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Industry-leading benefits


Our equation for success is simple - the more you achieve, the more you’ll earn.

As a New York Life Agent, your income will come from multiple sources, both short-term and long-term, which reward you for your current and past sales. Additionally, your future financial security is determined by your sales skills and effort, as well as your ability to maximize sales while minimizing your expenses. In short, you determine your success.

An industry-leading benefits package

We’re pleased to offer a comprehensive package of benefits. The following is a brief overview of the total compensation package for our full-time New York Life Career Agents.1 Our Managers will discuss it in more detail with you during the interview process.

Group Plan1, 2

As a Career Agent, you can elect to cover yourself and your dependents under a diversified portfolio of benefits, including:

  • A choice of four medical options
  • Group Term Life Insurance
  • AD&D
  • Long-Term Disability
  • Dental
  • Health Care Spending Account3

Our Group Plan for Agents has no preexisting health condition limitations. Agent contributions are required in order to receive any of the coverages described above. Coverage is offered immediately when you become a full-time New York Life Career Agent, plus qualified New York Life Career Agents that meet certain age and service requirements may be eligible for subsidized retiree health, when they retire.

NYLIC Retirement Plan1

The NYLIC Retirement Plan is a defined benefit pension plan which provides monthly retirement income to eligible vested Agents. In general, a participant's monthly retirement benefit from the NYLIC Retirement Plan depends on the pensionable earnings, the age and years of service of the participant at benefit commencement and the form of payment.

401(k) Plan1

Newly-contracted Career Agents are eligible to enroll in the 401(k) savings plan for Agents, known as the Agents Progress-Sharing Investment Plan or "APSI". An Agent can make “before tax” voluntary contributions of earnings of up to 15% of first year and renewal commissions and service fees (up to Internal Revenue Code limits) deferring taxes to help minimize retirement savings. If you are deemed to be in the highly compensated category, the maximum "before tax" voluntary contribution is 7.3%.4 The APSI Plan also provides an annual discretionary Company contribution that is approved by the Company's Board of Directors. The Board of Directors determines whether to make an annual contribution and the basis on which contributions are made. Currently, Company contributions are based on a specified percentage of the net renewal commissions, net renewal premiums and cash values for each year on policies for which you are the original writing Agent. The APSI Plan provides a variety of investment options that can assist in building a retirement portfolio that reflects your financial goals. And you'll have 24-hour, Internet or toll-free telephone access to your 401(k) account to check on your progress or make changes.

1 The Company reserves the right to amend or terminate the Group Plan (including active and retiree coverages), the NYLIC Retirement Plan and the APSI Plan (and other benefit plans) at any time and for any reason. Please refer to the applicable summary plan descriptions and plan documents for complete information about these benefit plans.

2 Certain classes of Career Agents may need to meet First Year Commission production requirements in order to be eligible under the Group Plan.

3 Current class Career Agents are not eligible to participate in the Health Care Spending Account.Subject to Internal Revenue Code (IRC) limits.

4 Subject to Internal Revenue Code limits.