New York Life

New York Life Reviews

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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

Featured Reviews

Cincinnati, OH

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...

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Chicago, Illinos

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...

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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?
    • 4,464,082 reviews on ConsumerAffairs are verified.
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10

    Reviewed May 30, 2024

    Horrid benefit waiting period means I didn't get paid at all the one time I tried to collect. Conflicting information from customer support had me go fill out (and get denied) state benefits, suggesting I could collect from NYLGBS if I did so. This was not the case.

    Profile pic of the author.

    Reviewed May 21, 2024

    Paid insurance for short term disability for over 11 loyal years through my employer and never had need for a claim until recently. Became ill and out of work for a few months due to debilitating symptoms from unknown condition. NY Life denied claim stating my records did not support functional impairment and “no documentation of what activities or tasks unable to perform”. Records clearly indicated what my impairments were and testing was still in progress in search for a diagnosis. During appeal doctor provided a letter and finally a diagnosis.

    The nurse case managers picked and choose the medical evidence they wanted to use and ignored what was evident. Their practices are deceitful and geared to falsely deny your case not to pay you. I’m very disappointed in this company. I had a false sense of comfort thinking if I fell sick I could count on this insurance to help me. I suffered a major financial burden due to this. I will be canceling this useless policy.

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      Customer ServiceCoverage

      Reviewed April 4, 2024

      NY Life is literally stealing from me. I was given mistaken advice from my benefits supplier, and I applied for Disability insurance. Shortly after the application I realized that I didn't need this coverage. Per NY Life's instructions I sent in the form to cancel. I called shortly after and months before the policy even took effect and to ensure they had received my cancellation. They did. However, the policy went into effect anyway. Almost 8 months later they are still taking money from my check every week. I have called them at least a dozen times and spent hours and hours on hold. When I call, they always say that they DO see the cancellation, but don't know what is going on. They always promise to call me back, but NEVER do. Their call center must be only a few people because I get the same reps every time.

      John is the supervisor and always promises to call me with updates, but NEVER does. He even tells me the exact day I will hear from him, so I wait by my phone all day and call never comes. I have to call the center and wait on hold for literally an hour each time. The worst part is I already have disability insurance, so if I needed it, I'm not sure I could even use this policy because I am insured through my employer already. They owe me refund for the past 6+ months. The most ridiculous part is I went on maternity leave, (Yes, I was on hold and dealing with this for hours the day before I gave birth and while I was postpartum.) the coverage lapsed. I called and said don't reinstate it, BUT THEY DID anyway. Like I said, they are literally stealing from me.

      Customer ServiceStaff

      Reviewed April 1, 2024

      I have been dealing with New York Life Long Term Care for about 8 months. My father passed in August and had diligently paid into the policy for 20 years. New York Life is interested in collecting money but they make it nearly impossible to submit claims. I have called on multiple occasions and have been told different information each time I have called. They demand one paper, then another, then say you never sent in the one they wanted. The only time I got a little movement on them is when I tracked the dates and what I was told and asked for names and to state specifically what they told me again. They are the worst people I have ever dealt with.

      Customer ServiceCoverageStaff

      Reviewed March 6, 2024

      I have read all these reviews about New York life and they all say the same thing. Everybody pays into the insurance but when it comes time to collect you are just an annoyance. I have been hung up redirected and bullied throughout this whole experience. My wife had a store in July instead of using short-term dis. She used her PTO but when that was exhausted she sent in a claim for shore disability in the new year. They denied her claim because they said it was an existing condition and when I asked what else I could do the agent blew me off to another department that had no idea what I was talking about. We then filed for her long-term disability because that's what they told us our notion was and directed us to do so.

      After sending in countless documents and sitting on hold for hours and hours at a time we were told the information still wasn't enough. They have all her medical records. They have doctors' reports and nurses' notes. All the things you would think were enough. We are still waiting for any kind of communication. We are about to lose my wife's insurance and when that happens how is a person supposed to recover when they are counting on the very insurance needed to recover? We have exhausted what little savings we had left and can't even get food stamps. We understand that this is only supposed to be a supplement for income but when you pay into it and need to count on it at the worst point in your life then what good is the insurance in the first place?

      Customer ServiceStaff

      Reviewed Feb. 7, 2024

      I am disabled. I already had multiple disabling conditions for years but then I became officially too sick to work in 2020. It all became too much when I became sick with yet another disabling chronic disease and then a whole other a few years later. I first went through Reed Group for my short term disability (STD) and then was switched to long term disability (LTD) with New York Life through my employer. At the time they were Cigna. NYL bought Cigna. Which was a shame, because they were more understanding and patient.

      New York Life uses multiple manipulation and gaslighting tactics to force you to give up. They want to harass and threaten you so that you are so overwhelmed you cancel your claim. Many people do cancel because they are unwell and the psychological tactics and pressure this company uses is downright deceptive and should be unlawful.

      They lie and say they haven’t received paperwork from doctors when the doctor's office clearly states they have multiple times. They harass the doctors every few months to the point the staff that handles these claims becomes irritated. I don’t want my doctor’s offices being harassed. Those are the people trying to actually help me.

      They pull little maneuvers like sending you an important time-limited and threatening letter that’s dated January 4th, but you don’t receive it on the online portal until January 29th and in the actual Mail until February 5th. There is no postmark on their letter envelopes (only IMB postal codes) so you can’t defend yourself and say that you weren’t given enough time to respond because they date their letters way before it’s physically sent.

      You never have the same claim manager during reviews. I’ve been through so many different ones. Often when they leave voicemails, the quality is so awful you can’t understand what they are saying. It’s a strange skipping/glitching sound. Their response is “oh my headset is broken” but yet when you are physically on the phone with them, it’s all of a sudden fixed? Okay.

      And good luck getting ahold of your claim manager in person. This is problematic because by not having one single claim manager, you have to constantly start over and prove and defend yourself and your disability and conditions to different people. It’s made to be that way on purpose. There is no single advocate who can get to know you and your conditions as time goes on. Someone you can continually communicate with and update and get to know. Perhaps this is a tactic used by NYL executives so that their claim managers don’t start to empathize with their clients because then they humanize us humans.

      I have a doctor who refuses to do any disability paperwork. They tell their patients to contact another sort of parent company to get medical records. I have told NYL over ten times that they can’t contact that one doctor directly and that they have to contact this other place for medical records, yet they don’t do it. I fax them, call them, upload all of my medical documents online. And yet “we haven’t received medical records for Dr. *** and if we don’t receive them your claim could be terminated”.

      I have sent in all the medical records, appointment summary notes, appointment dates, etc countless times for my many doctors. During this last review, my new claims manager actually said there were “too many medical records” - as if now having too many is now points against me. Yet I’m receiving letters saying they don’t have all the information needed? Okay.

      They constantly want me to prove I’m disabled even though all of my multiple conditions are chronic and I have been proved as disabled by the SSA. They are consistently given a long list of disabling conditions that don’t change and many have no proven medications or treatments for. Now they are threatening to send me to their “Independent Medical Examiner” which is actually just a NURSE who is paid by the insurance company. Read that again: they are paid by NYL.

      I have multiple specialists who don’t understand my other conditions because that’s not their specialty. There are no specialists out there who have experience in all medical fields such as Rheumatology, Neurology, Orthopedics, Cardiology, Urology, GI, Psychiatry, Psychology, Physical Therapy, etc. I have doctors in all of those fields. So it is absolutely and unequivocally impossible for a paid “nurse” that will be able to ever understand all of my chronic conditions, let alone understand how they impact me minute by minute, hour by hour and day by day…especially when no specialist doctor can. Not to mention all the awful side effects from the long list of medications I take for these conditions. Is the nurse a pharmacist too?

      There have been many times I have been in tears when on the phone with NYL. They bring me to a point of emotional and physical exhaustion, causing anxiety, pain and panic. I have Autism, but they don’t seem to even want to count that as one of my problems/issues and Autism is a neurological disorder, not a mental health problem. It greatly impacts my ability to work and even to handle these constant medical reviews they drag me through and the pressure this company constantly puts me under.

      There is no empathy. No sympathy. No advocating. They will do anything possible to push you beyond your limits when you are sick. It doesn’t matter if it’s just $300 a month, they look for any reason to stop paying you. Even this review here on Consumer Affairs could be damaging for me and cause my claim to be terminated simply because I have “written something”. But here’s the catch: it’s taken me over two hours to type this due to my Dystonia so far. But see…those details don’t matter to them. They can’t see the pain I’m in trying to type each and every word. How hard it is to uncurl my spasming arm and hand to type each letter and word as the pain spreads into my shoulder and neck. No, they just will see that I have typed something and could use it against me.

      You are nothing but a number to them and they will pull all the scary tactics to push you to your limits. It’s nearly criminal. It is cruel. And I fear it will never be regulated and they will never be held liable for the psychological damage they cause people. So that’s why I have taken nearly three hours (now) out of my time to patiently write this. And I am mostly writing this so that others don’t feel less alone in their exhaustion and anxiety when it comes to dealing with New York Life. It’s not just me they do this to, they do this to everyone – as you can clearly read in these reviews from other people. They must be held accountable.

      Profile pic of the author.

      I can totally relate. The money I spent within the last 11 years paying into short term disability was a waste. When it came down to helping me when I was ill and out of work they lied and were deceptive as to why they denied claim even though they had everything in writing. It’s disgraceful

      Customer ServiceOnline & App

      Reviewed Jan. 5, 2024

      Their website is still from 1990's??? It good be more automated to save us time. Calling them takes a lot of time. Especially when there is more than one owner of the policy then one has to get on the phone with them one by one.

      Customer ServicePunctuality & Speed

      Reviewed Dec. 11, 2023

      I fell and dislocated my leg breaking my ankle in 3 places...For 5 weeks I could not use my leg. On my 4th week I asked for an extension as I still was not walking yet... Finally another 5 weeks and no decision made. I was in pain, swelling, drugged and had to go up 11 stairs (7" tall) to work ... 8 months after my accident I'm still in PT to walk and use my foot without swelling and pain. 7 weeks and 20+ calls, faxes asking my mgr to call they finally officially denied. Lol had already returned to work. I appealed and they sent two letters dated the same day. First said received, said second denied ... Pretty fast when sent to second party. In 2.5 months the only time my "case mgr" called was 2x.


      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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      New York Life Company Information

      Company Name:
      New York Life
      Year Founded:
      51 Madison Avenue
      New York
      Postal Code:
      United States