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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.
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!!!
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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!!!
I just spoke with Sheri **'s Cleveland Ohio service center. Asked her speak with her supervisor Tammy **. She was on the other line. Sheri stated that I had a P.O. Box address on file for her to send a copy original policy. I told her I have already provided my correct mailing address and it is updated on your system because a letter has came to me from NYLI company. She kept on saying it's my PO Box on the system. She took all my information sweetly. But at then at the end I didn't get anything but telling me I will be corresponded thru email. If I already have received a letter from them. How can they not have my correct address on file?
I have been their client since July 1997. And this is the service I get. When they write policy they very sweet and make it look like you protected. But as soon as your life changes they don't have any help but mail policy surrender form without any options. They make it seem like you are no longer good. The system didn't update address but currently I received mail correctly. How can you trust this system??? I visited the website and how it talks about the sustainability. Looking forward to hearing from someone resolve the issue rather than keep updating my address.
I was told when I signed up for a Life Insurance Policy in February from AARP through New York Life that my policy would have cash value if I needed it at a later time or decided to do away with the policy. Since that time, I have had money taken out of my account on a monthly basis and have not received, but only received my initial mailings with forms. Today I canceled and was told that it has NO CASH value and to "HAVE A WONDERFUL DAY." After reading other reviews today, I'm personally glad that I'm canceling at this time instead of later. I have now lost over $500 with no chance of getting it back instead of thousands like other people. I'll never deal with New York Life. Again.
A friend of mine who was an agent for NYL advised me to open both a term policy and whole life policy about a year and a half ago. When I unexpectedly got laid off this year, I was unable to make my very high premium payments on the whole life policy, so I worked with my agent for over a month on the surrender of the policy. He informed me that I would get a check for approximately 20% of what I'd put into the policy thus far. When the check finally arrived (2 months after I surrendered the policy) it was less than 1% of the value that I had put into the policy up to this point. Furthermore, I randomly get calls from varying agents about my term policy... It seems there is no coordination and certainly no honesty associated with this company. So basically, if you want to just donate money to major corporation with any unlikely payout at the end, stick with NYL. If not, I'd recommend avoiding this scam altogether.
I am experiencing very bad behavior from one of your Agent. We met about 3-4 years before, His name is Deepak **, from Edison NJ Area. His Number is **. He calls me every year, push me some insurance policy to buy, first he starts talking nice and when I speak about numbers he doesn't have much to speak. He doesn't try to understand my requirements first of all when I try to explain. He always wants to sell me whole life policy and I never want to buy it, I keep explaining same thing. But when he still tried to push I told him to send some numbers via email. He never wants to send me an email (not sure why). He then start asking me to come and meet personally. When insisted to first send numbers and if it looks fine will meet. I didn't want to spoil both of our time.
Then the real story starts. He started cursing me with so much negative attitude. He told "I don't know why I called you..." and then he told me "I don't know why I put my leg on you". This is really not acceptable, I am victim of this negative attitude 3 times, last 2 times also he spoke to me. He gets very angry on the phone, speak few bad sentences and disconnects phone and doesn't listen to me. This made me think that entire New York Life Insurance Company itself is like this. Please make sure he never calls me again. I tried to reach Kevin ** compliance head NYL - **, it always goes in his voice mail. Never returned call till now.
Almost a decade ago, a professional acquaintance (NYL agent at the time) approached us to enroll in life insurance. We weren't familiar with life insurance options, so trusted the agent to guide us in our best interests. The agent had us sign up for Whole Life. Several years ago, we contacted the agent because we were concerned with the high monthly premiums that kept increasing yearly. The agent tried to deter our request for a lower coverage, then later just simply ignored our requests. Previous to that, our yearly meetings would end up in us paying more. Then, we simply ignored NYL thereafter, but never cancelled our auto-paying premiums that kept increasing yearly. We have paid an average of $280 per month for whole life.
Now, since enrolling in Financial Peace University, we see that Whole Life is not the way to go - it is unnecessary, costs way too much, and the cash value portion gives little return. Buying term insurance allows you to then invest the remaining that you would've paid on whole insurance in a mutual fund, IRA, etc. We've also been disappointed with the lack of online resources - like online chat - to take care of our NYL needs. We would prefer to not meet with another agent who'll simply try to persuade us to buy more insurance and not listen to us. In going through brokers for insurance quotes, they supply non-biased quotes, and none of those quotes are from NYL. This, as well as our experience with NYL thus far, are reasons we are looking to leave NYL. Recommending all life insurance consumers to get educated. Whole life is not the way to go. Agents make commissions on whole life - thus pushing consumers to enroll in it.
I called in about an hour ago after going through prompts and customer service for about 30 minutes. I was informed they have server problems same nonsense last month. I have always paid online now it says invalid server. I was then put again on hold after 10 minutes I hung up. It should not be an ordeal to call and make a payment. I am wondering now if this policy will even pay to my estate after my death. I notice they don't go green for your bills. And they have no e-mail system or even a chat online. For a company like that and it being 2018 some of the reviews I have read makes me wonder. I just wanted to pay a bill and was ask several questions. If any of you have a policy does it make you wonder why they don't off the things I mentioned. Almost all companies offer billing with e-mail except for UHC Medicare seems they can't either.
My NY agent asked me to pay more premium for my 33-year-old whole life policy, and asked me to call 1-800 number. I called the payment center but didn't have my policy number with me; Sheryl answered the phone and refused to talk to me. Later on, I called again with my number, she said my gender is wrong and refused to talk to me again. So, I called several department, they told me that they have 2 different databases and my gender is recorded wrong on one of the database. They manipulated my data.
We stop our policy in November 2017. It was a business policy and NYL would not allow us to close after we closed it. They said if we no longer owned the business the policy would stand. (even though the bank account was ours.) The CSR we spoke to had us fill out paperwork, fax it in and go from there. The online form would not allow us to use it since we didn't own the business.
See a pattern here? NYL sets you up for failure and makes it impossible to drop your policy. So the CSR said the other "best bet" was to cancel the bank draft. We did with our bank but somewhere the bank didn't cancel both auto drafts, just one. So we found that our account was still getting auto drafted and now we are out $2,200 and no recourse to recover the money because NYL says they had access granted to do it, by us. Ok. Maybe so, but funny how they only canceled a policy for me at $29.59 and not the other policy for $191.00. Our eyes are now open NYL is a SCAM, they don't care about their customers and they will STEAL from you. DO NOT WORK WITH NEW YORK LIFE! It will not serve you well.
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.
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.
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