New York Life Insurance Review – 175+ Years of Coverage
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Fast Facts
Wide Range of Policies:
Term life, whole life and universal
Coverage:
Starts at $10,000
Financial Strength:
Highly rated for financial stability.
Retirement Products:
Includes annuities and college savings plans.
New York Life Insurance Company is a giant within the insurance world. And while it’s been around for 175 years, the focus on customer service and stable financial ratings hasn’t waned over the long history.
When it comes to planning for the future, there are numerous life insurance products and companies available. But how do you know which one is right for your future needs? This New York Life review gives you further insight into one of the main fixtures within the insurance world.
Jump To
What is New York Life?
New York Life is a cornerstone of insurance and a mutual company. This means each year, the profits are divided between the shareholders, which is you if you’re a policyholder. The best part? The payouts have occurred in the last 170 consecutive years.
New York Life offers a wide variety of life insurance options as well as wealth and financial products, including:
- Term life insurance
- Whole life insurance
- Universal life
- Variable universal life options
- Long-term care solutions
- Annuities
- Mutual funds
- ETFs
- 529 Savings for education
- Estate planning
- Wealth management
- Small business assistance
New York Life stands out among a crowded field of competitors with its customer service ratings. The JD Power 2023 Life Insurance Study for Overall Customer Satisfaction shows that New York Life is eighth overall, well above the industry average.
New York Life excels in financial strength ratings, too. An AA+ rating from Standard & Poor and a AAA Fitch rating are two major examples. Not only did the company receive the highest AM Best rating possible, an A++, but it’s also one of only two insurance companies to receive the highest financial ratings across the board. There are 800 insurance companies, and only two have achieved this, including New York Life.
The Largest Selection Of Online Life Insurance Products Anywhere
- Under 3 minutes to get a quote - no contact info required
- Personalized recommendations from the largest selection of online life insurance products
- Full-service online insurance agency with licensed experts if you want help
How does New York Life work?
New York Life requires you to work with an insurance agent or advisor for all products, including insurance quotes and policy management. If you want an agent to assemble a proposal for you, you can go online or call customer service to request the information. The agent network is over 12,000 strong across the country.
Term life insurance
A term life insurance policy provides a death benefit, or payout, to your selected beneficiaries if you pass away during the term selected with your policy.
A term life policy from New York Life allows you to lock in your immediate protection while giving you access to features like converting to permanent life insurance. Another convenient feature is purchasing term life in yearly increments for the yearly convertible policies. You can also purchase in 10, 15, or 20-year terms if you want a level premium policy (where you maintain the same premium rate over time).
Unlike a whole-life policy, term life does not build cash value but can provide a death benefit if you pass away during the designated term.
If you currently have a term life insurance policy from New York Life, you can upgrade your term policy.
With a term policy, death benefits can be paid in a lump sum. Your beneficiaries also have the option to use the benefit to purchase an annuity for installment payments.
Whole life policies
Whole life, also called permanent policies, is for those who want to keep their policy benefits for their entire life — not a limited term.
A whole life policy from New York has two options:
- Whole Life. This policy builds cash value and allows payment and premium flexibility throughout the policy's life. Death benefit starts at $25,000.
- Custom Whole Life. A policy with a custom period where you pay your premium but still have lifetime coverage from the policy. The premium can be paid in 5 years but can’t be after age 75. Death benefit starts at $50,000.
- Whole life policies from New York Life provide a tax-deferred cash value for the policyholder that can be accessed throughout the policy's life.
Even if you no longer maintain your policy because of a cancellation or surrender, you still have access to its cash value.
Universal life policy
If you want a more flexible policy option, then a universal policy from New York Life may be a better fit for you. With this policy, you can change your policy as desired, including adjusting your premiums and coverage over the years while you’re a policyholder.
The flexibility can be very helpful if your circumstances change, but it also means you have to stay involved with your policy and can’t let it run on “auto-pilot.”
Like the whole life policies, there are three main options for universal life:
- Universal life is basic, with customizable premiums and life insurance coverage that starts at $10,000.
- A custom universal life guarantee has a premium level, but you can choose your custom payment term.
- Variable universal life insurance, where you can choose your investments and adjust based on your comfort level for risk throughout your policy. However, Variable universal life insurance products are no longer available for new sales.
- Add-ons to life insurance policies
If you need further customization, you can add riders or add-ons. New York offers several add-ons for your life insurance policies, including:
- Option to purchase paid-up additions
- Accidental death benefit option
- Disability waiver of premium option: This allows your coverage to continue as long as you’re disabled
- Children’s insurance
- Chronic care option
- Living benefits: If you are terminally ill, you’re able to receive an advance of your benefit
In addition to life insurance options, several financial products are available, such as annuities and college savings plans.
How much does New York Life cost?
Like other insurance and financial products, it’s tough to quote an exact cost for you. Many factors influence the cost of your policies or products based on age, health, coverage selected, and optional add-ons. If you have a budget, it’s best to work with a New York Life agent to stay within it.
The Largest Selection Of Online Life Insurance Products Anywhere
- Under 3 minutes to get a quote - no contact info required
- Personalized recommendations from the largest selection of online life insurance products
- Full-service online insurance agency with licensed experts if you want help
Features
In addition to the life insurance policy features, you’ll find other qualities with New York Life that will help you navigate the insurance world.
Flexible premiums within your budget
New York Life is prepared to help you pick the right product regardless of your budget or retirement goals. There are numerous policy options to build your plan exactly as needed.
Online tools
You can access the Life Insurance Needs Calculator and Retirement Calculator online for planning purposes. Both ask you a series of questions and then recommend products.
There are also numerous articles for planning, such as estate information, retirement, and small business needs.
A wide variety of policy options
Whether you choose a term life, whole life, or universal life policy, you have several options within each category. This allows you to customize insurance plans to fit your budget. The add-on options add another layer of customization, although they add costs to your policies.
Who is New York Life best for?
If customer service and financial ratings are key
If you value customer service and the security of strong financial ratings, then New York Life is a top contender.
You like walking through several policy scenarios
If you are unsure how much you need for your life insurance or retirement goals and need someone to walk you through numerous options, you'll appreciate the vast agent network.
You want options even on a limited budget
Whether you have a limited budget or money is no object, if you want to know all your options, you’ll appreciate how much New York Life offers policyholders.
Who shouldn’t use New York Life?
If you prefer to work online or through an app
If you prefer autonomy with your insurance and financial selections and want to use an online quote system, then New York Life is not your best choice.
The Largest Selection Of Online Life Insurance Products Anywhere
- Under 3 minutes to get a quote - no contact info required
- Personalized recommendations from the largest selection of online life insurance products
- Full-service online insurance agency with licensed experts if you want help
Pros and cons
Pros
- Strong financial ratings. The financial ratings of New York Life are one of the highest in the insurance industry plus a $25 billion company surplus.
- Strong customer service ratings. Both the JD Power 2023 Life Insurance Study and the BBB rating support the emphasis on customer service with positive customer service ratings among insurers.
- Variety of insurance products. No matter what your goals are or budget, there are several options for you to choose from.
Cons
- Lack of online quote or application options. For those who like to research ahead of time, you’ll find the lack of online quotes or information frustrating. If you want to apply online to get the process started then you’re out of luck. The only option you can complete online is a contact form. Once you fill it out, an agent will contact you within 48 hours to get further information from you.
- Lack of digital assets. Although you can manage your policy online once you’re a customer, New York Life doesn’t have an app for policy management on the go.
New York Life vs. competitors
New York Life offers several advantages, including the number of life insurance options compared to other insurance giants. Its customer service ratings also stand out.
Insurer | Life insurance options | Cash payouts | Online calculator | AM Best Financial Rating | BBB customer service rating |
New York Life | 4 | Yes | Yes | A++ | A- |
Pacific Life | 4 | Yes | Yes | A+ | D+ |
Northwestern Mutual | 4 | Yes | Yes | A++ | B |
Chubb Insurance | 1 | Yes | No | A++ | D- |
Pacific Life
Pacific Life Insurance is a prominent American insurance company known for offering various insurance products and financial services. Established in 1868, it has built a reputation for stability and reliability, serving individuals, families, and businesses. Pacific Life provides life insurance, annuities, and investment products to help clients achieve financial security and long-term growth.
The company emphasizes strong customer relationships and innovative solutions, ensuring clients can navigate life's uncertainties with confidence. With a legacy of over 150 years, Pacific Life continues to uphold its commitment to integrity and excellence in the financial services industry.
Northwestern Mutual
Northwestern Mutual Life Insurance is a leading American financial services company with a rich history dating back to its founding in 1857. Renowned for its financial strength and policyholder-centric approach, Northwestern Mutual offers various life insurance products, including term, whole, and universal life policies.
The company distinguishes itself through its commitment to holistic financial planning, integrating insurance solutions with investment and retirement planning services to help clients achieve long-term financial security. With a mutual company structure, Northwestern Mutual prioritizes policyholders' interests, providing dividends and benefits that enhance the value of their policies.
Chubb Insurance
Chubb Life Insurance, a division of the Chubb Group, is a globally recognized provider of life insurance and financial protection products. Known for its comprehensive coverage options and innovative solutions, Chubb Life caters to individuals, families, and businesses seeking security and peace of mind.
The company's offerings include term life, whole life, and universal life insurance policies alongside various supplemental and specialized insurance products. Chubb Life's dedication to personalized service, robust risk management, and financial strength ensures that policyholders receive reliable support and tailored solutions to meet their unique needs.
FAQs
Do I need a medical exam for a life insurance policy?
Many people put off the process of purchasing a life insurance policy because of the medical exam. And depending on the permanent coverage or term policy you choose, you may be required to get a medical exam for underwriting purposes. If at the end of your term life policy if you want to convert to a permanent one, then you can do so without a medical exam. Although you should be aware there is a fee to convert to permanent.
Should I choose whole life or a term policy?
Choosing the type of policy is based on your retirement age, your family needs, and your financial circumstances. A whole life policy is usually quite expensive, but you may have access to other benefits. Term life policies are very affordable but only provide coverage for a select number of years.
How much money can I borrow from a whole life policy?
If you need to access money from your whole life policy, you are able to borrow the amount of cash value the policy has built up at that point.
The bottom line
There’s something to be said for a company that has survived and thrived after 175 years. Through the decades, it has maintained a strong portfolio of financial products designed to fit almost any budget and plan imaginable. While New York Life may force you to work with an agent for a quote and policy creation, you can get a highly customized policy and dedicated customer service.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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