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Why does New York Life Insurance Company need this information for employment?

I am in the hiring process with New York Life Insurance Company and they had me fill out a background check resume packet in which they asked for my parents household income and liabilities since I am stilling living with them. In addition to that they require any previous employments within the last 10 years and they said that since I do not have 10 years of employment packet to include middle and high school information since those were within the past 10 years. I do not know if this is their standard policy or if this is standard for the background resume. Any thoughts would be greatly appreciated. Thanks.

Public Comments

1. Income and liabilities I don't feel are standard. I don't know what is up with that. I have never been asked that when going for a job. As far as last 10 years of experience or schooling, yes that is standard.
2. It's getting very common now to do background and credit checks because it is almost impossible to get references these days. Companies are afraid that they will get sued if they say anything bad, so they don't say anything at all. This leaves the hiring company to do extensive background checks to make sure that they are not hiring a thief or other type of problem. With the questions about income and liabilities they are trying to decide if you are a security risk. If you are not in desperate financial condition, you are less likely to steal or sell information. A lot of companies do credit checks for the same reason. I think it is a bit over the top for them to get credit information on your parents because your parents are not the ones applying to work there. But I can't think of a law that would prevent them for asking for it and you will have to comply if you want the job. Good luck!
3. You will be working with confidential customer information, some of it Fiscal, much of it personal so the Insurance Company is entitled to know as much about you as they wish. They are hiring. they set the standard and no one is twisting your arm to go to work for them.