 by   worksforaliving +1 Votes
I love the people complaining. Just go on food stamps and welfare because you don' t want to work. And to the guy who works at JP Morgan and bailout...enough said.
 23rd of Jun, 2013 by   socialist -1 Votes
The fact that NYL's damage control has such a heavy presence here as well as all other forums with negative feedback towards the company, says it all. Most of us agree that an employee has to perform to reach the MDRT, etc.. The point is, NYL's shady recruiting techniques, which is why I am here, to find out why this recruiter was so eager to get me, who has no sales experience or finance background, to be an agent! Obviously if they just put a regular job ad online, they don't get many takers, if they have to go to all this trouble.
 11th of Jul, 2013 by   jdo.p +1 Votes
I too am a New York Life agent, coming from the science field to apply my skills to finance. Not only are the negative claims about New York Life here false, but the benefits are hugely underplayed. If you attended several interviews and meetings and came to these conclusions, you probably just lack the necessary learning capability to make it in a complicated industry in the first place; no offense. The company and its opportunities are the best available anywhere, both for clients and employees. Compensation is great, training is un-matched around the world, and the opportunity for success and advancement is entirely self-driven. How many people in the economy actually have full control over how much money they make, how big an impact they can have, and how far they can take their career.

On top of that, it's the oldest and strongest mutual company around, meaning profits go back to the clients and the structure and management of the company are aimed to suit the clients' best interests. Honestly, the only necessities for success here are hard work, commitment, and strong comprehension and learning ability. Good luck in your future ventures, but based on your perspective here I would recommend a less competitive industry. I'm just saying, hard work has always been a requirement when amazing success is the goal. Oh, and by the way, you always have to spend a little money to make money. It's called reality.
 24th of Jul, 2013 by   selling jersey 0 Votes
Wow! Sounds like a lot of nobody knowing what they are talking about- Recruiters are recruiters they need to hire people. Thats what they do. The difference between the people that succeed and those that do not are those who realize that they actually have to prospect in order to get paid. If you do not believe in the product you will never be good at anything you sell. Only 1 in every 10 agents survive the first 3 years - 1 reason you refuse to build a prospecting pool. I am a broker and agent for NYLIFE yes you read it correctly I am a broker (representing client best interest) and Agent (acting on behalf of an insurance company) I am independent and I utilize all resources available to me when working with MY CLIENTS. I have everything regular brokers do not have - the luxury of being contracted with the largest life insurer in the US and the option to offer every other carriers. Not every brokerage offers NYLIFE and those that do - do not offer the full product line and there may be benefits and riders not available on broker platforms which are available to agents. I have been in the business for 12 years and started my career with NYLIFE. There are similar companies Mass Mutual being one, which they share more ex agents and employees amongst each other than likely any other insurer out there. Reason - Culture is very similar. I exited my TAS contract in my second year because I refused to abide by the NYLIFE Law which was sell life insurance only that is because I am my own boss. I have a private office I operate under my own name and I am now expanding my practice to include other coverages including P&C. I am also working with a business broker to purchase an agency in another state. One thing I will always remember that my recruiter said to me - you come to the sales side for the 3 I's. You decide the order and the career does the rest. The 3 I's are INDEPENDENCE, IMPACT, INCOME and I do not care what agent you look at all three of these things were the most important and that is the defining reason for their success. For me I am successful, I do not make nearly as much money as other agents, but I do not make the least either. I have the toys I want in life, buy the things I need, choose to use credit cards do not depend on them and I do virtually what I want when I want and it allows me not only the the freedom or independence but allows me to be involved in other things like charities and doing some other good in my life for others that are less fortunate. If you walk into this business and assume you will be a millionaire wake up cause there are no free lunches and from what I have seen in my time in this field most overnight millionaires are out of the business in less than a year usually because they wrote on huge case or they did something illegal and were banned from every working in the financial arena. So if you are looking for a career in sales than I would definitely choose insurance hands down its a necessity. The need never goes away. people argue that its a pyramid scheme well I can say that everyone gets paid in insurance but I have had over 30 death claims in my short career and I can tell you that there was never an issue my largest benefit was over a million dollars and the contract was only paid for 3 years by the client with a premium of 60 dollars per month so you do the calculation. There is more ignorance on this complaint forum then anything else. The most successful independent people in the world did not sit at a job and collect a pay check for a service they provided. If you want work you can definitely earn but there are too many people that want to earn but not work. Decide which person you are and then make a decision.
 20th of Dec, 2013 by   art0402 0 Votes
Not the best company to do this through. I have been an agent with New York Life for a little over two years. I have achieved a fair amount of success in my short time including (if you have been with them you have heard of these): Career Success Award, Career Life Producer Award, Attended Career Development Conference in Dallas, TX, achieved New Org Agent of the Month for FYC AND applied cases a few times, and am an Executive Council Member). I write to try to be as fair as possible. The company, like most in this business are legal pyramid structures. The recruiters have hiring quotas - their mission is to hire as many people as possible and whoever sticks, sticks. The rest of the people that don't make it...oh well!!! If you do not make it, what did you do? You got them life insurance clients that they normally would NOT have had in the first place - they don't have to pay you renewals on them and they do not have to continue to pay your TAS contract. If you do make it, you are still subject to increasing office fees, 24/7 work ethic, not a lot of work/life balance, and, regardless of them saying they are a "full service financial firm" you are to focus your attention on Whole Life products and Annuities - as they pay the biggest commissions, make the company the most money, and lock in clients for years. If you decide to leave, you cannot take your clients with you - they belong to the company (you are an AGENT, even though they say you are in business for yourself). This means that somebody else will be calling your friends/family to try to get them to buy more insurance or convert their term insurance into whole life. If you leave the company with money on your account or ledger, they will threaten to call the creditors on your to get it back. The whole business makes a ton of money because of the pyramid thing ALL of these type of companies have going on. I hope this helps in your decision to be a New York Life agent or client.
 29th of Jun, 2014 by   whats my name 0 Votes
Its wonderful to know and read about New York Life... This New York life rept want to be all of my family monies into mutual funds so I decided to do some research about New York Life.. Any thanks for the information's

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