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I have had a bad experience dealing with New York Life. I have put in my money monthly. I call to get the billing changed and they still deduct from my bank account without authorization and put me in the red. Any changes I need to do are always messed up with this company.
I applied for whole life insurance thru the agent that handles my annuity with them. (That's another story.) I had to go for a medical checkup thru them & answer the usual medical questions. Over 20 yrs. ago I had hepatitis (The Baby Boomer problem). I received treatment & was cured of my hepatitis. I had been periodically checked thru the next few years & had no recurrence. Now they also had access to my medical records but claimed that I never had follow up testing which is **. Anyway my agent asked if I'd be willing to do some more blood work to prove I no longer had hepatitis, I agreed, of course it came back negative.
Now after 20 yrs & a test I'm apparently still a risk? So anyone that has had Baby Boomer Hepatitis can't get whole life insurance anywhere. (I say this because I ran into the same problem with numerous other companies, I can't even list them all.) Because of that I figured that as long as NYL had my business for another product I might have better luck. Obviously not even when I agreed to have more blood work to prove my health was good. Most people would have refused especially after a 20 yr. span with no Hep in sight. This in no way reflects on my agent who actually spoke with them about it, even he couldn't fathom that kind of reasoning. (Is that reasoning???)
Anyway if you aren't completely healthy & have never had ANY medical problems in your WHOLE life you shouldn't waste your time with this company whether you're searching for whole life or term insurance, especially judging by the rest of the reviews on this company's customer service on anything relating to insurance, either getting it or getting them to honor their policies, when needed.
My 94 yo mother passed away this April. She and my dad had a policy that should have provided a $2000 claim at the time of her passing. When I provided a death certificate to New York Life, I received a letter stating she lived beyond the average lifespan. So, if you are a client of New York Life and live a long life, this company feels you don't deserve a funeral? Shame on this heartless company!
MBA, Tiverton RI
My husband bought whole life insurance and he does not understand much English, so I called Vietnamese agent from New York Life Company to come to our house to help us fill out form and we trust on that agent. He also wanted to sell my husband disabilities insurance and said just a couple dollars more per month. My husband agreed to buy from him while life and disability. He asked my husband when I was sitting next to my husband. "Do you smoke?" So my husband said, "Yes, but quit about 5 years ago." "Any alcohol?" My husband said “yes” but occasionally with friends for party. That agent doesn’t ask any further questions and fill out the rest and ask my husband to sign a form.
Couple months later, my husband had stroke and I trying to fill disability for my husband. They said they have to review the case . About 5 months later, (May 29, 2019) they told my husband his insurance will be canceled because my husband gave incorrect answer. Reason: the question asked, "At age 18 or over, has insured ever used tobacco, nicotine or any nicotine substitution product in any form?" And blaming was answered: No by my husband.
This is a scam company, because I was there with my husband. Their agent asked question in Vietnamese due to my husband doesn’t understand much English. He didn’t asked exactly like that. He just asked my husband in Vietnamese, “Did you ever smoke?" My husband said, ”Yes, but quitted about 5 years ago.“ Now until I filed a claim for my husband, they denied a claimed and told us their decision to cancel my husband insurance. This is a scam and blaming on us for incorrect answer. I will talk to this agent to give us a wrong information when helped us fill out a questions, and if still denying, I will find a lawyer to fight for customer rights.
If you are purchasing a short or long term disability policy from New York Life, expect to be left in the dark and a cold shoulder when its time for them to uphold their end of the deal. Our agent was as good as any agent, but this was because he is personally a great guy. However, as a whole New York Life has a major barrier between their organization and their members. Other than their life insurance portal, New York Life (NYL) has no online member services and will not send any copies of your policy.
We purchased our short and long term disability through NYL and it took well over 4 months for them to process our paperwork. With no member portal to access our account, we had no idea this 4 month delay had even happened. When we signed, it had a start date of one month from the date of signing for the start of our Short-Term Disability policy. Every other policy we purchased began, except our Short Term Disability. We received No notification of the start of our policy and no account summary to even understand what the policy covered and when our coverage actually had begun. This strategy, to keep their members in the dark, seems to be a pattern across the organization. Fine print excuses and no policy to reference, we were completely dis-empowered as a member.
A year and some odd months later, we needed to submit a claim for my wife's maternity leave. We were told that it was denied for a "pre-existing condition". If we signed the policy over a year prior to her getting pregnant, how could we have possibly known she was to become pregnant? Even if the policy went into effect 5 months after our signing of the contract, still we could not have known my wife would become pregnant. We had received no paperwork regarding our account and were left in the dark until the denial letter for the claim came in the mail.
We appealed and again requested a copy of our policy and the terms (fine print) contained in it. No policy paperwork ever came and with no online portal we were left paralyzed as members. The appeal was quickly denied and we never received an explanation as to how they determined this "pre-existing condition" (other than some ineligible policy mumbo jumbo) nor a notification (or apology) as to why our policy took over 4 months to be processed. Ultimately, we never received any paperwork on our policy and no effort from NYL to talk to us or explain their mistake and the confusion it caused.
Unfortunately, this conglomerate is not concerned with its members. We were disregarded and overlooked during a major period in our lives, after we had thoughtfully planned and purchased a policy that should have covered us through such a life changing event (both out of work to care for our newborn). While there is no online portal for their disability customers, there is a member portal for their Life Insurance customers (policies we also have). Yet, we do not feel confident that (god forbid something did happen to us) that our life insurance policy would actually cover anything. The fear that they will find some technicality or fine print that alleviates them from ever paying any claims is the impression we are left with. And worse, no intention to make their policy details known to their customers.
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Honestly, I would tell everyone to stay away from NEW YORK LIFE INSURANCE. My ex-husband had life insurance policy with them for 15 years with our children as beneficiaries. He died unexpectedly and when I filed the claim with New York Life, they simply denied the claim due to the deceased having missed 2 monthly payments of $28/month. He had this policy for 15 years and always paid. Before his sudden death, he became ill but did not tell anyone about it. All of his bills fell behind including the auto-pay for the premium of his life insurance. You would think that after paying a policy for 15 years without ever missing a payment, the company would pay but it's not the case. They didn't bother to notify him that his policy had lapsed. I am actually in the market right to purchase life insurance but there is no way I will ever deal with NEW YORK LIFE - THEY ARE THE WORSE!!
I used to work for NYL... They have some great products as long as you have an agent that is actually explaining all of the pros and cons to you. Employees are paid on commission only - bonuses on top of qualifying commissions. Management talks a lot about "doing what is right for the consumer" but I have personally seen so many times where the opposite is done and management will limit what they suggest an agent do based on the licenses of the agent. Customer service is pretty good if you are a client only, and not an employee.
The company has high sales quotas and a revolving door of new hires. They have the capability of doing full service financial advising but will more often than not tell you to put a bunch of money into whole life policies - employees get paid better on those and management gets bonuses on how much "production" new agents do. Most everything they do and say is for the paycheck. I don't think whole life is a scam but I think they try to get clients to commit to way too much and will recommend it for everyone. Finances aren't a one-size fits all. I didn't do well because I'm honest and care more about the client than the company.
They ask medical questions and will deny you because of your answers. But NY Life with AARP sends out ads of a final death insurance with NO medical questions, but they ask many. Then if you answer truthfully, they deny based on your answers. DON’T FALL FOR NEW YORK’S DECEPTIVE ADS!!!
They talk you into policies with promising numbers - but once you sign up - nothing but fees. If you deposit $400, they only "invest" $370 or so. 7% in fees!? They aren't that up in stock market gains, that's for sure. It's ridiculous. They say how NY Life has "dividends" they pay - I've never received any dividends. This company is very deceiving and fraudulent basically. AVOID AT ALL COSTS!
What a joke!!! New York Life routinely misplaces documents that can't get death benefits paid out and everyone has an excuse. We have been trying to get money from them for two months and there is a failure at every level. Everyone should file complaints with their state insurance boards to hold someone responsible!!!
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