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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 & Cons
- Riders available
- No medical exam
- Coverage calculator
- No online application
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.
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...Read full review
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...Read full review
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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Reviewed Nov. 4, 2023
Last week I have been meeting with their agent Mr **. Nice guy and all. I told him what it is I needed. I also told him that I have a financial manager and she will need to approve it. He offered me good whole life but he only offered whole life that was good for him. Not me the customer. He never once mentioned secure wealth plus. My manager told me if they don't mention this to you they are not not have your best interest at hand. It wasn't until I brought it up in our third meeting then he was like ooo yeah well. By that time I was like nope. I'll move on to the next.
Reviewed Oct. 24, 2023
I am strongly recommend do not buy this company insurance because they give you very difficult times to approve your disability. Denied many times. Even though they paid you. They tried to trick you about paperwork and they will make you pay them back. You must very carefully to deal with this company when you buy their insurance.
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Reviewed Aug. 2, 2023
Reviewed Aug. 2, 2023
I had a stroke and had the policy for it but they refused to pay. I was diagnosed with a stroke at 2 of Mississippi top hospitals. Refused say their staff didn’t agree with my doctors had. I worked for a worldwide medical organization and had a stroke coverage I paid for every 2 weeks. I had worked for this company over 20 years. Had a stroke at work. Had a hard time getting benefits that I had paid for including short term disability.
Reviewed July 9, 2023
I work for a big healthcare system. Need to file FMLA and short term disability for 4 weeks for health issues. I have spoken already 5 times to 5 different agents and receiving different answers on how to go about it. I was supposedly to receive a claim number within 12-24 hours of starting the claim so I could upload documents. It has been 3 days and no claim showing on the portal. They also wanted me to have my doctor fill out DIFFERENT papers than they asked the first time. Needless to say, my doctor is not happy, I am not happy and I am just being given the runaround.
Reviewed June 28, 2023
I took our an Flex Annuity with New York Life Canada in March 1988. This annuity matures in 2030. I checked on it recently to find out they have no record of it. Apparently my annuity was sold to another company in 1994. Nothing was ever told to me that this was happening. The new company has no record of it either. I've made 17 calls and 4 emails to date to New York Life and they are doing nothing. I'm being told it was sold. The other Company said it was not. Since I received nothing from New York life that shows a transfer happened, I can only conclude that it was not. They have my money for 35 years, worth much more today. This was for my retirement. I'm devastated. They don't care, I feel like I've been robbed.
Reviewed May 19, 2023
The whole claim process is horrible. I clearly had a 100% disability. I submitted claim and over 50 pages of dr notes, test, etc. It went days under review with the run around. Then they supposedly had their nurses review which said I was not disabled. I was going to have a lawyer take over claim. The next day case manager said he talked with supervisor reviewed and it was approved. I requested copy of policy. I never received. I had been told one thing by one person and another by others about how and when I would receive payment.
It’s been 20 days since approval and still no payment. I don’t know anywhere in the world it takes over 10 days to receive a check. In all they just don’t want to pay their clients and take their time when I pay for a service that is needed especially in this time. It’s hard to focus on getting better when you have to fight for what you’re entitled to. This company definitely causes a financial burden when in a crisis already. I’ve been on disability before and it was the easiest process. I do not recommend this company. They lie and do not have your best interest.
Reviewed May 16, 2023
I was on short term disability and never did I once hear from my case manager? Why??? I called her 3 times! Kara needs to be fired! Worthless... When someone calls asking for their case manager, isn't it common sense to call back?
Reviewed Feb. 24, 2023
This is the worst company I have ever dealt with. Mother passed away the middle of January and I am still trying to file a claim. Every time you think you have provided them with all the information, they need they turn around and want more information.
Reviewed Dec. 9, 2022
I have sent over all paperwork requested and I'm going on week five without any disability payment. Case worker is extremely hard to get a hold of. Every time I call I get the run around then forwarded to someone else and put on hold. Why am I paying for insurance if it's not helping me. They have yet to reach out to me. I have to do all the calling and follow ups to make sure anything is getting done. Thanks a lot!
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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