New York LifeConsumerAffairs Unaccredited Brand
My 94 year old dad has paid his long term care in full (about $90,000.00) and has been using his benefits for about a 1 1/2 years. We have had nothing but problems with them. The latest was that he hasn't received any weekly benefits since Christmas because they suspended his account to clear him for another year of benefits. He has been paying his nursing company $784.00 dollars a week...which is his benefit that now has not been reimbursed. $6270.00. He has exhausted all his savings and owes on credit cards. My dad is on oxygen in a wheelchair and was just placed on hospice...probably because of stress this company has given him.
GEBA and New York Life Insurance Company “BEWARE”. If you are looking for life insurance stay away from GEBA and New York Life!!! They will change the conditions of the insurance on you and there is nothing you can do about it except “lose a lot of money”. I purchased a “life insurance policy” thru GEBA in May 1994. Three years ago when I turned 65 the policy benefit was cut in half, at which time I called GEBA and talked to someone who explained the reduction schedule to me in great detail. I was thinking about cancelling when I called, but I had already invested so much money in the policy. When I was told that the reduction would stop at $20,000.00 at age 80 I decided to keep it so the family would at least get something for the money I had spent up to that point (of course I had to continue to pay premiums, which I did).
The premiums were over $200.00 quarterly ($247.00 in 2010) averaging around $1,000 a year. Since I called and was going to cancel 3 years ago they have collected another $3,000 from me. If they hadn’t guaranteed me that at age 80, as long as I continued to pay the premiums my family would get $20,000.00. I would have cancelled them right then and there. My Dad was almost 80 and mother is 90 so I hoping to reach 80. Last month GEBA sent me a letter stating that they were going to “TERMINATE COVERAGE” at age 80. So totally unfair to change a policy on someone who has paid all these years, if you want to make changes it should affect the new policyholders and they should be told up front what the policy is. I feel like I have been lied to and mislead and it has cost me thousands of dollars.
I bought whole life policy when I was about 18 years old. I paid $42.00 per month for nearly 30 years and was told every year after the original 'maturity' date that the promised cash value had not 'popped' and would not. The value was supposed to be about $80k to my recollection. I was told it was only about $4k and chose to cash it out as after dozens of phone calls, I was just given the runaround. The reason I am doing this review is a young person approached me selling one of these policies from another company. He said it would be a great investment. That I would put money in and if I didn't use the life portion, I would virtually receive my initial investment back (no interest of course). I lost tens of thousands of dollars from New York Life and would never recommend a whole life policy. Put you money in other investments and buy a term life policy. New York Life stole my money.
Their website doesn't work. First their "go green" banner froze so I could not proceed nor log out. Once I found a way around it and submitted my payment I got an error message that their computer was not working. I called but they keep banker's hours when it comes to answering the phone. There's no chat option. This is my definition of terrible service. I wish I had never bought a product from them.
My husband had a Life Insurance Policy for years and years, I know it wasn't a lot of money and it was suppose to have interest added on to it and it had the capability of being worth more than the $15,000. When he passed away, the New York Life rep was not a very nice person, he was arrogant and was totally not a good rep. He was a smart mouth and I just wanted the money and he acted like it was coming out of his pocket, I also had a policy and it started out at $15,000 and before it was done with it was only worth $4,500. I would never recommend NYL to anyone.
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My mom who has had a LTC policy since 2007 that she has been paying for in hopes that she would never used has had to file a claim after complications from kidney failure caused her to have both of her legs amputated. She has been in out of hospitals and nursing care facilities since Sept of 2016 and we provided documentation on several occasions to that fact. The bumbling of the LTC claims division is unbelievable. We should not have to continue to provide the same documentation over and over after they claimed to not have received it on multiple occasions though we have emailed it to the exact address they have provided and have read receipt confirmations.
They have subsequently only approved an over the bed table $60 under her home health care provisions of her policy but have denied a manual wheel chair $500 (not covered by Medicare) and all of her Home Instead caregiver bills stating that she had not satisfied the 20-day wait period??? Are you kidding me? The woman has spent over 4 months in nursing facilities doing various levels of rehab and we have sent them several pieces of documentation on several different occasions to show this!!! They have denied the claims and said we have to go through an appeal process. Really??? We have subsequently filed a complaint with the state of NE Insurance department which they were very also disappointed in NYL handling of her claim. So be aware that they are great when you are paying your premiums but when you have to file a claim they are hell to work with! Very disappointed policy holder of several different policies with NYL!!!
My father-in-law had a policy with NYL for a while. When he passed away, NYL processed the claim very quickly and paid covered amount to my mother-in-law. Yes, they paid and did not deny claim at the time of her need. My wife has a policy with them as well. However, the premiums are little on the high side, but I think this a company I can trust. Keep it up NYL!!!
New York Life insurance agents that I have dealt with are very knowledgeable in their business and if they don't know answers they search to someone who does. My insurance agent is so awesome. She also helped with retirement fund and give very good financial advise.
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 came to our house to commiserate with us, help us, and were always there for any questions. Agents make the company and I have had some of the best, I have out lived them. N.Y. Life is not a stock company, if you want more than term then the best value for your buck is N.Y. Life in my opinion.
I have been a policy holder since I was 14 years old. I like New York Life because it is an established company and they allow their policy holders yearly to vote on their officers, and they are the only company that I know of that offers a yearly anniversary benefit check to its policy holders.
I am very happy New York Life chose to stay a mutual company years ago when almost all other big companies were going public. As a policyholder of several of their participating policies, I qualify for and receive tax-free annual dividends rather than some stockholder who may not even be insured with New York Life. I purchased a $100K whole life policy from them 38 years ago with a quarterly premium of $464. Last policy year, I received $900 in guaranteed cash value increase and, on top of that, a yearly dividend of $6,706, or a total increase of $7,606.
Having left dividends in the policy each year, my death benefit is now $259K. Granted, dividends are not guaranteed, but this company has paid a dividend each year since 1845 and they currently have the highest financial strength ratings of the major rating agencies awarded to any US company. They are one of only two companies to receive such ratings. I could have used those dividends to pay all premiums for the past 25 or so years, but with that kind of return, I plan to continue paying them as long as I can. Hope this helps!!!
The insurance was easy to get. The premiums for the insurance is reasonable. In all I am pleased with the process and with the policy I purchased. Contacted New York Life Insurance Company about life insurance. Filled out the application and was contacted within the next week. Talked to an agent on the phone and set up payments for monthly premium. Having shopped the last few month for life insurance finding a policy that I could afford and was qualified for was a very reassuring experience.
I have not purchased any insurance yet, but it is because of what my mother is going through that I don't know if I will. I know there is no exams and it is so easy to get a plan, and as long as you pay your monthly premium diligently you are covered. That's all great, but try to collect when you need to and deserve to. All these years I have heard my mother say "your father and I are covered so well, there will be no problems." It was good to see her at such peace about the decision she had made about their coverages. It has totally turned out different for her. You see my father has passed away in 9/2015. She still has not been able to collect. One lady says she is not the beneficiary on it. Mom sent a copy, doesn't matter they don't see it. Now they need the trust information.
They never had the trust when they opened this account. All this is causing more stress and wearing her down, and it is for something she paid for with her money. Never missed a payment! Your company won't pay out, it is because of honest people like my parents that have made you so big, it saddens me that she has to go through more pain, like her husband's death wasn't enough.
Not much to say. Bought, pay monthly good till I die. NYL as good as any on the market. I bought whole life and have had the ability to borrow against it, with low interest repay. I believe the amount of insurance I have will help my wife if I pass before she does.
I believe in Term Insurance. I have held a Group Term Life insurance policy with New York Life (through the IEEE), for well over 40 years. The premiums have drifted up with my age, but life insurance is to protect the people who depend on you for financial support. Actually, I've reached the point where I've save enough that my spouse will be well taken care of. Therefore, I am torn between renewing the policy every year and letting it lapse, at a point in my life when it is far more likely to incur a payout.
I've had a term life insurance policy with New York Life for several years now. All my interactions with them have been professional and productive. New York Life is one of the most financially stable insurance companies there is. So I can rest easy and know that my family will be taken care of if the worst happens. They also have plenty of life insurance policy types to choose from.
They've been around for awhile and have a good reputation. They have multiple policy options so there is something for every budget level. They also have investment services and other money investing options. They've been serving people for over 170 years and I'm happy to say I've gotten some great deals for the family.
I took out my policy with New York Life in 1982 when I was 35 years old. At the time I was working in New York and was friends with a New York Life agent. I am now 65 years old and still have the same policy although I am no longer in touch with my once agent friend. Also due to several divorces over the years the beneficiary has also changed but my loyalty to New York Life has not. I would highly recommend New York Life to anyone who wishes to give peace of mind to those he or she loves.
I love my insurance company. They are always available to assist me in any questions I may have regarding my coverages. They are a very reputable company and I feel confident that they will meets my needs in case something arises. I have two policies with them. The monthly premiums are low enough for me to be able to afford. My insurance company is always offering me additional great deals on more policies. They answer and make me fully understand any concerns or questions I may have.
I have not any problems except agent are leaving and I am not informed of the replacement. I got this policy through my work, but I have left there many years ago. When they increase my payment and have not heard anything from the New York Life. I am trying to get more information, but I have not received.
So far with NYL we have never had any problems. They are easier to understand and fit our budget. I am satisfied with the service they are providing with us. Also when we have some questions or anything like that, they are readily and quickly available to answer our questions and fix whatever any problem that we could possibly be experiencing. There is not really much or anything at all concerning this matter that I would personally very much like to say extremely satisfyingly is that I have not really anything at all that I can say bad about NYL. They always keep what they say and fulfill their promises and policies without any tricks and such. I am very very very elated and extremely positive towards my attitude to NYL.
My Husband and I have had my life insurance company, New York Life, for more than 40 years. I have had personalized service during this entire time. When my husband passed away, they paid very quickly and I had no issues to deal with. Again the agent gave me personalized service and made a special visit to my home to help me decide how to receive the benefit I was entitled to. I did not feel pressure, but I felt informed about my different options. I would recommend this company for their policies and their service. I still have my life insurance policy and I expect my heirs will have a positive experience with this company in the future.
I had a great New York Life Insurance agent who helped me choose the life insurance I have now. The insurance he recommended meets my needs. It was easy to apply for the insurance and easy to state my beneficiaries. I was very satisfied with the process and can rely on this insurance to help my children and partner when I pass away.
Very little interaction with them to date. So far I am happy with the payments and policy terms, etc. I believe that this policy will allow for income in my later years. Not sure what else to say since I really have only set it up and made payments to date.
When the insurance was taken we went through a friend of the family. I wasn't happy about when he left the company to pursue something else and the new agent never came to introduce himself to us. There was really no follow up from the agent, but the insurance itself was pretty ok.
Excellent experience. NY life has been around for a long time. I have spoken to professionals and knowledgeable people at New York life, and have been with this company for many years. NY Life keeps me up to date and notifies me. Keeps me informed of changes and other benefits that may help.
I am new to life insurance. I found that this company had spelled out what was needed to set up the policy. I sent off the information, everything was promptly returned. Direct withdrawal was available, this made it convenient for me. I didn't have to keep up with making the payment.
The rep was very friendly, and the insurance is a great price. They took the time to explain the coverage they offer in words that I could actually understand. Any time I have a question someone is available to answer them. I really enjoy having this company. I feel special when I say that I have a policy through New York Life.
We have had New York Life for our life insurance for many years. They are very personable and polite to do business with. They do not push products that we do not need and work with us to find the best policies in our budget. They also allowed me to get life insurance for myself at a decent price, which I did not think I could get because I am a smoker and diabetic. So now I am ensured my family will have nothing to worry about when I pass. They give great advice and offer many different products. In fact we recently got mutual funds through them to help save up for retirement.
Anytime I need help or have an issue they are there. They are very pleasant and helpful. Several times I needed help paying my premium and had to borrow from the insurance to do it. It was very simple and uncomplicated. Representatives are very helpful and it took only a matter of minutes. Also were very helpful in helping me to adjust my insurance to make it more affordable for me.
New York Life expert review by Neal Frankle
New York Life Insurance Company is one of the largest life insurance companies in the world. Headquartered in New York City and founded in 1845, the company offers an array of insurance plans, as well as securities products and services.
Variety of products: The company sells a wide range of products, so customers can buy a variety of securities and insurance products in one place.
Legacy: The company has been around for more than 170 years, and its reputation as a successful and respected company has been consistently proven throughout the years its been in operation.
Award-winning company: New York Life has won a range of awards and garnered a lot of recognition, including being named as one of Fortune Magazine's Most Admired Companies in 2015.
Sustainability: The company is focused on environmental sustainability, and is dedicated to running a business that has reduced energy consumption. New York Life uses electronic communication as much as possible and they recycle, in addition to other initiatives.
New York Life Company Information
- Company Name:
- New York Life
- Year Founded:
- 51 Madison Avenue
- New York
- Postal Code:
- United States