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The rudest agent - Connie ** from Houston. Scolding family members, hang up client phone call, underestimate client value and reluctant listen to client. As a result, stop dealing with this agent. Wasting money and time with her!
I was trying to set up an annuity with them and we went through all the details and set everything up with their agent and I wrote them a check and they cashed it. We went through the entire process and then some later they said sorry they are going to reject me from getting an annuity because my income is too low. It was a one time lump sum I was giving them so they could invest it for my retirement. They cashed the check and they knew the money was good. I don't understand why my income matters in the slightest, as they already had my payment upfront and they would never be any payments from me in the future. They take all their money as percentage of the money made on the investments in the annuity. So I don't at all understand how they could deny me for not having enough income when it is entirely irrelevant to the annuity.
I would understand it, if they thought I was giving them too much money for my income level, and they suspected I was cheating on my taxes, or was working off the books in something illegal and they didn't want part in that, but that isn't the case. I filed all the paperwork to show where the money was coming from and that wasn't the issue. The issue is they said my income is too low for the annuity I wanted, even though it was a one time payment on my part and I would never be required to add money to it.
I guess they just think they're too good for my money, or they are not interested in my business as they don't think they can upsell me on other services in the future. I don't know. They didn't really bother to explain their reasons to me. Either way I am very disappointed in their company and if they don't want my money I guess I will go else where.
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If you read the reviews of this company, you will find a trend. Reasonable well-rated by people who have not actually made claim on a policy, very poorly rated by people who have. My experience with a Long Term Care policy fits the profile perfectly. The company has good customer service until the claim is made, then NYL will play every angle to avoid paying, responses will become glacial, and new conditions will be introduced. The company has not embraced modern technology and can only communicate by phone/fax (but is unwilling to make an international call). I strongly recommend anyone considering an insurance product go elsewhere. The security NYL offers is a mirage and you will have to fight for every penny in benefits. Amy ** is my Lead Care Coordinator and has proven to be a caricature of everything that is bad within the insurance industry.
I was a customer for over 20 years. Over that time their customer service was far below average but I signed up for a policy when I was in my 20s and kept paying it despite very infrequent status updates. Now in my 40s I have much better insurance and no need for the old policy. I have tried 3x to cancel it and surrender my policy to get the cash value funds. They give you the run around when you call and make you fill out a paper form that they only accept by fax or mail. How they can do business like that in today's age of technology is astounding.
After faxing the form 3 times and not being mailed a check I am livid. The longer they hold off on sending you a check the lower amount they pay out as the cash value keeps decreasing. This is obviously an intentional policy. They won't give you the name or contact number for anyone specific and the only way I was able to get a "request for callback" was to tell them I would be leaving multiple online reviews. Save yourself time and hassle by NOT doing business with New York Life. This is obviously an intentional practice to defraud former customers of funds. I will be reporting to the consumer affairs division along with BBB.
My Annuity account continually lost value of several years and my account manager was removed from my account because he shared my personal financial information with a new account to which I referred. My business partner informed of this and I filed a complaint. I was transferred to another account manager in Dallas, Texas and had to beg for services and advice. When the Account manager was out of town there was no backup and she would not respond, leaving it to her assistant. When I had "timely" requests for withdrawals, I was simply told to fill out their withdrawal form, which is a legal document that required interpretation and explanation. I requested that and was simply told to use it. I would NOT recommend NY Life as I even had to cancel my life insurance policy because of the increasing fees and exclusions that pop-up when it suits NY Life. I am 75 and have used NY Life for over 30 years and it was a bust for me!
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Their promised refund took weeks to process and I was misled three times on when refund check would be mailed. Even sent bogus UPS tracking number as part of delaying process. They are not above lying.
I have had a bad experience dealing with New York Life. I have put in my money monthly. I call to get the billing changed and they still deduct from my bank account without authorization and put me in the red. Any changes I need to do are always messed up with this company.
I applied for whole life insurance thru the agent that handles my annuity with them. (That's another story.) I had to go for a medical checkup thru them & answer the usual medical questions. Over 20 yrs. ago I had hepatitis (The Baby Boomer problem). I received treatment & was cured of my hepatitis. I had been periodically checked thru the next few years & had no recurrence. Now they also had access to my medical records but claimed that I never had follow up testing which is **. Anyway my agent asked if I'd be willing to do some more blood work to prove I no longer had hepatitis, I agreed, of course it came back negative.
Now after 20 yrs & a test I'm apparently still a risk? So anyone that has had Baby Boomer Hepatitis can't get whole life insurance anywhere. (I say this because I ran into the same problem with numerous other companies, I can't even list them all.) Because of that I figured that as long as NYL had my business for another product I might have better luck. Obviously not even when I agreed to have more blood work to prove my health was good. Most people would have refused especially after a 20 yr. span with no Hep in sight. This in no way reflects on my agent who actually spoke with them about it, even he couldn't fathom that kind of reasoning. (Is that reasoning???)
Anyway if you aren't completely healthy & have never had ANY medical problems in your WHOLE life you shouldn't waste your time with this company whether you're searching for whole life or term insurance, especially judging by the rest of the reviews on this company's customer service on anything relating to insurance, either getting it or getting them to honor their policies, when needed.
My 94 yo mother passed away this April. She and my dad had a policy that should have provided a $2000 claim at the time of her passing. When I provided a death certificate to New York Life, I received a letter stating she lived beyond the average lifespan. So, if you are a client of New York Life and live a long life, this company feels you don't deserve a funeral? Shame on this heartless company!
MBA, Tiverton RI
My husband bought whole life insurance and he does not understand much English, so I called Vietnamese agent from New York Life Company to come to our house to help us fill out form and we trust on that agent. He also wanted to sell my husband disabilities insurance and said just a couple dollars more per month. My husband agreed to buy from him while life and disability. He asked my husband when I was sitting next to my husband. "Do you smoke?" So my husband said, "Yes, but quit about 5 years ago." "Any alcohol?" My husband said “yes” but occasionally with friends for party. That agent doesn’t ask any further questions and fill out the rest and ask my husband to sign a form.
Couple months later, my husband had stroke and I trying to fill disability for my husband. They said they have to review the case . About 5 months later, (May 29, 2019) they told my husband his insurance will be canceled because my husband gave incorrect answer. Reason: the question asked, "At age 18 or over, has insured ever used tobacco, nicotine or any nicotine substitution product in any form?" And blaming was answered: No by my husband.
This is a scam company, because I was there with my husband. Their agent asked question in Vietnamese due to my husband doesn’t understand much English. He didn’t asked exactly like that. He just asked my husband in Vietnamese, “Did you ever smoke?" My husband said, ”Yes, but quitted about 5 years ago.“ Now until I filed a claim for my husband, they denied a claimed and told us their decision to cancel my husband insurance. This is a scam and blaming on us for incorrect answer. I will talk to this agent to give us a wrong information when helped us fill out a questions, and if still denying, I will find a lawyer to fight for customer rights.
New York Life expert review by Neal Frankle
New York Life offers life insurance, investment products, retirement income and long-term care solutions. It also provides services to assist with planning for retirement.
Life insurance policies: Select from term and whole life insurance policies. Universal life and variable universal life policies are also available in some states.
Traditional solutions: NYL’s long-term care insurance plans can be bundled or customized, depending on your needs and budget.
Combination solutions: Combination or hybrid insurance plans give you long-term care benefits, a death benefit or both.
Investment options: New York Life also offers mutual funds, exchange traded funds (ETFs), annuities and 529 plans.
Premier services: Premier services are available for small businesses, estate planning and wealth management.
New York Life Company Information
- Company Name:
- New York Life
- Year Founded:
- 51 Madison Avenue
- New York
- Postal Code:
- United States
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