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NY Life took over a $180K IRA, lied to me about fees and move money around in the past 5 years without my authorization. I have called my agent again and again and he does not respond. Filed a complaint with NY Life and they did not even speak with me. Have requested information since and they have not responded in weeks. I have lost thousands and paid thousands of dollars in fees that I did not know about or was told that I would not have by the initial Broker.
For a company that has over a Billion Dollars in assets, you would think they have the decency and respect for their policyholders to have more than one or two people answering the phone for the entire United States. When you call New York Life Insurance company for any reason at all. You will wait a bare minimum of one hour to speak to a human being, no matter why you are calling. This is totally unacceptable.
My husband died suddenly over 4 months ago. I received life insurance money from 2 policies he had with other companies within 2-3 weeks. I'm still trying to get the money from New York Life that is to go to our children. I feel like I have jumped through hoops with them to no avail. Not once have they called me to tell me they need more paperwork but when I call them to check on the status, they tell me they need something else. After dealing with them for 4 months, I turned it over to a lawyer. He filed it with the courts and sent them the paperwork a week ago.
Today, after not hearing from them again, I called and was told there was more paperwork needed and it was being reviewed by their legal team. This is all over wording in my husband's will that has been reviewed by my lawyer and State Farm agent and shouldn't even be an issue. My local New York Life agent has had very little contact with me and has been no help at all. I wouldn't recommend this company to anyone and will be cancelling all our policies with them. No one should have to go through what they put you through after losing their loved one.
My husband had New York Life insurance since he was 20. Now he is 71 years old. He had 10,000 to 15,000 saved up with them, and then suddenly he received a letter from them saying his payments had gone up so high that they had to use his saved up money to pay the premiums for 3 or 4 years. No one alerted him to this before that. Now they keep raising his monthly rate for no reason. I know they are just trying to get rid of him because of his age and he has diabetes.
I recently had a policy with you, As a customer of yours this was the most ambiguous consumer experience I have ever had. Policy # **. My agent Oney ** left in September / October. Before he left I was trying to meet with him to change my policy to a different one for nearly 2 months. When he left he said a new agent would be in contact with me. I kept continuing to allow the draft go until about December / January, until I realized I was getting calls from multiple agents, to the point I felt like I was being harassed by New York Life insurance agents and it was scammers all calling me while I was at work and not able to answer.
Meanwhile I finally spoke to one in February once again stating I keep making these payments on a policy I do not want and I want to change it. I set a mtg with a agent for the end of March when I returned from a trip, I asked the call center to freeze my payments until I changed my policy as the policy I had I no longer wanted. I was told ok, meanwhile they drafted my account again in March. I then called and told them this is not the way I want to do business as I have no point of contact and this is completely unprofessional. They cannot put me in touch with one person and they clearly cannot listen to hold my payments until I meet with someone to change my policy. They then refunded my funds for that month in no way telling me they were then giving me my cash value back.
I called today to see what is going on and where my termination letter was. They then proceeded to tell me that I am past due on my payments and the cash value though not a lot, had been used for my last payments. Working with New York Life insurance has been the most unprofessional experience of working with a financial institution in my life. From the customer service / to not being passed off to a single agent, to not being able to meet with someone to change my policy as funds were continuously drafted from my account. This is something that I see as a major problem with your company and how take care of YOUR monthly paying customers. I would like to speak to someone about this as I feel I was taken advantage of, and your company is saying they cannot do anything. Glad you got your money out of me and I ended up with nothing. The absolute worst experience in my life. Period.
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They are great UNTIL you have to file a claim. My father paid his premiums as agreed. He missed one payment in April because he lost a dear friend and had some serious issues. A payment was made to catch up and accepted on the day he passed. I called two different times to confirm the policy had not lapsed. Both people assured me it was in force. They processed his payment at 4:00 pm and refused to pay the claim based on a time difference. They are WONDERFUL until you actually need them. Keep making those payments and hope your family never needs to make a claim.
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.
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.
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