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New York Life

New York Life
Overall Satisfaction Rating 3.14/5
  • 5 stars
    34
  • 4 stars
    29
  • 3 stars
    18
  • 2 stars
    6
  • 1 stars
    37
Based on 124 ratings

This company is not yet accredited. 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.

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.

PROS

  • Riders available
  • No medical exam
  • Coverage calculator

CONS

  • No online application

Top New York Life Reviews We Found

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Rated with 5 stars
Verified Reviewer

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 very patient with me. I was extremely happy with the service I got from them. Would recommend them to everybody.

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Rated with 5 stars
Verified Reviewer

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 for any questions. Agents make the company and...if you want more than term then the best value for your buck is N.Y. Life.

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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?
    • 2,443,427 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 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.

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    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.

    Be the first one to find this review helpful

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      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.

      2 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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      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 14, 2020

      Bad experience with my agent and new York life Insurance. I recommend before you do something ask by agent on writing. They change words. I have very bad experience With New York life insurance company.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 13, 2020

      I was a LA Metro BUS OPERATOR for 28 years. Retire March 14 2018. While I was working I able to contribute to my 401k/457 for my retirement. Their agent enticed me to roll over my money. He told me at that @ that time I had approximately 425000.00 also he said my account would grow to 1 million in time and he said he would give me 2500 a month for life than but, I was not interested at that time. Later on I had taken out 50,000 to fix my house so later, I decided to take out an annuity. I had 386,000.00 now. I am 64 years old July 21 ,2020 and I took out an annuity with New York Life and gross amount 1,309.72. I check with immediate Annuity.com. I put in the same amount and it came out to1,600.00 a month.

      Be the first one to find this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: July 6, 2020

      Have 3 policies for the past 16 years. Paying extra to build up cash value. I took out a small loan on the policy, the rep. told me that I don't have to pay, cause I had a cash value built up and the dividend amount would be adjusted towards the loan. Turned out the policy value went down, loan on the interest is being added to the principal amount, and accumulating, while I am still paying the full insurance amount plus an additional money. Getting ripped off big time. Stay away from this company..

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 18, 2020

      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!

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 7, 2020

      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.

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 26, 2019

      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.

      35 people found this review helpful
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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