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New York Life

New York Life

 3.7/5 (33 ratings)
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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.

Overall Satisfaction Rating

  • 5 stars
    10
  • 4 stars
    10
  • 3 stars
    5
  • 2 stars
    3
  • 1 stars
    5

Pros

  • Riders available
  • No medical exam
  • Coverage calculator

Cons

  • No online application

Bottom Line

New York Life offers term, whole, universal and variable universal life insurance coverage along with various rider options. The online calculators are easy to use. Customers must contact a financial professional to apply.

Top New York Life Reviews

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Rated with 5 stars
Verified

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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Rated with 5 stars
Verified

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.

New York Life Reviews

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How do I know I can trust these reviews about New York Life?
How do I know I can trust these reviews about New York Life?
  • 3,218,109 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: Jan. 9, 2021

They are willing to help and pay without hassle. They make sure all your needs are met. They check with you often to make sure your policy is up to date. If at anytime there are questions that need addressing they are readily available to help.

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Rated with 5 stars
Verified Reviewer
Original review: Dec. 25, 2020

I have been with New York Life for almost 30 years. I started the policy when was married. After the divorce I lowered the policy to a premium I could afford. It has grown over the year. My agent checks on me yearly. I am very satisfied with the policy.

3 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 4, 2020

    I purchased Met Life, now New York Life through my job in the early 90’s and have paid into this life insurance company and my rates have not changed. It is also a whole life so I can pull money out of it any time.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 19, 2020

    New York Life have me a policy of 100,000 for my family in case something happens to me, at reasonable prices, the prices do increase as you age, but you are guaranteed a policy here, no matter your health conditions.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Sept. 4, 2020

    Pricing was very compatible to others, easy to understand, and easy to apply. I was able to get whole life at the age of 70 for a price I could afford. Application was short and easy to fill out. With pricing spelled out.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 28, 2021

    Beware of being talked into a NY Life Annuity... At this point, I recommend knowing and understanding the answer to at least the 6 questions below before locking in an annuity. If I had known the actual growth and penalty I WOULD NOT have opted for an annuity that I would have to pay them to get a portion of my money back.

    What is the bottom line growth rate after expenses?
    Is there a Maturity Date, and When is it?
    How much money do I lose each year, if I withdraw before maturity?
    How many years do I expect to live?
    How many years before I expect to start withdrawing or needing a monthly stipend from my savings?

    What interest rate would I have to earn to exceed the amount Annuity would pay at the beginning of #5?

    In 2016 I was told my Annuity would earn 5% but in reality it ONLY earns 00.35% a year. After holding and using my $250,000 for 5 years the annuity has only grown $4,000 and they are charging me $12,000 to get $243,000 a portion of my original investment back. How it actually works is, they are charging me $7,000 to use my $250,000 for 5 years. IF I INVESTED THE $250,00 in a S&P500 index fund in August of 2016 it would be worth $510,019.93 in May of 2021. IT seems they had the opportunity to make at least $250,000 during the 5 years they had my money and are charging me $7,000 for using my money. Best Advice is to get advice from a fiduciary company you pay for advice, not an investment organization that makes their money from investments they recommend.

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    Rated with 2 stars
    Verified Reviewer
    Original review: Dec. 26, 2020

    Lousy customer service.. Very difficult to get to the right section that can do simple account maintenance items. NY Life demonstrates it has no concept of "consumer sovereignty." Business model appears to be "for every customer lost, we get five new ones so why bother with policy holder's needs?"

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 27, 2020

    I'm an independent small business, and wanted to have life and disability insurance in case something were to happen to me. I applied for insurance, and first was told I was denied because I took a "COVID test". I had to call and explain to the adjuster that I did not take a COVID test, but rather the antibody test to see if I've had it in the past. He requested I send a copy of my negative results, which I did. I didn't hear from him for weeks, and when I called back, he confirmed he hadn't changed my status from denied. I finally received my approval paperwork in the mail, but with a rider that if my disability was due to mental health, I wouldn't be covered. This was because I was prescribed a common mental health medication for a mild diagnosis that millions of Americans have.

    I've never been admitted into an outpatient/inpatient program, I'm mentally stable, and my primary care doctor prescribed my medication, not a psychiatrist. My hope is that our culture is moving in a direction to embrace mental health support, but this rider was highly disappointing that if I were to have a severe mental health issue (which I've never had in the past), I wouldn't receive assistance while I get better. I work in the mental health field, and found this to be highly discriminatory against people who have mental health history, which is the overwhelming majority of Americans.

    10 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Aug. 22, 2020

    I get my statement mailed to me every year but no other communication. Used to get personal calls to check if I was happy with solution and changes or advancements created to better suit current status.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Aug. 20, 2020

    Big stable company, variety of good options, nice, very helpful and knowledgeable agents. Fast response, only thing I did not like that they did not accept social security disability and asked too many forms to be filled out.

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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