New York Life Reviews

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About New York Life

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

New York Life offers life insurance as well as other financial services. Term and permanent policies are available, including whole, universal and variable universal life policies. With nine optional riders, customers can increase coverage, getting access to funds in case of disability, accident or market downturn.

Pros
  • Riders available
  • No medical exam
  • Coverage calculator
Cons
  • No online application

Featured Reviews

Cincinnati, OH
Verified purchase
I had questions when I first was looking for life insurance between term and whole life and when I called customer service they were very good at explaining the differences and ve...

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Chicago, Illinos
Verified purchase
Have had N.Y. Life along with my parents and three sibs for over 50 years. The passing of each person, there was a personal connection with the agent. They... were always there fo...

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About New York Life

New York Life Insurance Company sells term, whole, universal and variable universal life insurance to customers ages 18 to 64, with maximum coverage depending on your choice of plan. Use the company’s online calculators to determine coverage and retirement needs. In addition, New York Life offers other services, including wealth management, investment planning and retirement income.

To apply for New York Life life insurance, you must first get in touch with one of its financial professionals. You are asked a series of questions about your health and life insurance needs. The company does not require a medical exam.

The assigned financial professional uses your answers to determine how much life insurance coverage you qualify for and how much it will cost.

New York Life policies and coverage

New York Life offers term, whole, variable universal and universal life insurance.

  • Term life insurance: Coverage ranging from 10 to 20 years, with premiums locked in five-year increments
  • Whole life insurance: Guaranteed lifetime coverage along with a continuously growing cash value; options for paying monthly, quarterly or annually; accrued dividends
  • Variable universal life insurance: Long-term life insurance with a cash balance that has the ability to grow according to the market; customers can adjust premiums as desired
  • Universal life insurance: Long-term option for customers who are not interested in growing a cash balance

New York Life insurance riders

In addition to term and coverage plans, customers may choose to add on a variety of riders and benefits. New York Life offers:

  • Death benefit: Various options allow customers to choose how their death benefit is distributed to selected beneficiaries.
  • Chronic care: Should you become chronically ill, this rider enables you to access a death benefit tax-free.
  • Money-back option: This rider allows customers to receive a cancellation refund during certain periods.
  • Monthly deduction waiver: This rider waives certain life insurance-related fees.
  • Waiver of specified premium: If you’re unable to pay premiums for whatever reason, this option temporarily covers payments.
  • Guaranteed minimum accumulation benefit: For those accumulating a cash balance, this rider protects investments should the market fall.
  • Accidental death benefit: If you die suddenly because of an accident, this option provides an extra death benefit to your beneficiaries.
  • Living benefits: Use a portion of your death benefit to cover treatment and care if you are diagnosed with mental illness.
  • Spouse’s paid-up option: In case of your death, a spouse can use the value from your policy to receive New York Life insurance without a medical exam.

New York Life insurance cost

New York Life life insurance rates for term coverage typically fall between $25 and $90 per month. Whole life insurance premiums fall between $40 and $120 per month. New York Life insurance quotes cannot be obtained online. Instead, interested customers must fill out a form. Your information is sent to an agent who contacts you about a policy and provides cost estimates. Cost depends on your health, age and coverage needs.

If you’re unsure what coverage you need, use New York Life’s needs calculator. Answer a few questions and the calculator determines how much coverage is necessary in the short and long term. For instance, a healthy 35-year-old looking to gain coverage for a spouse and child on a salary of $50,000 needs $1,422,325 in temporary and permanent coverage, according to the calculator. Customers can choose to review more coverage options or speak to a financial professional about their results.

New York Life FAQ

Can I pay my New York Life insurance online?

Yes, customers can pay New York Life insurance premiums online.

Does New York Life require a medical exam?

No, New York Life doesn’t require a medical exam for life insurance.

Does New York Life have living benefits?

Yes, New York Life offers customers the ability to add on a living benefits rider, which allows a portion of the death benefit to pay for treatment for mental illness.

Do New York Life insurance premiums increase over time?

It depends on the type of life insurance you purchase. Permanent life insurance allows customers to enjoy a set premium for life, whereas term life insurance premiums increase every five years.

Is New York Life insurance good?

New York Life insurance is an ideal option for families looking to purchase life insurance and financial planning services in one place. With access to personal financial professionals, customers have the ability to tailor plans and additional services to their needs. Though the company offers extensive coverage information on its website, customers must speak with a financial professional to get a quote.

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New York Life Reviews

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    Customer ServicePriceStaff

    Reviewed May 7, 2025

    I have had multiple times I have had to use short term disability in the past for a surgery of some sort. First time having to use this company. Worst company I have ever had to deal with. They do not care about you or you trying to recover. All they care about is paperwork every four days that forces me to pay Dr office to send it in. You call personnel is very nice. But get used to calling cause you'll be harassing them over everything while they hold out on payments knowing you had surgery. They aren't worth the headache. Go somewhere else that actually looks out for their consumers.

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    Customer Service

    Reviewed May 7, 2025

    Literally followed everything to the T and I had to call after hearing nothing for two weeks just to be asked questions and provide paperwork I already provided for STD. I literally will NEVER use them again. They don’t respond to anything. They don’t follow up. They don’t pay you the money you give them. They never pick up the phone and they lie about timelines. I’m about to have to pull my daughter from daycare and her other services because they don’t want to get back to me while I am out of work. I am dissatisfied with this company and they are truly disgusting.

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      Staff

      Reviewed April 25, 2025

      This company has become a total rip-off!!! For 30 years I allowed them to take $30 from my account for my life insurance and that does NOT include the $2900 I front loaded at the beginning from a cancelled life insurance policy the beginning of 1992. Then less than 2 years ago they tell me they have to raise my monthly premium to $68.34 per month. NOW they tell me that they have to increase my premium to $136.50 or they will let my policy expire!!! What the hell have they been doing with all my premiums over the last 33 years??? Stock market has gone through the roof over this time. Cut their ridiculously high salaries and get rid of the extra staff.

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      Punctuality & Speed

      Reviewed April 23, 2025

      I applied for life insurance and thought it sounded too good to be true but couldn't figure out why. Well they have a so-called contest ability period of two years. If you die they can deny the money by connecting the death to a question you answered on initial application. Stay away from this company and go with a company that has a two year graded death wait. At least at the end of that time there's no question. They complain about fraudsters and they found a way to be one themselves. Thank goodness I found out before I wasted valuable time.

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      Customer ServiceStaff

      Reviewed April 22, 2025

      This has been the worst experience I’ve ever had. My employer uses NYL for Short Term Disability claims, and I began dealing with them in February 2025. Since then, no one has proactively communicated with me about the status of my claim. I’ve had to do all the legwork myself just to ensure representatives were working on my case in time for payment. For the past three months, I’ve called this company twice a week to follow up. My claim has been passed around to four different representatives since February, and not one of them has reached out to me. Every time I call, I’m told a callback request will be submitted—but not once have I received a return call. This company is, without a doubt, the most unprofessional, unsympathetic, and disorganized organization I’ve ever dealt with.

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      Customer ServicePunctuality & Speed

      Reviewed April 9, 2025

      Raise a concern regarding the lack of communication from the analyst assigned to my case. Throughout this process, I have not received a single phone call or direct outreach from her regarding important updates. Instead, I am left to discover the status of my case a day or two later—after receiving a letter in the mail that she considers her form of communication. I find this lack of timely and direct communication both frustrating and unacceptable, especially considering the importance of the matter at hand. Clear and prompt communication should be a standard part of the support provided.

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      Customer Service

      Reviewed April 8, 2025

      This has got to be the absolute worst company ever. I have used them several times for disability claims through my job. The first claim manager Mr. **, took his time and done nothing, and was rude. So I just opened a claim on March 18th 2025, and I asked for a different one. I am convinced that no one in that place works. My claim manager Lakisha has done nothing, and it's still under review since March 18th. So I have asked to speak to her supervisor, Alex M. I have left her several voicemail, she never answers the phone, nor does she ever return her calls. In the meantime, I am not getting paid, and they don't care. I called today, and after getting the runaround, as I asked to speak to a different Supervisor, all they did was "we'll escalated the call." Really? So if you have a choice, do not use this company.

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      Customer ServiceStaff

      Reviewed April 8, 2025

      This company, New York Life was recommended by a friend so I took the plunge. Months later, I had not received any communications on my investment. I reached out to my friend to find out what was going on...Soon after, a meeting was set up. I entered the meeting to find the room full of People. SO apologetic, blah blah blah...to this date, I have not heard from this company since meeting. Almost a year.

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      Staff

      Reviewed April 4, 2025

      My company provided LTD coverage through NYL. They have been totally uncooperative and absolutely dishonest. Unfortunately they are regulated by ERiSA which gives them the legal right to deny claims for any reason, despite conclusive evidence that the claim is valid. It's just a numbers game to them - their business model relies on people just giving up.

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      Customer ServiceOnline & App

      Reviewed March 29, 2025

      They are the worst company I have ever dealt with!!!! They don't return phone calls. I have three new doctors to report. It's been over 90 days and they said that my case would be reviewed and final decision in 90 days. I have two letters with decision due dates and no decisions been made. I can't seem to get on the app because the app said I don't exist. I created an account. They can't find my account with my ID number, they can't find my account with my Social, app doesn't work so I can't follow any forms if there is any forms I need to file. Worst experience of my life is dealing with them. Nobody returns the phone calls.!!!!

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      New York Life Company Information

      Company Name:
      New York Life
      Year Founded:
      1845
      Address:
      51 Madison Avenue
      City:
      New York
      State/Province:
      NY
      Postal Code:
      10010
      Country:
      United States
      Website:
      www.newyorklife.com