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New York Life Insurance Review
By Quinlan Grim MONEY RESEARCH COLLECTIVE
New York Life is among the oldest and most established names in the life insurance industry. If you’re looking for the best life insurance for your peace of mind, New York Life might have a policy that fits your needs.
New to life insurance? Check out our guide on life insurance for beginners to get an idea of what you’re looking for. Then read on for an honest overview of New York Life’s policies, pros and cons.
New York Life Insurance overview
New York Life is a big name in the market for life insurance. It has a high financial strength rating and pays out dividends to policyholders across the country.
While it is one of the more expensive life insurance companies on the market, New York Life offers dependable policies that will build cash value over time.
New York Life Insurance coverage
Let’s take a closer look at New York Life Insurance company’s coverage options. Like most major insurance providers, New York Life offers a variety of plans, including term, universal and whole life insurance.
What a New York Life Insurance plan offers
A life insurance plan with New York Life offers financial security and stability. This isn’t a life insurance startup or alternative investment opportunity — it’s a well-established life insurer. Like other life insurance companies, New York Life offers strong long-term policies with plenty of riders. Through AARP, New York Life Insurance helps retired people access a dependable plan.
What a New York Life Insurance plan doesn’t offer
New York Life offers very little information about its plans online. To get a quote, you’ll have to talk to New York Life’s financial professionals over the phone or in person.
This company also isn’t the best for low-cost plans. Life insurance with New York Life is an investment, not a quick solution. Premiums vary depending on your location, life history, health and other factors, but you should be prepared to invest a bit more for your entry to life insurance with New York Life.
Types of coverage plan options available
New York Life is fairly standard in terms of the variety of coverage it offers. Here’s a brief look at the types of life insurance plans available.
Term
New York Life offers three term life insurance plans. One cool feature to mention here: all these plans come with the option to convert to permanent life insurance policies later on.
- Yearly Convertible Term: This policy starts with a low monthly premium, then grows with your income to eventually become a permanent policy.
- Level Premium Convertible Term 10-20: As the life policyholder, you can choose between a 10- or 20-year term.
- Million Plus Level Term 10: This 10-year policy is designed for people who need over $1 million in coverage.
If you’re unsure if a term policy is right for you, check out our guide on what term life insurance is to learn more.
Whole
A whole life insurance policy lasts for the policyholder’s entire life. You can buy a whole life policy at any stage of life, but these plans generally require a medical exam (look into what no-exam life insurance is if you’re interested in a policy without an exam).
For whole life insurance, New York Life offers:
- Standard whole life policy: Coverage gains cash value throughout your life and can be used to supplement retirement.
- Custom whole life policy: A decent option if you want to customize your plan, pay off premiums early or adjust your cash value limit.
Universal
Unlike whole life insurance, universal insurance policies are designed to meet each policyholder’s needs and come with flexible death benefit options. These are the universal insurance policies offered by New York Life:
- Standard universal policy: Gains cash value and can be customized in terms of death benefit, coverage length and premium.
- Custom guarantee: Doesn’t gain cash value. Comes with a fixed premium and guaranteed death benefit.
- Protection up to age 90: Offers up to $1 million in coverage up to age 90.
Variable Universal
Finally, New York Life offers a variable universal policy, which allows you to invest in mutual insurance companies, stocks and bonds. This is a good option for someone interested in diversified investment approaches.
New York Life Insurance accessibility
While New York Life Insurance stands out for its dependability and financial strength, it has some flaws in terms of its accessibility. Here’s what you need to know.
Contact information
The best way to learn more about your life insurance with New York Life is to contact your insurance agent — if you have one.
If not, you can reach New York life through its customer service line. The line is only available during business hours, which might make it tricky for life policy owners who are busy professionals or reside overseas.
Availability
While New York Life AARP Insurance is available in all 50 states, plan options vary based on location. You’ll have to talk to an agent to find out what’s available in your region.
Rider options
New York Life offers a range of policy riders, including a disability waiver, long-term care insurance and a return-of-premium rider to adapt your policy to fit your life circumstances.
New York Life Insurance customer satisfaction
New York Life Insurance reviews are generally positive. Of course, no company is perfect. Although it receives some complaints for a lack of accessibility, New York Life’s customer satisfaction is pretty standard compared to other life insurance companies.
Third-party ratings
For financial strength, New York Life gets A ratings across the board: an A++ from AM Best, AAA from Fitch Ratings and AA+ from Standard & Poor’s. The only below-standard third-party rating we could find for this company was with the BBB, which gave it a B- for its response to customer complaints.
Customer reviews and complaints
Reviews of New York Life Insurance customer service are average, with 3.7 out of 5 stars on Consumer Affairs.
Giving back
The New York Life Foundation has donated over $360 million to charitable causes since 1979. The foundation offers bereavement and educational resources for youth, and it recently founded an initiative to give back to communities affected by the pandemic.
New York Life Insurance FAQs
How we evaluated New York Life Insurance services
We evaluated New York Life in comparison to other companies based on its plan features, availability, accessibility and customer satisfaction.
Summary of New York Life Insurance review
Like all big life decisions, buying a life insurance charter or policy is a big step that will look a little different for everyone.
If you’re looking for a simplified no-exam policy or want to easily access your policy online, New York Life insurance might not be right for you. There are plenty of alternatives out there, from Globe Life Insurance Company of New York to boutique investment firms.
That said, for the peace of mind that comes with a stable policy and broad coverage, New York Life is a trustworthy company to consider.
