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.
Overall Satisfaction Rating
- 5 stars10
- 4 stars10
- 3 stars5
- 2 stars3
- 1 stars5
- 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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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.
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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