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1.8 34 Reviews

New York Life Complaints Summary

7 Resolved
27 Unresolved
Our verdict: When using services from New York Life with a poor resolution rate, be vigilant. Understand the common pitfalls other customers have faced. Prepare thoroughly for any interactions with their customer service, and consider alternative solutions if your issues are not addressed satisfactorily.
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New York Life reviews & complaints 34

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3:46 pm EST

New York Life life insurance

When I did not go ahead with finalizing an interview for a policy and never made an apt with their nurse, for my daughter, the company already cashed my check for $687.69!.
I was promised to be reimbursed within 14 days
I was sent a letter by dake hubbard (total jerk) stating that I would have the money electronically put back into my checking account
I had the salesman tell me that a check was being sent out as we texted each other
Both lied
It has been over a month now going on 7 weeks since they took my money!
Pinhead hubbard refuses to answer the 4 messages that I have left on his phoneline!
The salesman blames the delay on someone else
Today is march 1 and I still have not received my refund!
They take your money and they will not give it back
Next step is legal action and I will be asking for reimburement of all my legal fees to recover my money

4687.69.

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7:36 am EDT

New York Life Agent/Financial Service Professional Position

First of All, I have been with NYL for 14 years and cannot be more proud to be with a company that supports its agents. New York Life is not out there scamming any one. I have been blessed to have helped close to 2300 of my clients in all areas from insurance, retirement, college, and business succession planning. I have delivered checks vital to protecting families after they lost someone significant to their family. We help protect against secondary losses. The people who complain in this board should go visit a bereavement center to find out what happens to all these families that are grieving and did not have life insurance. The severe impact they have for the REST of their life. All of you that complain why you don't make it because you did not put in the effort and feel NYL is responsible for your failure should feel ashamed. NYL is not there to give you charity payment to not work. You are hired to be your OWN BUSINESS OWNER . NYL selects you and decides to put $170, 000 to develop you in three years to represent them. It is not 100% Straight Commission for there is subsidies, expense allowance, bonuses, residual income. Straight commission only means you get paid one time like a realtor or a mortgage broker. Now I make well into the mid six digit range and personally know three people in my office at NYL that make 7 digit incomes and it all comes from our hard work and reaching out people from all types of markets. This is from helping individuals from all income ranges, business owners, or wealth management/estate tax planning. If you are lucky enough to get an opportunity to work with NYL, you should be thrilled due to the positive impacts you can make on others by helping them build, protect, and preserve assets and the income opportunity it has for you and your family. By the way, I'm not just anyone on the street, I am a Rice University Graduate for all of you that says they are hiring just everyone. There is also no pyramid scheme where everyone shares your commissions like some of these comments I saw earlier. Evidently they don't know how to read a contract and therefore should not have made it to the last interview for discussion. Good Luck Everyone!

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disappointed79
DALLAS, US
Mar 02, 2023 9:40 pm EST
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run away... far far away

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Btvs510
, US
Sep 05, 2016 7:50 am EDT

Thanks for the review. Do you have any advice for new agents. Especially thone trying to work outside their natural markets.

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12:54 pm EDT

New York Life Employer

Don't work for this company. New York Life will use you to gain a few policy's, company does nothing for its new agents in regards to getting them leads. A lot of the partners in the company were never agents themselves... how can you have somebody that never worked as an agent themselves come and try to train people to be agents. Company will make you work a 12 hour day commute an hour and not get home til late in the evening all for them to tell you that the policy is declined and they are taking back your pay. Don't expect a base salary from this company they don't care if you worked a 40 to 50 hour week without compensating you for all the rejection you have to deal with on their behalf. Grimy Company, Grimy Greedy people running it that spend their meetings talking to you about how great they are when this is valuable work time. Meetings are roughly 10 hrs a week for your first year. The first interview you have with them they tell you we expect you to fail. What does that say about the people managing it. The only reason they are allowed to get away with what they do is due to the fact that they are under an agency system which means the company will allow you to work without a pay and not care. Underwriting Department is a total disgrace filled with a bunch of ugly people that will hold up your cases for months to the point where clients don't want to deal with you anymore. I wouldn't call this a 95% percent failure rate " in their terms ", it is 95% of people leave because they don't like working for crooks that treat their employees like slaves for their own benefit. Don't ever work here.

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9:49 am EDT

New York Life Not paying

My mother passed away august 14.2025, I submitted the claim form etc ...one month later they are waiting on paperwork from hospital... I called hospital records they informed me they submitted all paperwork requested. I still have not heard from them. Though my mom passed within the contestable period she didn't die of a pre existing condition. I think I'll get an attorney, because several people have told me they are scammers.

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NoMasAARP
, US
Oct 26, 2017 10:16 am EDT

Another testament of how NY Life "screws a customers" not-with-standing a legal contractual obligation to pay. And they have a great marketing strategy- AARP- which seduces customers for them willing knowing NY Life has not demonstrated to be a reliable firm as complaints are on the rise. We need a class action suit against both as they are in collusion to defraud customers or so is appears.

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9:10 am EDT
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New York Life Scam by Agent John Wilbanks

My mentally and physically disabled husband was scammed of his life savings by one John Wilbanks, who "blesses me with God". My husband entered into a contract with Alcor Cryopreservation. He was catastrophically ill, and therefore the contract is null and void. He is also buried, so they scammed his life savings to be cryopreserved, and he is buried. He has been in the ground since June 15, 2015, so he cannot even be "cryopreserved", so the "contract" is triply invalid and fake. Mr. Willbanks has been "sending the check in the mail" for going on three months. He also took the check from New York Life, to go to me as his widow, yet he has pocketed the check.

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1:37 pm EST
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New York Life Ledger deductions

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. 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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LivLively
, US
Jun 22, 2016 4:03 am EDT

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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1:28 am EDT
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New York Life Deceptive Business Practices & Management

Steer Clear of this company New York Life Greater Oregon Agency. Over the course of 5 years I have seen abusive behaviors as it relates to agents and clients in terms of manipulation and intimidation. Blake McKinney has demonstrated on various scales of just how incompetent he truly is in managing an agency and being in a leadership position. In the time I have been able to recognize his behaviors that caused damage to both agents reputations, and clients understanding of what they are purchasing when it comes to life insurance and or annuities.

Blake McKinney believes through causing financial hardship, intimidation and harassment he can get utter control over agents with out consequence or causing himself damage. Apparently, Blake McKinney has burned through his recent batch of agents and is now back on the prowl again to recruit more agents through 'Mass Mailings' to licensed agents. If you have done your do diligence and have been reading this complaint and have 'Googled' New York Life Complaints you will begin to see a picture being painted about this guy and his agency. In order to run an agency you need to have integrity which Blake McKinney is severely lacking because he likes to: falsify untrue statements about individuals by tainting licenses; sending unsubstantiated bills to agents after they resign; intimidation agents to resign to avoid unemployment claims against New York Life; amplifying situations by using local authorities to harass agents; using intimidation to get agents to falsify information about agents that my be unraveling his overall scams and tactics.

Folks if your looking for an opportunity look to other insurance companies to become truly independent without working for anyone company. If you work for one company your stay will be short and you will lose moral. The last thing you want to do is work with a company like New York Life, and have to apologize for working for this company. Blake McKinney will make you look like a jerk to anyone and everyone you've every done business with if you confront the BS and standup for yourself, and from what I have seen everyone eventually becomes a victim when they leave his office. Clients spare your money and your time, and whatever you do demand an illustration from your agents when it comes to Universal Life Policies; and run from an agent that sells you a 1 year annual renewal policy. Not that it's a bad policy but you need to ask what the intentions are, because if you are not planning on converting your policy within a year your wasting your time and money. Avoid agents that don't show the illustrations on Universal Life and are telling you to pay the minimum amounts, the agent may have intentions for maximizing their own commissions and the policy will and can crash. Good luck to any ### that works for this jerk!

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NoMasAARP
, US
Oct 26, 2017 10:10 am EDT

I have my own complaint against NY Life... and their collusion with AARP which acts as a marketing agent for NY Life. I am screwed also currently by NY Life.. as they obfuscate a policy servicing request. They take money in very efficiently and then with hold funds when one tries to secure a payout. NY LIfe should be sued along with AARP for Annuity and Insurance contract violations. Buyers beware.. of both AARP and NY Life.

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8:09 am EST
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New York Life Employment misleading/discrimination

I was contacted by a recruiter and by the general manager. After through a series of employment verifications, I was hired as an agent, being promised by the general manager who reviewed New York Life documentation that I would earn $125k per year following the model (as was the same with many other new agents).

After 9 months as an agent, New York Life had found a way to continually charge me as an agent for more and more office space charges, additional licensing that wasn't needed, and I ended up owing New York Life more than I had made. I had to load their software giving the company FULL access to everything on that computer (so I purchased a computer solely dedicated to NYL).

I witnessed and/or experienced within the 9 months, management sexually harassing women, harassing gay agents which I reported and no investigation was done, spreading false poor financial information about agents that had resigned, and I personally had to endure a senior agent discriminating against African American clients and prospects, with the approval of management.

The managing partner and development manager required me to work on a case of a 90 year old man that had requested an agent. I resigned in part because they were insisting that I find a way to move his $500, 000 life savings and investments into New York Life policies, without him having any representative present, which is illegal.

The general manager has manipulated my resignation to show a later day of resigning from the company, so they have added additional charges, client policy reversals, but will not pay commissions that came on, and adding over $500 of additional costs to my ledger 60 days after my resignation and threatening via letters with taking me to creditors. My repeated requests to meet with the new general manager have been refused, and one manager did his own investigation, responding with their verification of me now owing over $600, 90 days after I resigned.

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Kinson
, US
Apr 22, 2016 5:46 am EDT

Again, a little exaggeration. Too non-specific as to product or what is meant by representation. Tell me specifics if you want me to believe the story. I know the insurance business isn't for some, but to slam a whole company for the ignorane of a few( if true) is unfair. I could call the CEO and get action if I knew there were unethical things going on. But one needs to be more specific to be valid, in my humble opinion

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Kinson
, US
Apr 22, 2016 5:37 am EDT

As a 29.45 year independent agent, affiliated with New York Life I find most of the characterization of NYL to have some kernel of fact. There are a few bad apples in every organization, but I know the culture at NYL isn't as painted. Some agents have written business to get upfront commissions and if the business doesn't stick I'm sure they may find N.Y.State law would require payback as well as a new agent is told this in beginning. I've never heard of company not explaining a debt. It is clearly notated on the ledger statement. I've never seen a deduction not coded or described. Period. Yes, I know there have been jerks in wrong positions over the years. Yes I've reported a few bad practices by agents. But I repeat, It isn't wired by corporate office to have unethical dealings. Quite the contrary. Yes, being a business ownerhas costs and risks. But this is a business and a company like NYL does not have highest ratings from all rating services because it tries to fool anyone; agent or client. Some sour grapes have slipped into this "complaint" I'm thinking

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Blueboxhater
Eugene, US
Sep 20, 2013 4:38 am EDT

This sounds like dejavu and it's obvious this behavior of management is preapproved by corporate. This exact same thing happened in Oregon offices except our manager was Blake McKinney, the word needs to get out about this company. Just about everyone I have known that left that company ended up with a bill that New York Life would not justify or explain on paper. I believe the bills they send out is a last ditch effort for them to still act like they are in control and to put the screws to your wallet. Don't pay the bill it's a scam several agents have found this out.

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6:26 am EDT
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New York Life bad product

In 1992, I purchased their 150K whole life insurance based on their overly optimistic estimate:
pay premium for 11 years and at 70 the death benefit is 272, 955
In 1996, the revised (still overly optimistic) estimate is like this:
pay premium for 14 years and at 70 the death benefit is 206, 102
In 2006, the revised (yet overly optimistic) estimate is like this:
pay premium for 17 years and at 70 the death benefit is 164, 474
This year, the revised (don't know what to say) estimate is like this:
pay premium for 20 years and at 70 the death benefit is 154, 766
Needless to say, I feel cheated. Is this a good product? For them, not me!

OK, enough for the destruction part, now the construction part.

Here I give you two examples of using the 1, 628 annual premium through out the same period.

1. Save the money for yourself by buying 30-year US Treauary bond.

1992: 1628 * (1+0.0729*20) = 4001

1993: 1628 * (1+0.0633*19) = 3585

1994: 1628 * (1+0.0756*18) = 3843

1995: 1628 * (1+0.06906*17) = 3539

1996: 1628 * (1+0.06768*16) = 3390

1997: 1628 * (1+0.06445*15) = 3201

1998: 1628 * (1+0.0559*14) = 2902

1999: 1628 * (1+0.06113*13) = 2921

2000: 1628 * (1+0.05688*12) = 2739

2001: 1628 * (1+0.05472*11) = 2607

2002: 1628 * (1+0.05472*10) = 2518 (reuse 2001 rate)

2003: 1628 * (1+0.05472*9) = 2429 (reuse 2001 rate)

2004: 1628 * (1+0.05472*8) = 2340 (reuse 2001 rate)

2005: 1628 * (1+0.05472*7) = 2251 (reuse 2001 rate)

2006: 1628 * (1+0.05039*6) = 2120

2007: 1628 * (1+0.05*5) = 2035

2008: 1628 * (1+0.04585*4) = 1926

2009: 1628 * (1+0.0448*3) = 1846

2010: 1628 * (1+0.0389*2) = 1754

2011: 1628 * (1+0.03629) = 1687

To simplify calculation, the interest earned from the bond remains in cash.

After 20 years, the total is 53, 634

Note that there is no death protection in this scheme.

2. Put 1, 200 into 30-year US Treauary bond and use remaining 428 to buy 30-year term life insurance.

I check the web: for 32-year old healthy male, 500K 30-year term: Prudential 415, MetLife 489

Plug 1, 200 to above formula and you get 41, 287 plus 500K protection for 30 years

Remark

* I choose US Treauary bond as example assuming it won't default

* You can verify the interest rate from http://www.treasurydirect.gov/RI/OFAuctions?form=ndnld&typese/c=bonds

* for consistent reason I use the avg rate reported in August

* some years no new bond is issued, so I use previous year rate

* Tax is NOT factored in

For comparison, my New York Life number for this year is: cash value 41, 846, death benefit 171, 680

Conclusion: if you need to have insurance coverage, either DIY i.e. follow example 2, or find an insurance company that can outperform it.
In another word, don't let insurance company just take your money, they have to earn it.

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Knowldge is power
, US
Sep 12, 2018 5:29 am EDT
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Can any one give a reason why the client need to pay longer and longer premium for his WL policy?

If the story is true, how to explain it?

Knowledge is a power. We will see who is a sham.

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proudamerican1948
Greenville, US
Nov 16, 2011 4:30 pm EST

Sir I would love to see your actual policy. What your saying is absolutely incorrect and inaccurate, or you do not actually have a whole life policy. It's very interesting that you are advocating a particular insurance company and seem to be very intelligent. Assuming you are as intelligent as you seem then (assuming the NYL WL was as bad as you said it is) why did you stay in it for so long if you knew the above mentioned information? I believe that you are lying... NYL did not have a set term WL product until the last 4 years, and no other company has a WL product that you can actually set your own terms like NYL (all of which you would have known being your so smart right?). Perhaps you were illustrated that it would be "paid up" however I doubt that in such a short period of time. I also do not believe the declining figures in which you boast simply bc I too am a NYL policy holder and have been for quite a long time and have had quite the opposite experience of what you are saying. Also if you have a 30 term product w/ metlife how much of that money will you ever get back? NONE of it, and chances are that since it is a term product it will never pay a death claim bc only about 1-2% of all term products ever pay a death benefit. You sir are a sham.

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5:36 pm EDT
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New York Life Unsolicited mail

I have received close to a dozen mailings soliciting mortgage insurance. I have called and asked them to stop the mailings. I was told that they obtained my information from a courthouse list, that close to 100 agents review that list and they could not stop the mailings. I am very frustrated by this and will never do business with this company.

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7:49 pm EDT
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New York Life rep's unformed about own policy and procedures

New York Life Not Reliable
to Give Correct Advice regarding Life Insurance and Death Benefit Process

I know nothing about insurance death or dying and ask customer service specialist or company agents for advice guiding me through the process of helping me help my Grandma prepare for death. I have a lot to juggle since I chose to be my grandma's power of attorney as in home care assistant. My Grandma died peacefully and comfortably in my home Sept 20 2010 2:16 am. Thanks to the valiant efforts of the Rose Room Hospice I was able to get all of Grandma's end of life paperwork and made the necessary arrangements to have new York life pay for her funeral costs so I could feel comfortable that when the time came that I wouldn’t have any problem or hassles’ with grammas burial. I was instructed to call New York life and make sure my everything was in order and to let them know that grandma's death benefit would be utilized to pay for her funeral cost. Again, I will state that I do not know anything about the process of arranging life insurance to pay for funeral cost and so I asked the funeral home what they would need as well as ask New York Life respective what I would need to do to make sure that my Grandma's Policy would go to the funeral home that I request. I stated that the I had already chose a funeral home and they said they would need a copy of the policy which one be sent to me since I did not have a copy of one. I ask if all information was correct and show me as someone who could assign my grandmothers policy. The representative stated that she would be a send me a copy of something as well as a form the funeral home could utilize in order to bill them for the service rendered. I ask they need to send that directly to the funeral home because they were already aware that I was using my Grandma's NY life insurance Policy for their service. I stated I wanted to make sure everything was done now so i wouldn’t have the additional stresses of billing placing and paperwork when my Grandma passed away. I was assured that she was sending me what I needed to give the funeral home and it was unnecessary for her to send anything to them specifically at this time. I also asked if there was anything else I need to do to insure this process went smoothly. I was assured I was properly documented to destitute my grandmas benefits.

My Grandma died yesterday and they funeral home came prominently as arranged I was told that I would complete the paperwork for death cert ect when I came to the funeral home and that it was customary to give me a day to two to morn before I had to finalize my Grandma's Death.
I was able to cope with the loss of my Grandma the phone calls to relatives and felt secure in the fact I prearrange all of grandma's end of life needs.

Until I was told by the funeral home that New York Life did not recognized them as a designated payee of her policy or myself as authorized individual to direct my grandmas end of life benefits’. I have no other money. I relied upon new York to pay them the amount of what the costs were when Grandma's Death occurred. I am now suck speaking to new York life representatives who's goal is to try and tell me how i did not request to be a beneficiary and even and they had no record that the funeral home i choose was a beneficiary. I said state there must be some mistake. I called I made sure I had everything in place prior to her death. That stated the forms I should have signed the changes I should have made were not on file. I was confused I was sure that I had asked that very question to the last agent I spoke to. I gave her all the information I had and change the mailing addresses. I told her I need to make sure everything was correct because I did not have an copy of the policy, I was assured they had my power of attorney on file and that all my request were taken care of.

Apparently when new York life assures you that your policies will be paid you better make sure you get an immediate written confirmation from them stating that they promise that they really do have all the forms and all the paperwork properly fill out filed as per the conversation or you are out of luck.

I don’t have the money to even my Grandma and I have one day to figure out how I am able to pay or I start getting fined storage charges for grandma's body until new York life decides who is the living beneficiary of the policy.

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New York Life Sold Unsuitable Product

Single, childless woman charges that New York Life Insurance agent and documentation at fault in sale of “unsuitable” Variable Annuity with a Guaranteed Death Benefit with the blessing of the Washington State Insurance Commissioners Office.

According to the St of WA Office of the Insurance Commissioner Mike Kreidler:
Even though this policy did not provide a minimum guaranteed fixed interest rate, it is perfectly acceptable for New York Life Insurance to state in the Policy: “Minimum Guaranteed Fixed Interest Rate: 3%.” The policy holder should have known that this was an Option explained elsewhere.

According to the Office of the Insurance Commissioner Mike Kreidler:
It is perfectly acceptable for the Guaranteed Death Benefit feature and its costs to be excluded from the Policy because it is covered in the Prospectus. The consumer should have known that this feature and its costs referred to as "Mortality and Expense Risk" were part of what was purchased by reading about them in the Prospectus.

According to the Office of Mike Kreidler:
It is perfectly acceptable that the “Free Look Provision” (the 10 days you have to cancel with no penalty) only refers to the reviewing the policy and does not inform the consumer that the policy is not a complete or exclusive description of the products purchased and their related costs. The consumer should know that key information is only contained in the Prospectus.

According to the Office of Mike Kreidler:
It is perfectly acceptable for the consumer to be required to refer to both the Prospectus and the Policy to determine the products, features, and costs of products being purchased.

Additionally, when an Agent meets with a customer, they review the parts of the prospectus that apply to the annuity(ies) and features they are recommending. However, the customer is asked to sign a Client Profile that states, “I/We have read and understood the prospectus and above disclosure …..” This information is then used against the consumer in the event of a dispute.

I have been fighting this for over a year and a half and they all still maintain that (1) any misunderstanding of their documentation is the sole responsibility of the consumer; (2) they are convinced that consumers can read and understand the documentation independent of an Agent; (3) the documents from New York Life clearly specify the products and related costs being purchased.

Am I alone in thinking that they are placing an unfair burden on the consumer to understand industry specific terms and concepts spread across three documents totally over 100 pages? Is it too much to ask for a summary of what you bought and what it cost?

Am I alone in thinking that you need an agent to translate: “The charge equals 1.60% (annualized) of the daily average Variable Accumulative Value for the New York Life Premium Plus Variable Annuity and 1.75% (annualized) of the daily average Variable Accumulative Value for the New York Life Premium Plus II Variable Annuity” (From Page 12 of the Prospectus explaining Mortality & Risk Expense that I was supposed to know was part of the Guaranteed Death Benefit included in my purchase but left out of the Policy.)

It really shouldn’t matter that New York Life and the Office of the Insurance Commissioner don’t think the documentation is incomprehensible. It should matter what consumers believe.

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MichaelWu
, US
May 09, 2013 5:14 pm EDT

I have a similar case against Citigroup who sells unsuitable investment product for Prudential. Neither Prudential nor Citigroup trained sales rep. and allowed sales rep to make a lot of misstatements at the time of recommendations, Said sales rep did not give us the prospectus at the time of recommendation as documented in her record to Prudential on April 16, 2010 but misrepresented again on March 20, 2012 that she gave us the prospectus at the time of recommendations. She also misrepresented that benefit fees are rider charges by Prudential for the guaranteed 6% growth at the time of recommendation and in Dec. 2011 but said on March 20, 2012 that said benefit fees are actually her great compensation from Prudential. On the Prudential side, Prudential uses unregistered funds, commingled funds, and a deceptive device to transfer assets from accounts of Variable Annuity (VA) customers to accounts of Prudential Insurance Company of America (PICA) based on switching via two-sided, self-hedging trade misallocation scheme after the equity markets closed. More specifically, PICA gave Pruco Life Insurance Company (Pruco, the issuer of VA) shares of variable insurance trusts (VITs), which are unregistered funds of PICA, when the equity markets declined to inflate account values of VA customers and then took equivalent value of registered funds in the form of shares from underlying "Chosen Investment Options" sub-accounts of VA customers when the unit prices were lower. When the equity markets improved, PICA took VIT shares back from Pruco and gave less shares back to underlying "Chosen Investment Options" sub-accounts of VA customers when the unit prices were higher. Said VIT shares were owned by Pruco because PICA can only sell private Broker-Dealer self-Offerings (VITs) to a limit number of investors and cannot advertize it to general public but were smuggled in unregistered separate sub-accounts of all VA customers long after VA customers signed the contracts. PICA is the trust of Prudential Series Funds whose shareholder is Prudential Financial, Inc. (PFI, NYSE Ticker "PRU"). PFI has projected annual income amount (i.e., predetermined ROE) and asks PICA to meet PFI's capital need. PICA employs a groundbreaking defined benefit risk transfer (DBRT) scheme based on the projected annual income amount and the performance of the equity markets to determine when and how much assets needed to be transferred from accounts of VA customers to accounts of PICA. Assets, which were transferred out of accounts of VA customers were inflated by shares of VITs, which were owned by Pruco but were put in unregistered separate sub-accounts of VA customers. The difference between the numbers of shares, which were transferred from VA customers to PICA when the equity markets declined, and the numbers of shares, which were transferred from PICA back to VA s when the equity markets improved, were the revenue of PICA, which became ROE of PFI (NYSE ticker "PRU") and, therefore, bonus of Prudential executive officers and dividends of PRU shareholders. Besides, PICA pocketed dividends of underlying mutual funds, which belongs to VA customers, for the past years and Prudential said that no VA issuer gave dividends to their VA customers. PICA has transferred about $30B of assets from accounts of VA customers to accounts of PICA from 2007 to 2012 (i.e, $1B for 2007, $2B for 2008, $3B for 2009, $4B for 2010, $10B for 2011, and $10B for 2012).

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Carl Crentsky
LaSalle, US
Nov 26, 2010 5:44 am EST

NY Life has quite a few complaints like this. I once was a NY Life agent and I later went on to work in the IT industry.

I recently purchased through YourLifeSolution.com, it was very fast and easy and it only took about 30 days to get approved. I found Eric Smith to be professional and honestly he makes me want to say forget NY Life

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New York Life Do not give them any of your time or money

NY life is a very dishonest company. Do not give them any of your time or money. I have had nothing but problems with them. from the local agents to the headquarters, no one within the company will reveal any info, any direct questions, or put you in touch when any form of real authority to resolve any kind of issue. they miscategorized my rating, took 3 monthes to recognize it, renigged on the re evaluation and charged me the whole time. they wont refund dime one of my money "because I was insured the whole time". I get official NYLife letters with NO DATE, NO POSTMARK and NO SPECIFIC INFO - and I mean NONE. any phone number they put it takes days to get someone to answer it and then everything has to go through the head office underwriting of which you cannot contact diretly. DO NOT BUY ANYTHING FROM THEM... NOTHING its up to the state commissionor now. advise to anyone that is going to complain to NYLife, get a phone recorder and log everything every day. you wont beleive what these guys will put you through. they mentally wear you out by switching supervisors and making you retell the story because "they havent heard that yet".

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New York Life Awful company

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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Adam Lane
, US
Mar 11, 2024 5:18 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

For 6 months I had a whole life policy paying 200 per month. The policy for the 6 months kept showing no value and after 6 months the policy had 0 value. They could never provide any facts on why the money was at 0 value. I attempted to cancel the policy but they continued to bill me monthly even at after I provided csncelation in writing.

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Michelle Temple
, US
Nov 20, 2018 1:10 am EST

Purchased life insurance and company using every excuse to delay payment

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TCMa
, US
Oct 22, 2018 1:14 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Do they supply you with a W-2 or a 1099 your 1st year as an agent?

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Iria Roseling
, US
Apr 21, 2017 9:48 am EDT

Anyone could let me know whats the criteria for the background with NYL...I have a clean record, pass all the interviews and they withdraw my application.

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Jay Weinstein
, US
Sep 07, 2016 11:04 am EDT

If you have a license come work for me, I'll get you selling 5-10 contracts per week sitting in your underwear at home
making 1500 per day that's what I do! don't mess with these big captive companies

Thats how I started and it works for some but is a very out -dated old -school style of selling insurance to Ma and Ma over the kitchen table.

if you want to hit the road I can get you 10 leads per week and pay you a better comp and an advances as well either way with highly competitive carries
call me anytime
Jay Weinstein [protected]

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Pedro Soto
, US
Aug 18, 2016 5:35 am EDT

It was my first go around in the interview process. I was told I would get an email message that would determine if I would get a call for the second interview. I didn't get the second call. I feel it was due to my unfortunate moments in life. I came from the Navy with hidden scars that you get when you participate in war to only to find envy within my society from what I have accomplished. These hidden problems, physical problems, and envy for what I accomplished created problems for me that were to far for me to understand. Regardless, I went on a unknown experience and I had no idea what was experiencing. I went above and beyond in doing my job in the Navy. Just think I earned two positions. An engineer position and an aircraft mechanic position.

I really thought I would get this comfortable job. But, I had a criminal record that I was working on getting removed from my record. In veterans court you receive treatment and you get your criminal record cleared. It really is beneficial for veterans. It just takes time before you see results within yourself. This is only determined by how much you can understand. I thank NY life for the interview. I will say, “thank you”.

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pnaymom1975
Fresno, US
Jul 12, 2016 6:11 am EDT

I don't have a complaint yet. But i just want to ask questions. I got a second interview with New York Life Insurance company her ein Fresno, ca., I just want to know if i should call him back after doing a marketing survey . I have some people's name and numbers. Hope that someone can help me out. Give me a full details on what else to expect when i call him back on Wednesday 05/21/2014. I have heard lots of different negative and positive of it. How hard is it to get hired for this company and to work for them. Since i never been to a type like this of selling stuff.

Please help me out.
Thank you

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W.r. Hall
, US
Mar 25, 2016 7:55 am EDT

I would like to share my experience. In 2010, I graduated from a state school Cum Laude in Economics, feeling that meant something. In reality, I couldn't get a job as a teller in a bank. I took a job as a truck driver, and kept getting my resume out in the marketplace.

In 2011, a wealth manager that I interviewed with suggested that I look at New York Life. I was incredulous. The thought of me starting in the industry by selling life insurance seemed impossible.

I have been with New York Life for 5 years. I have a good practice, lots of licenses, and I am immersed in studies to sit for my CFP. Unlike my previous vocations, I am paid what I am worth. With the birth of my son in 2015, I took parental leave. When my mother took ill, I took over child care duties for a few months while we looked at daycares.

Is it an easy career? No it isn't.

Have I struggled? Yes, I certainly have.

Is the work environment highly accountable? Yes, especially for someone as easy going as me.

But I will posit this to you... Where else in America can I make such a highly positive impact on people's lives and live my life how I want to live? There have been weeks where I have thought about just giving up. Do you know what keeps me going? The clients..: I cannot abandon my clients.

I love NYLIC. There is an inherit goodness in the company, in my general office, and in the work that I do. I came into the business with next to no local contacts (I am from out of state). I am amazed in the things that I have built here, and I am pleasantly surprised by the great business I have placed.

Sincerely,
~Bill

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MIKE2100
, US
May 30, 2015 12:43 pm EDT

Does not pay employees. Asks new hires sign a contract after two weeks giving up the right to compensation. Uses the contract to get out of paying wages.

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referals
, US
Jan 14, 2016 9:28 pm EST
Verified customer This comment was posted by a verified customer. Learn more

I worked for New York Life for about 4 years. I wrote a lot of apps: life insurance, annuities, mutual funds, etc. I worked hard but never made much money. I know a few people that have had success but that is a very small percentage of the people. None of the people that started around the same time I did are still in the business. The industry has around a 90% failure rate. New York Life's retention rate is slightly higher. Check the stats. Of the life insurance companies out there, NYL is a good one, but this career is not for the majority of people. I accumulated a lot of debt during these 4 years. Took me a long time to pay these debts off. I should have gotten out much sooner. This is nothing like property/casualty insurance. People don't come to you. You have to feel comfortable being an aggressive salesman. If you don't, don't take this job!

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