New York Life reviews

100% commission, must produce consistently by 6 months (they don't tell you this); required classes/meetings 20+ hours per week, including weekends; management concern is more with development of new agents - while management does not actively sell insurance (in some companies managers have their own book of business), they are recruiters and paid on their level and retention of recruits. As a result, many managers are more concerned with their recruits getting a "big" case right when they start, then training and development drops off for that agent and is re-focused on a newer agent until they submit a "big" case, and so on. Primary initial focus is entirely on getting as much money from family, friends, past co-workers, etc. ; Company charges about $200/month in fees for printer, internet, paper, materials, etc.; once registered (you must pay for all testing if do not pass, this is close to $500), your Errors and Omissions insurance is $1000 annually; the company will talk about how it is easy to make $100K per year in your first year and break it down by appointments set and average commissions, but in reality, usually 1 agent out of 100 in the New Org (agents 5 years or less) will make this amount of money - average is closer to $12,000 first year to a maximum of $50,000 over the next 4 years.

-Compensation: being a "captive agent," you take a haircut on almost everything you sell so your partner (sales manager) can get their cut for hiring you. Selling the same product on the outside broker/dealer channel is much more lucrative. Your whole comp plan is based on traditional life sales, so if you are wanting to make any money on investment products, you better have some good life insurance production. That sweetheart deal of a "training allowance" scales down over three years so if you don't have the life insurance residuals built up at the end, you're back to square one. -Lack of Support: Don't by the spiel in the interviews that you are basically signing up to be a low-cost franchisee. Besides the commission haircut, you have to pay for everything yourself... Office (cubicle), copies, health insurance, marketing materials, some additional training, even your E&O insurance. Besides core training and licensing costs, you're on your own. Don't be fooled! They really don't have as much skin in the game as they claim. If you leave, they retain your book and your residual income. -Management: The "Partners" at this company are basically just sales managers that went the management route because they were successful as agents, not because they know how to manage people. Ultimately, they want to see you do well because they make more money that way. Unfortunately, as a result of their comp structure, they will do things more to their benefit ahead of yours. If you leave it hurts their retention, but they still get paid on the old policies you wrote. If you're looking for someone to mentor you, look elsewhere. The reason someone makes a good manager at NYL is because they know how to sell people. Not all of them are bad, but proceed with caution.