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New York Life Insurance CompanyLedger deductions

Lh Dec 29, 2014 Tucson, AZ Review updated:

I am a former agent of New York Life Insurance Company. In my opinion, this type of work is best suited for single people or people still living at home. To be a first year agent, while supporting a family, is nearly impossible. This job is 100% commission based with no base pay. Automatic ledger deductions each month include: parking, cubicle rental, use of phone and internet, use of paper, coffee, and all other administration expenses. In the case that a customer cancels a policy (even if it is months down the road) you get a "reversal" Basically, they take back the money they paid you. It is very difficult to dig yourself out of a negative balance. And during this time, ledger deductions continue to take place. I led the region in most life cases sold in a year.See the Top 10 Worst Complaints in Tucson, AZ I was very successful. I did everything asked. I booked 10 appointments/week consistantly. Unfortunately, I had a bad streak with cancellations. I woke up with a negative ledger. For 3 months, I worked hard to dig myself out of the hole. All this time, not receiving a paycheck. So I left the company and found a job with commission plus base pay. I am not a hater. But I wish New York Life would take it easy on first year agents. It has been 8 months since I have quit and I just received a letter from New York Life Tucson General Office threatening to take me to court for a negative ledger of $700 that I still owe. I do not recommend New York Life Insurance Company. There are many other companies that sell the same products for much cheaper (and they offer a base pay).

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Comments

  • Li
      Jun 22, 2016

    What other companies did you interview with that offer base pay? I have met with 4 different companies (including New York Life), none offer base pay except one. This company will immediately terminate your contract if you do not meet quota for 3 consecutive months. The other 2 companies all have a similar pay and fee structure as New York Life.

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