New York Life Insurance Review
You may know New York Life by the name alone. But how much do you really know about the company’s life insurance coverage, pricing, customer satisfaction and more?
In this New York Life insurance review, we’ll help you learn about the company’s life insurance business, customer reviews, financial strength ratings and more.
If you’re ready to compare life insurance companies and policies available where you live, call to chat with a licensed insurance agent who can help you compare plan costs, coverage amounts and more.
About New York Life Insurance
As one might guess, New York Life is headquartered in New York City. The company was founded in 1845 and is a mutual company, which means it is owned by its policyholders.
New York Life is the largest mutual insurer in the U.S. in terms of revenue.
What Kind of Life Insurance Does New York Life Sell?
New York Life sells term and permanent life insurance that includes traditional whole life, universal and variable universal life insurance.
New York Life Term Life Insurance
New York Life offers three types of term life insurance plans.
- Yearly Convertible: This policy is renewable every year with premiums that start out low and then increase annually each time you renew.
- Level Premium Convertible: This type of policy provides level payments for a certain length of time before transitioning to annual increases.
- Million Plus Level Term 10: These policies provide $1 million or more of coverage with level premiums for 10 years.
New York Life Whole Life Insurance
New York Life whole life insurance options include two different types of policies.
- Whole Life Insurance: This is a traditional whole life insurance policy that combines permanent coverage with cash value accumulation.
- Custom Whole Life Insurance: This type of policy allows you to customize your coverage to schedule your own payments and decide for how long you’d like to pay them.
New York Life Universal Life Insurance
Universal life insurance is more flexible than traditional whole life insurance. While universal life insurance policies are typically permanent, New York Life offers three universal life insurance plans that don’t have to be.
- Universal Life: This basic and budget-friendly policy combines long-term protection with the ability to customize your coverage amount, length and premiums.
- Custom Guarantee: With this type of policy, you can pay a set premium to maintain the coverage for as long as you want it.
- Protection Up to Age 90: This type of policy provides a minimum of $1 million of coverage for a specific length of time up to the age of 90.
New York Life Variable Universal Life Insurance
Variable universal life insurance combines permanent coverage with a cash value containing investment options. New York Life offers variable universal life insurance that include different types of investment verticals.
Can I Withdraw Money From My New York Life Insurance Policy?
With a New York Life whole life, universal life or variable universal life insurance plan, you may be able to withdraw money from the policy’s cash value. Depending on your circumstance, you may be able to gain early access to your death benefits with a particular type of policy rider.
Does New York Life Insurance Have Any Riders?
New York Life offers several optional riders that may be added to a life insurance policy to give more customized coverage. New York Life insurance riders can include:
- Accidental death: An accidental death rider provides a death benefit payout to your beneficiaries if your death is the result of an accident, which is a circumstance that can sometimes void a payout without a rider.
- Chronic care: Chronic care riders can accelerate your death benefit payout if you are diagnosed with a qualifying illness or condition.
- Disability waiver of premium: This type of rider waives your premium payments if you become disabled and unable to work.
- Living benefits: A living benefit rider allows you to use a portion of your death benefits to pay for treatment of a terminal illness.
- Paid-up additions purchase: This option allows you to increase your death benefit and build more cash value by making additional premium payments.
- Policy purchase: The New York Life policy purchase rider lets you purchase additional coverage at a future date without having to undergo an additional medical exam.
- Spouse’s paid-up: This rider allows your spouse to use your death benefit after you pass away to purchase life insurance without a medical exam.
How Much Does New York Life Insurance Cost?
As with most life insurance companies, the price of a policy from New York Life will likely depend on your gender, age, health, location, smoking status and even things like your driving record or participation in risky activities.
To compare life insurance policy costs, payout options, coverage amounts and more for life insurance plans available where you live, call to chat with a licensed insurance today or request a free quote online.
Is New York Life a Reputable Company?
New York Life has a strong record of customer services, with a rate of customer complaints that’s below the industry average according to the National Association of Insurance Commissioners’ Complaint Index Report.
New York Life has a Consumer Affairs rating of 3.9 stars out of five and an A- rating with the Better Business Bureau.
When it comes to customer satisfaction, J.D. Power’s 2021 U.S. Individual Life Insurance Study ranks New York Life 9th out of 21 companies and above the industry average for overall customer satisfaction.
New York Life Insurance Phone Number
Current New York Life insurance policy members can call the New York Life customer service phone number at 1-800-225-5695 9 a.m. to 7 p.m. ET, Monday through Friday. Plan members can call with questions about a policy, a life insurance claim or to check on the status of a claim.
How Long Does it Take New York Life to Pay Out Claims on a Life Insurance Policy?
New York Life states they will pay out death benefits within 7-10 days after receiving a death certificate and claim form, as long as the claim is incontestable.
How Is New York Life Rated?
New York Life has some of the strongest financial ratings you’ll find in the life insurance business, according to the leading credit rating agencies:1
- S&P Global (AA+)
- AM Best (AA+)
- Fitch Ratings (AAA)
- Moody’s Investors Service (Aaa)
Is New York Life Right For You?
New York Life is a large and financially stable company with a wide selection of life insurance products and riders. But because the company does not offer a glimpse into its rates, it’s hard to determine if New York Life is right for your budget and needs.
Contact a licensed insurance agent to gather up quotes for life insurance policies available in your area and find the one that’s right for you.
1 New York Life. Retrieved March 30, 2022, from https://www.newyorklife.com/who-we-are/our-story.