Consumer Reviews and Complaints
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.
How do I know I can trust these reviews about New York Life?
- 670,460 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.
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.
I'm new, but from talking to them on the phone was great! They explained what life insurance was all about and the different kinds of life insurance, which made it easy for me to make my decision. They also sent me written information. I bought life insurance for my daughter so she wouldn't have such a hard time when I pass away.
We have had policies with this company for over 30 years. They are always helpful and I trust them completely. We have all of our insurance policies with them.
It’s great, low payments a month. I believe they can help others in near future - for kids, adults, your car. I would recommend them to everyone in the world. I would not change from their service.
Great customer service, easy online access, able to pay bills online right from my checking account. Always have access to my account. They have a guaranteed rate on my policy and are constantly offering special offerings.
Been with them for over 20 years. Any questions I have or concerns, they are always available to help. I would Highly recommend them. I receive dividends monthly that I can cash out on or put back into my account. They are also very good at informing me of anything changes or products that I might be interested in.
Always answers questions quickly; responds to all inquiries in a timely manner. The agents are friendly and knowledgeable. They have insurance plans for all levels.
Good service and have not had any problems. Really like my agent. He is very good and seems to care about me and my family. The price is very competitive.
I have had a great experience with the company and never any issues. Great customer service and easy to deal with if you should come across any questions. I would recommend them to anyone in search of a life insurance company.
I really like it because if something ever happened to me everything would be paid for. I also got it for my son so if something happened to me then he'll be taken care of because that little boy means a lot to me.
I have had an insurance policy with New York Life for a number of years and are satisfied with the policy. This policy has provided myself and my family for years. It also has provided security for a loan in our early years of our marriage.
Neal FrankleLife Insurance Contributing Editor
Neal Frankle is a Certified Financial Planner in Los Angeles. He is the publisher of WealthPilgrim.com, an information resource for consumers. He has been a professional financial advisor since 1991 and is the editor of www.MCMHA.org.
More about Neal→
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.
Compare Life Insurance Companies
New York Life Company Profile
- Company Name:
- New York Life
- Year Founded:
- 51 Madison Avenue
- New York
- Postal Code:
- United States