New York Life

New York Life

 3.7/5 (156 ratings)
  • 5 stars
  • 4 stars
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  • 1 stars

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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.

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    Overall Satisfaction Rating

    • 5 stars
    • 4 stars
    • 3 stars
    • 2 stars
    • 1 stars

    Pros

    • Riders available
    • No medical exam
    • Coverage calculator

    Cons

    • No online application

    Bottom Line

    New York Life offers term, whole, universal and variable universal life insurance coverage along with various rider options. The online calculators are easy to use. Customers must contact a financial professional to apply.

    Top New York Life Reviews

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    Rated with 5 stars
    Verified

    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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    Rated with 5 stars
    Verified

    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?
    How do I know I can trust these reviews about New York Life?
    • 4,114,337 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.

    Page 1 Reviews 0 - 10
    Rated with 2 stars
    Verified Reviewer
    Original review: Nov. 17, 2022

    I applied for whole life insurance thru AARP with New York Life. I have hypertension and take medication. I was denied because their rep said underwriting said “the medication that I take it appears that I have a heart condition”. Has anyone else been denied because of something that “appears” to be occurring? Just wondering.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 26, 2022

    I did a withdraw from my IRA account. Was told about fees which is fine and check supposed to arrive between 5-10 business days. Check never arrived after 20 days so I called and was told a lot of people doing withdraws and some people waiting over a month... They cannot do direct deposit, you can not go on website and request a withdraw, this company way out of date. As of today still have not received check. Stay away from this guys. Just open account at your local bank. Customer service will be better and faster!!!

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      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 12, 2022

      This is my mom's $15,0000 policy which she paid over $119 a month for many years (over $25K worth). She passed away 2 months ago and NYL AARP keeps delaying payment with various incorrect reasons. It is "under review" according to Emily **, claims manager. The last 2+ meetings have been "cancelled" with no reasons given. Do yourself a favor and choose a different company. These people are crooks!

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 18, 2022

      First off, it takes anywhere from 40min-2hrs to get ahold of anyone. I’ve tried calling my leave manager multiple times and left messages and she never calls back-Danisha! I am a nurse and broke my ankle so obviously I am not able to return work until it fully heals since I’m on my feet all shift. They put a start date of my leave for the very next day after my last day worked (5/6/2022) rather than from the date of injury (5/7/2022) or the date I would’ve worked my next shift after Injury (5/11/2022).

      My doctor wrote I needed to be off for approx 8 wks with a date to be off from 5/10-7/5, which I was fine with because I wasn’t due back to work until 5/11. They approved my leave from 5/6 until 6/30, because they said my doctor said I needed to be off for approx 8 weeks and completely disregarded the leave dates he gave. They said the doctor contradicted himself because he said 8 weeks to be off, but wrote a specific date to return to work 9weeks after injury. With that date being given the company is counting the 8 weeks from the day after my last day worked, not 8 weeks of the injury or even 8 weeks from the start my doctor put as a starting date for the leave (5/10), which 7/5 does equate to 8 weeks and that’s what he put!

      Now I’m in the position where I am needing to have my leave extended and I have to have my doctor fill out all their paperwork AGAIN with him needing to make sure he follows their word games to ensure I am able to keep my job until I am able to go back. I’m on FMLA leave without being eligible for short term disability at the moment because I am in a contingent position working full time hours. I’m so frustrated at the sheer ignorance, stupidity, and the word games for them defending the wrong dates that my doctor didn’t even write for when it was faxed back to the company. Congrats on being incompetent!

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 28, 2022

      I was diagnosed with COPD and NEED medications asap. Called for loan on my $ and got run around. Thus if my health and could not get immediate help getting loan. Had to wait 9 days for loan form. Then mail so won’t get MY money for another week or more. New York Life has no issue taking my payment but When I am in desperate need for help they would not help me in any way shape or form. Feel bad for my kids if I pass away trying to get My policy amount. I wouldn’t recommend this company to my worse enemy. Pathetic customer service. 8 calls and absolutely no help When you are very sick. I’m irate and may possibly cancel. My account as they did nothing to help a sick person in need of meds. Terrible policy and company

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 25, 2022

      Today I was on a call for 22 minutes before a manager finally came on the life to tell me the results of my call. 2 other departments could not give me any information after all the information they requested. They would say this is not my department let me put you through to the correct person. Then I would be left in silence until I asked are you still their. They would reply we are taking notes. I would not recommend them to others. The people they seem to be hiring and training has gotten worse over the years.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 6, 2021

      If there were zero stars I seriously would've chosen that option, their wait time is insane 5-6hr wait time, then it asks if I want a call back. I go ahead and choose that, enter my phone number then it just continues to hold and lets me know it's 5-6 hrs again! Then when I do get someone they transfer me again!!!! Even after I tell them I just waited and assures me there won't be another wait.... transfers me to an automated service just so I can be told it's another 3-5 hr wait now even tho I wasn't suppose to be on hold again! You guys are the worst. I hope and pray I never have to deal with you guys again!! Turned in all my paperwork and for some reason you want more paperwork which you never told me about. I turned in everything you requested...Ugh just the worst to deal with.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 9, 2021

      My family and I have had policies for decades. I updated my policy due to a recent medical condition. THE AGENT AND UNDERWRITERS WERE VERY FRIENDLY AND VERY ACCOMMODATING UNTIL THEY DENY YOUR APPLICATION. I have requested the return of my medical records. The agent said they would be returned—-that was months ago. I’ve received the run around since AND I HAVE YET TO RECEIVE MY MEDICAL RECORDS… This is extremely poor customer service. I feel awful trusting NYL with my very personal documents. I am going on my blog and social media to share my experiences.

      9 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: July 29, 2021

      I have been paying a full premium on a whole life policy since 1993. The original salesman assured me that it would be paid in full within 10 to 12 years. Good luck with that. It’s almost worth dying to get back at them.☹️

      5 people found this review helpful
      Rated with 5 stars
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      Verified Reviewer
      Original review: July 15, 2021

      Very affordable, great service, many plans offered. Always able to change plans, great fixed rate plans, solid company, I recommend this company to anyone wanting great insurance with a great company.

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        New York Life Company Information

        Company Name:
        New York Life
        Year Founded:
        1845
        Address:
        51 Madison Avenue
        City:
        New York
        State/Province:
        NY
        Postal Code:
        10010
        Country:
        United States
        Website:
        www.newyorklife.com