New York Life Insurance Sucks Customer Reviews and Feedback

From Everything.Sucks

New York Life Insurance Company (NYLIC) is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #71 on the 2019 Fortune 500 list of the largest United States corporations by total revenue. NYLIC has about $593 billion in total assets under management, and more than $25 billion in surplus and AVR. In 2007, NYL...

Here is a famous scandal of this insurance company. There was man called, Schwartz who also owned the investment firm The Schwartz Group and worked as a registered representative of New York Life. “New York Life was on notice early on that Schwartz was not the trustworthy, rule-following man New York Life had made him out to be,” the annuities lawsuit alleges. “Still they delayed terminating him, and when they did finally fire him, they did nothing to alert Schwartz’s clients, the security regulators, or the public in general about Schwartz’s many misdeeds, which allowed Schwartz and RAS (& Associates) to continue the Ponzi scheme until the summer of 2013 to the financial ruin of many of Schwartz’s trusting clients.”

An investigation into Schwartz and his practices began in early 2011 by lead investigator Tom Nolen. According to the annuities fraud lawsuit, “Mr. Nolen found that Richard A. Schwartz was violating numerous company and industry rules. Mr. Nolen determined that Schwartz should be terminated for his misdeeds. Nevertheless, there was a faction within New York Life that did not want to terminate Schwartz because of his production. Greed apparently won out as Schwartz was not terminated until about 14 months later.” This represents the illicit activities of New York LIfe Insurance.

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Former Employee - Insurance Agent says

"Management is horrible and needs to change"

Former Employee - Agent says

"Unstructured training schedule, you are expected to generate all leads once you pass state exam and do not get any compensation until you sell something to a personal contact"

Former Employee - Corporate Vice President says

"Conservative in nature. Risk adverse. Many approvals needed. Top down approach. If diversity is important to you, look at the diversity of senior leaders or lack thereof to make an informed decision. Technology has improved but there is still much room for improvement. I was not an actuary and found getting promoted to be challenging."

Former Employee - Agent says

"0 base salary and takes forever to get going and make any real money."

Former Employee - Registered Representative says

"cut throat. other agents will coordinate to relieve you of your leads if you're not aggressively possessive of the fruits of your labor. one of their new customer models is to mine the new incoming agents for their own rollovers etc.. and then families and friends. If you're not a high producer they get your personal business as well as friends and family's business in order to maintain your contract status. then as your leads dry up and your income falls they let you go due to not meeting minimum req. managers steer business to top producers instead of cultivating incoming agents. if you don't produce enough right away they don't have time for you."

Current Employee - Insurance Sales Agent says

"Recruiting partners tells lies to try and sell you on a dream. They then ask you to only focus on you selling to your friends and family as fast as possible so they can get paid. Will pretend to help you but usually tries to force the most expensive option on your clients knowing that any issues are the agent's responsibility."

Former Employee - Anonymous Employee says

"The company claims to be a beacon of morality and humanity but certainly doesn’t act that way. It’s very much an old boy’s club. Very few women in senior management positions and men are promoted at a much higher rate than women. Women are also held to much higher standards than men and are fired or punished for behavior that is tolerated (even celebrated) when a man does the same or worse. They talk about valuing diversity but actions are not consistent with who they claim to be. HR is ineffective and complicit in this so there is really no other recourse but to leave and warn others. Find yourself a company that will truly value and respect you."

sound counsel to senior business & IT leaders (Former Employee) says

"People have been there for a while are killing any new ideas. Management is part of it. Big racism in the mix and covered by paying few black people to cover up for their norm discriminationFlexible timeDiscrimination against black and Indians"

CVP Operations (Former Employee) says

"Executive leadership is terrible. This is for the Tampa office. There are two main leaders who are just terrible people (G and V). They create hostileCompany outside of V’s control is decentLeadership."

Agent (Former Employee) says

"I never recommend this as a career move. It will destroy your finance, credit and worse your marriage. They will lie and tell you what ever you want to hear to suck you in like vampires."

New York Life Agent (Former Employee) says

"the established agents make the money you are just Canon fodder gladly left and went back to law enforcement I would highly recommend another profession endless pointless meetings"

Train and Coach New Agents on Organization Tools and Sales Techniques (Former Employee) says

"Poor Management & Leadership. Commission only, rely of family and friends to get your career moving. Very little support from upper management. Never again"

Agent (Former Employee) says

"Stay away from this company , don’t wast your time , they will bankrupt you, no money , they will use you till the extreme and if you don’t make the money they want you are out."

Agent (Former Employee) says

"Unless you can live off of no money the first 2 years because everything you make goes toward the business. Then you cannot write anything off because you are a w2 employee. Be very careful and understand whatFlexible scheduleTime you need to spend In Your business but it’s not really your business"

UX Front End Developer & Designer (Former Employee) says

"Because some uninformed moron decided to click a link and exposed them to everyone, security runs the place now. Want something done or need something to enhance your job... no dice! It is amazingly fustrating. The place still runs on Windows 7 due to security reasons. Forget cross team sharing, really limited what I needed to get done. There were some good eggs there but I'd stay away from the Marketing Dept. all together."

Agent (Former Employee) says

"All smoke and mirrors. Nice employees and staff, unreal expectations. Management gets you on board by promising you a salary of $150,000+ . Sounds too good to be true and it is."

Agent/Advisor (Current Employee) says

"Poor training, no help from management and disrespectful support staff. The greater Washington office was a horrible place to work. No chance for advancement only looking for agents to sign friends and familySome moneyHorrible place to work"

Trainee (Former Employee) says

"Once again, this is NOT a management position. It is an attempt at getting more agents and accounts. They get you to agree to 30k to start, generate 10 clients on your own ( which is not easy), then do not deliver on the higher salaryNoneEverything"

Life Insurance Agent (Former Employee) says

"Do not do it unless you have money to start. You are just a number at the end of the day. They over work the employees with short breaks and this a commission only based job. If you have bills to pay good luck."

Seasonal Data Entry Clerk (Former Employee) says

"When I was brought on as a data entry operator I was told the position would last AT LEAST a year. From day one we were sent home hours early, sometimes as soon as we arrived because the mailroom and the data entry room seem to have different ideas of how to work cohesively. After 4 weeks of half hearted training by the "regulars" Training that was done improperly intentionally for their own job security, those of us who were temps started disappearing while the work piled up. After 6 weeks into my promised year I was released. The only people kept were the originals and it was never explained why - with all the work piling in and the regulars NOT working late. Shady company."

Agent (Former Employee) says

"New York Life is number 1, everything else is a line of lies! Management only cares about numbers! No one teaches! Training sucks! Swim or sink technique!"

Agent and Registered Representative (Former Employee) says

"New York Life is an excellent, Fortune 100 company with a nearly perfect COMDEX score. Their ethics are superior and the overall culture of the company is outstanding. The San Diego office is a disaster with inept, sadistic management. It's a horrible place to work.Training expensesNo guarantees"

Analyst (Former Employee) says

"Unethical working environment, bad corporate culture, lack of support and understanding from management for work-life balance. Environment is full of hostility and retaliation if you do something wrong, no coaching and management lack of managing skills."

Registered Representative (Former Employee) says

"No support from management, lack of honesty and integrity At the interviews you are told all the good things but working there, no proper training and experienced agents are allowed up to 50 percent of your commission if the sale goes through There are hidden expenses no onneed be tell you about until you see that you owe"

Representative, Customer Service (Former Employee) says

"There was a lot of discouragement and unfairness working in my department. The people who worked really hard would not be compensated. The people who was barely even around would get promotions one after another while others don't get anything. You work hard and they will make sure not to promote you just so you have to work even harder to think you would even get promoted. I learned that management only cares about their bonuses. The top higher up once got really angry at the team and held a meeting & the exact words was, "I did not reach my goals because of all of you". Having leadership stating that just means you are selfish, doesn't understand team effort nor how to take care of your team. Also it was mentioned, :if you don't want to be here, you can leave." So people were leaving left and right yet management got ANGRY at that. Why so angry when you TOLD us to do so? Too funny and ironic. Well, there's always karma! Good luck to whoever ends up there."

Insurance Agent (Former Employee) says

"Typical sales job with emphasis on selling policies. Salary is 100% commision based. Difficult job to do if you don't know people to contact. Insurance sales is not a good field to start in after relocating to a new city."

Life Insurance Agent (Former Employee) says

"The partners here are terrible. They think they are better than everyone else in the office. They insult people on the basis of race and they inspect everyone’s work to see what is there contribution. Every single one of the partners should be questioned on the basis of integrity, honesty, and good judgement. The senior partner is especially a crook."

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