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About New York Life
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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
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- 1 stars
- Riders available
- No medical exam
- Coverage calculator
- No online application
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.
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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.
The New York Life Insurance agent and representatives I've had the pleasure of communicating with were always professional and knowledgeable. This was especially true after the passing of a loved one and the required paperwork needed for disbursement of funds.
Beware of being talked into a NY Life Annuity... At this point, I recommend knowing and understanding the answer to at least the 6 questions below before locking in an annuity. If I had known the actual growth and penalty I WOULD NOT have opted for an annuity that I would have to pay them to get a portion of my money back.
Is there a Maturity Date, and When is it?
How much money do I lose each year, if I withdraw before maturity?
How many years do I expect to live?
How many years before I expect to start withdrawing or needing a monthly stipend from my savings?
What interest rate would I have to earn to exceed the amount Annuity would pay at the beginning of #5?
In 2016 I was told my Annuity would earn 5% but in reality it ONLY earns 00.35% a year. After holding and using my $250,000 for 5 years the annuity has only grown $4,000 and they are charging me $12,000 to get $243,000 a portion of my original investment back. How it actually works is, they are charging me $7,000 to use my $250,000 for 5 years. IF I INVESTED THE $250,00 in a S&P500 index fund in August of 2016 it would be worth $510,019.93 in May of 2021. IT seems they had the opportunity to make at least $250,000 during the 5 years they had my money and are charging me $7,000 for using my money. Best Advice is to get advice from a fiduciary company you pay for advice, not an investment organization that makes their money from investments they recommend.
They collect the money whenever you sign up but they don’t give you any benefits until the first of the following month so they could collect your money for up to a month ahead of time and give you nothing in return and you would not be covered whatsoever. They don’t tell you this. They just take your money and don’t give you anything in return.
They are willing to help and pay without hassle. They make sure all your needs are met. They check with you often to make sure your policy is up to date. If at anytime there are questions that need addressing they are readily available to help.
Lousy customer service.. Very difficult to get to the right section that can do simple account maintenance items. NY Life demonstrates it has no concept of "consumer sovereignty." Business model appears to be "for every customer lost, we get five new ones so why bother with policy holder's needs?"
I have been with New York Life for almost 30 years. I started the policy when was married. After the divorce I lowered the policy to a premium I could afford. It has grown over the year. My agent checks on me yearly. I am very satisfied with the policy.
I purchased Met Life, now New York Life through my job in the early 90’s and have paid into this life insurance company and my rates have not changed. It is also a whole life so I can pull money out of it any time.
New York Life have me a policy of 100,000 for my family in case something happens to me, at reasonable prices, the prices do increase as you age, but you are guaranteed a policy here, no matter your health conditions.
Pricing was very compatible to others, easy to understand, and easy to apply. I was able to get whole life at the age of 70 for a price I could afford. Application was short and easy to fill out. With pricing spelled out.
I'm an independent small business, and wanted to have life and disability insurance in case something were to happen to me. I applied for insurance, and first was told I was denied because I took a "COVID test". I had to call and explain to the adjuster that I did not take a COVID test, but rather the antibody test to see if I've had it in the past. He requested I send a copy of my negative results, which I did. I didn't hear from him for weeks, and when I called back, he confirmed he hadn't changed my status from denied. I finally received my approval paperwork in the mail, but with a rider that if my disability was due to mental health, I wouldn't be covered. This was because I was prescribed a common mental health medication for a mild diagnosis that millions of Americans have.
I've never been admitted into an outpatient/inpatient program, I'm mentally stable, and my primary care doctor prescribed my medication, not a psychiatrist. My hope is that our culture is moving in a direction to embrace mental health support, but this rider was highly disappointing that if I were to have a severe mental health issue (which I've never had in the past), I wouldn't receive assistance while I get better. I work in the mental health field, and found this to be highly discriminatory against people who have mental health history, which is the overwhelming majority of Americans.
I get my statement mailed to me every year but no other communication. Used to get personal calls to check if I was happy with solution and changes or advancements created to better suit current status.
Big stable company, variety of good options, nice, very helpful and knowledgeable agents. Fast response, only thing I did not like that they did not accept social security disability and asked too many forms to be filled out.
Bad experience with my agent and new York life Insurance. I recommend before you do something ask by agent on writing. They change words. I have very bad experience With New York life insurance company.
I was a LA Metro BUS OPERATOR for 28 years. Retire March 14 2018. While I was working I able to contribute to my 401k/457 for my retirement. Their agent enticed me to roll over my money. He told me at that @ that time I had approximately 425000.00 also he said my account would grow to 1 million in time and he said he would give me 2500 a month for life than but, I was not interested at that time. Later on I had taken out 50,000 to fix my house so later, I decided to take out an annuity. I had 386,000.00 now. I am 64 years old July 21 ,2020 and I took out an annuity with New York Life and gross amount 1,309.72. I check with immediate Annuity.com. I put in the same amount and it came out to1,600.00 a month.
Have 3 policies for the past 16 years. Paying extra to build up cash value. I took out a small loan on the policy, the rep. told me that I don't have to pay, cause I had a cash value built up and the dividend amount would be adjusted towards the loan. Turned out the policy value went down, loan on the interest is being added to the principal amount, and accumulating, while I am still paying the full insurance amount plus an additional money. Getting ripped off big time. Stay away from this company..
The rudest agent - Connie ** from Houston. Scolding family members, hang up client phone call, underestimate client value and reluctant listen to client. As a result, stop dealing with this agent. Wasting money and time with her!
I was trying to set up an annuity with them and we went through all the details and set everything up with their agent and I wrote them a check and they cashed it. We went through the entire process and then some later they said sorry they are going to reject me from getting an annuity because my income is too low. It was a one time lump sum I was giving them so they could invest it for my retirement. They cashed the check and they knew the money was good. I don't understand why my income matters in the slightest, as they already had my payment upfront and they would never be any payments from me in the future. They take all their money as percentage of the money made on the investments in the annuity. So I don't at all understand how they could deny me for not having enough income when it is entirely irrelevant to the annuity.
I would understand it, if they thought I was giving them too much money for my income level, and they suspected I was cheating on my taxes, or was working off the books in something illegal and they didn't want part in that, but that isn't the case. I filed all the paperwork to show where the money was coming from and that wasn't the issue. The issue is they said my income is too low for the annuity I wanted, even though it was a one time payment on my part and I would never be required to add money to it.
I guess they just think they're too good for my money, or they are not interested in my business as they don't think they can upsell me on other services in the future. I don't know. They didn't really bother to explain their reasons to me. Either way I am very disappointed in their company and if they don't want my money I guess I will go else where.
If you read the reviews of this company, you will find a trend. Reasonable well-rated by people who have not actually made claim on a policy, very poorly rated by people who have. My experience with a Long Term Care policy fits the profile perfectly. The company has good customer service until the claim is made, then NYL will play every angle to avoid paying, responses will become glacial, and new conditions will be introduced. The company has not embraced modern technology and can only communicate by phone/fax (but is unwilling to make an international call). I strongly recommend anyone considering an insurance product go elsewhere. The security NYL offers is a mirage and you will have to fight for every penny in benefits. Amy ** is my Lead Care Coordinator and has proven to be a caricature of everything that is bad within the insurance industry.
I was a customer for over 20 years. Over that time their customer service was far below average but I signed up for a policy when I was in my 20s and kept paying it despite very infrequent status updates. Now in my 40s I have much better insurance and no need for the old policy. I have tried 3x to cancel it and surrender my policy to get the cash value funds. They give you the run around when you call and make you fill out a paper form that they only accept by fax or mail. How they can do business like that in today's age of technology is astounding.
After faxing the form 3 times and not being mailed a check I am livid. The longer they hold off on sending you a check the lower amount they pay out as the cash value keeps decreasing. This is obviously an intentional policy. They won't give you the name or contact number for anyone specific and the only way I was able to get a "request for callback" was to tell them I would be leaving multiple online reviews. Save yourself time and hassle by NOT doing business with New York Life. This is obviously an intentional practice to defraud former customers of funds. I will be reporting to the consumer affairs division along with BBB.
My Annuity account continually lost value of several years and my account manager was removed from my account because he shared my personal financial information with a new account to which I referred. My business partner informed of this and I filed a complaint. I was transferred to another account manager in Dallas, Texas and had to beg for services and advice. When the Account manager was out of town there was no backup and she would not respond, leaving it to her assistant. When I had "timely" requests for withdrawals, I was simply told to fill out their withdrawal form, which is a legal document that required interpretation and explanation. I requested that and was simply told to use it. I would NOT recommend NY Life as I even had to cancel my life insurance policy because of the increasing fees and exclusions that pop-up when it suits NY Life. I am 75 and have used NY Life for over 30 years and it was a bust for me!
Their promised refund took weeks to process and I was misled three times on when refund check would be mailed. Even sent bogus UPS tracking number as part of delaying process. They are not above lying.
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.
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!!!
New York Life Company Information
- Company Name:
- New York Life
- Year Founded:
- 51 Madison Avenue
- New York
- Postal Code:
- United States
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