New York Life Insurance

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Established in 1845, New York Life is the largest mutual insurance provider in the United States. They have the highest financial ratings, an A++ from A.M. Best, an AAA from Fitch, Aaa from Moody’s and an AA+ from Standard & Poor’s. New York Life is known for its innovation; they were the first insurance providers to introduce cash dividend payments to policyholders and non-forfeiture options. 

The company employs over 12,000 people and has assets worth over $15 billion. They were recognized by Forbes as America’s Best Employers for Diversity in 2019, with 40% of the workforce being people of color and 54% women. Since it is a mutual company, New York Life is owned by policyholders. Clients who purchase certain policies can vote in board elections and have a share of the annual dividends. New York Life will be paying around $2 billion in dividends in 2020. 

New York Insurance offers various life insurance products, long term care, retirement care, annuities, mutual funds, etc. They provide the following life insurance products. 

New York Life Term Life Insurance

A term life insurance policy offers you protection for a set period of time. New York Life offers term life policies for a time period of 10, 15, and 20 years. They offer the following term life policies.

Yearly Convertible Term

The Yearly Convertible Term policy does not have fixed premium rates. You can renew your term life policy every year without sharing any health information. You can renew this policy until you turn 90. Every time you renew your term life policy, the premium rates are increased at a guaranteed amount for ten years. This insurance policy is available to clients between the ages of 15 and 75. It offers minimum coverage of $250,000.

Level Premium Convertible Term

This is a standard term life policy. The Level Premium Convertible Term policy offers protection between 5 and 20 years. The age limit for a five year Level Premium Convertible Term policy is 15 to 75 and 15 to 65 for any other term length. The premiums for this policy are fixed, and you can even convert it to a permanent life policy during the first ten years. This policy offers a minimum face value of $100,000. Like the Yearly Convertible Term, you can renew the policy until you are 90, but your premiums will increase every time. 

New York Life Term Insurance Riders

You can purchase the following insurance riders with a term life policy from New York Life. 

  • Yearly convertible term rider
  • Spouse’s paid-up insurance purchase option
  • Policy purchase option
  • Living benefits rider 
  • Level premium convertible term five rider
  • Extension of conversion period option
  • Disability waiver of premium
  • Children’s insurance
  • Accidental death benefit

New York Life Whole Life Insurance

A whole life insurance offers protection for as long as you live, so it never expires, the premiums never change, and you get cash value. You can even qualify for their annual dividends with a whole life insurance policy. New York Life offers three types of whole life policies: a standard whole life policy, a custom whole life policy, and a value whole life policy. All three are similar in that they offer level premiums, lifetime protection, accumulate cash value at a guaranteed rate, and qualify you for dividends. They only difference is the rate at which the cash value builds and payment schedules. 

Standard Whole Life Policy

A standard whole life policy is available to clients between the ages of 0 and 90 with the death benefit of:

  • $50,000 if you are below 18
  • $25,000 if you are above 18
  • $100,000 if you are over 18 and in a preferred risk class

Value Whole Life policy

A value whole life policy allows you to pay lower premiums for a lower rate of return of cash value. This policy does not have a minimum death benefit, but the minimum annual premium is around $20,000. 

Custom Whole Life policy

New York Life’s custom whole life policy allows you to adjust the time over which you want to pay your premiums. This policy is available to clients under the age of 70 and offers a minimum coverage of $50,000.

New York Life Whole Life Insurance Riders

A whole life policy from New York Life allows you to purchase the following insurance riders:

  • Accidental Death Benefit
  • Children’s Insurance
  • Child Protection Benefit
  • Chronic Care
  • Waiver of Premium

New York Life Universal Life Insurance

A universal life policy offers the advantages of adjustable premiums and death benefits. This policy is available to customers between the ages of 0 and 90 and provides a minimum death benefit of $250,000. 

New York Life Variable Universal Life Insurance

A variable life insurance policy offers flexible coverage and premiums and allows you to invest your cash value. New York Life offers this policy to clients below the age of 80 and offers a minimum coverage of $50,000.

New York Life Reviews

The company is trusted by its clients to pay any claims as it is one of the largest insurance providers and is financially stable. New York Life mostly sells its policies through insurance agents, most customers had positive reviews, finding the agents very helpful and non-pressuring, but some found them giving misleading information. According to the Center for Insurance Policy and Research, New York Life had 73 complaints during a year, and most of them were regarding delays and denials of claims.

J.D Power classified New York Life’s customer satisfaction as below. It was ranked eight among the 24 companies in the survey.

 

Customer satisfaction category

New York Life’s score

Overall satisfaction

Better than most

Policy offerings

Better than most

Price

Better than most

Billing and payment

About average

Interaction

About average

Communication

About average

Application process

Better than most

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