New York Life insurance review 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 5:03 p.m. UTC Feb. 23, 2024
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Pros
- Variety of life insurance coverage options and riders.
- Long-term care insurance available.
- Dividend-paying whole life insurance policies.
- Low number of complaints to state insurance departments.
Cons
- Term lengths are limited to 10, 15 or 20 years.
- Does not offer online quotes or policy purchasing options.
- Limited product details available online.
About New York Life insurance
New York Life was founded in 1845 and has grown to be one of the largest life insurance companies in the United States. It is also the largest mutual life insurance company, meaning it is owned by policyholders as opposed to stock or shareholders.
New York Life offers a wide range of financial products and services, including term and permanent life insurance, mutual funds, annuities, 529 college savings plans and estate planning.
Types of life insurance offered by New York Life
New York Life offers multiple types of life insurance. Its primary offerings include term, whole and universal life insurance, but speak to an agent to determine if there are other other products that fit your needs.
New York Life term life insurance
New York Life offers three distinct term life insurance products.
- Yearly Convertible Term policies start with low premiums that gradually increase on an annual basis.
- Level Premium Convertible Term 10-20 policies enable you to lock in a specific premium for between 10 and 20 years. Once that period ends, premiums increase annually, unless you cancel coverage.
- Million Plus Level Term 10 policies offer $1 million or more in protection and level premiums for 10 years, meaning your premium payment will stay the same for the duration of the policy.
New York Life whole life insurance
New York Life’s whole life insurance policies offer permanent coverage that builds a cash value through dividend payments.
New York Life offers three types of whole life insurance policies:
- Whole Life insurance policies offer level premiums, a guaranteed death benefit and a cash value component with a guaranteed growth rate.
- Custom Whole Life policies allow you to prepay your premiums to limit the years you’re required to make policy payments.
- Secure Wealth Plus is a whole life insurance policy that offers early cash value growth and an expedited underwriting process, typically within 48 hours.
Universal life insurance
Universal life insurance generally offers enhanced flexibility when compared to whole life coverage, as you may be able to your their death benefit and premiums payments, in accordance with policy rules and restrictions.
New York Life offers two types of universal life insurance:
- Universal Life policies offer the standard universal life product — flexible coverage and benefits with optional cash value, typically for a lower premium than that associated with a whole life insurance policy.
- Custom Universal Life Guarantee policies offer a guaranteed death benefit with no cash value. Premiums, death benefit and coverage period can be adjusted, but making changes to the policy may affect the guaranteed expiration date.
Ethos
New York Life insurance riders
New York Life insurance offers multiple riders, including those listed below. Rider availability may vary by state and life insurance product.
- Accidental death benefit rider.
- Chronic care option rider.
- Death benefit rider (provides enhanced control of how beneficiaries receive payment).
- Disability waiver of premium rider.
- Living benefits rider.
- Money back option rider.
- Option to purchase paid-up additions rider (option to pay additional premiums to increase death benefit and cash value).
- Return of premium rider.
New York Life insurance reviews
New York Life has a below-average number of NAIC complaints when compared to the national average for life insurance companies. It also has strong financial ratings from all major credit rating agencies, including AM Best, which gave it the highest rating available: A++ (Superior).
These two metrics can indicate general customer satisfaction and a high likelihood that the company will pay out life insurance death benefit claims.
If you’re shopping for a new life insurance policy, make it a point to read New York Life insurance reviews online and seek the feedback of friends, family and colleagues who have experience with New York Life insurance products. Get at least three life insurance quotes before committing to a policy or insurer.
Other insurance products by New York Life
In addition to term and permanent life insurance solutions, New York Life offers:
- Annuities.
- Estate planning services.
- Exchange traded funds (ETFs).
- Individual disability insurance.
- Long term care insurance.
- Mutual funds.
- Small business advisory services.
- Wealth management services.
- 529 college savings plans.
More life insurance companies to consider
See how insurers in our rating of the best life insurance companies compare.
| Life Insurance Company | Our Rating | AM Best Financial Strength Rating | Learn More | |||||
|---|---|---|---|---|---|---|---|---|
 Protective | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Pacific Life | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Corebridge Financial | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Transamerica | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Symetra | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Penn Mutual | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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New York Life insurance review FAQs
No. New York Life insurance policies must be purchased through an agent. You can contact an agent directly or complete an online form to be connected with an agent. Once connected with an agent, you can discuss your needs and determine the best life insurance option.
New York Life insurance premiums may be level — meaning they stay the same over time — or may increase over time, depending on the life insurance product you buy.
The New York Life yearly convertible term life insurance product, for instance, features premiums that increase annually, whereas its whole life insurance product features premiums that stay the same.
Speak to a New York Life insurance agent to determine how premiums are structured for any life insurance product you are considering.
Yes, New York Life insurance has a history of paying out death benefits after life insurance beneficiaries file a claim. Its payment history is reflected in strong ratings from credit rating agencies such as AM Best. For example, its current AM Best rating is A++ (Superior), the highest rating available.
Yes, New York Life is considered a reliable company for life insurance products, including whole life insurance, term life insurance and universal life insurance. It has a strong and stable history of paying out life insurance claims and holds the highest AM Best rating available: A++ (Superior).
New York Life insurance and other products, such as 529 plans and mutual funds, may be purchased by contacting an agent directly or by completing an online form to be connected with a New York Life agent.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
