New York Life insurance company review 2023

New York Life insurance

Founded in 1845 and headquartered in New York City, New York Life offers a variety of life insurance policies, which provide a greater likelihood of finding a policy that fits both your insurance needs and your budget. New York Life offers four different types of life insurance policies: whole, term, universal and variable universal. When it comes time to choose the right policy, working with a licensed insurance agent can help determine how much life insurance you need, ensure you make the right selections and fully understand the differences between the various policy options in the context of your financial situation.

• Term: New York Life offers a term life insurance policy which allows you to select the length and the death benefit of the policy that works best for your short-term financial goals. It is referred to as a “term” policy because you choose the amount of time during which you will be paying fixed premiums towards a death benefit, which expires when the term is over. New York Life offers three different options for term life, and allows conversion into a whole life insurance policy. Premiums may also gradually increase depending on the terms of the policy.
• Permanent: A permanent life insurance policy remains in effect throughout your entire life, as long as you pay the premiums. The policy has two components to it, including a death payout to your beneficiaries, as well as a cash value account that grows over time and is typically tax-deferred. This gives you the flexibility to use your cash value for life events, such as helping pay for home renovations or unexpected medical bills, although any amount you borrow from the policy will be deducted from your death benefit. New York Life offers three types of permanent policies:
• Whole: Whole life insurance is the most common type of permanent policy and offers level premiums, a portion of which will go towards your cash value account. New York Life offers two whole life policy options, a standard Whole LIfe Policy and a Custom Whole Life Policy, the latter of which provides the policyholder the option to maximize cash value growth or pay higher premiums for a shorter, set amount of time rather than for the whole life of the policy.
• Universal: A universal life insurance policy from New York Life is similar to a whole life option, since the policy does build cash value. With this policy you have greater flexibility and can adjust the death benefit throughout the life of the policy. When you do, it will also impact the cash value component, but it still gives you options depending on what your financial priorities are at a given time.
• Variable universal life: This option is similar to a universal life policy, but provides you the ability to invest in the market and gain tax advantages.

New York Life insurance endorsements

Endorsements, or riders, for life insurance policies can be a useful way to personalize a life insurance policy for your needs. Depending on the type of New York life insurance policy you purchase, you may be able to access different riders. Here are a few unique New York life insurance endorsements:

New York Life tools and benefits

New York Life has many benefits that policyholders and beneficiaries can take advantage of. Some of these include:

• Financial guidance: The company can help connect policyholders with financial experts to help plan for their future.
• Planning tools: New York Life’s website is packed full of informative guides on what life insurance is, as well as calculators to help determine how much you need for retirement and life insurance.

New York Life customer satisfaction

Customer satisfaction may be an important factor when it comes to life insurance. You can reach out to family and friends to learn more about their shopping and claims experience, or you can also refer to surveys by third-party agencies like J.D. Power and the National Association of Insurance Commissioners’ (NAIC) Complaint Index. New York Life scored 775 out of 1,000 points in J.D. Power’s 2022 U.S. Individual Life Insurance Study, which was above the industry average. New York Life also has very few policyholder complaints registered with the National Association of Insurance Commissioners (NAIC), receiving only 3 complaints in 2021, which is far below industry baseline.

How to file a claim with New York Life

Beneficiaries of a New York Life insurance policy can start a claim online or by mail. If choosing to file by mail, beneficiaries need to fill out the appropriate form. The form, along with the original death certificate, can be mailed to one of the addresses below:

Mail:
New York Life
Claims & Benefits
PO Box 130539
Dallas, TX 75313-0539

Overnight mail:
New York Life
Claims & Benefits
4849 Greenville Ave, Suite 700
Dallas, TX 75206-4187

New York Life availability

New York Life is available in all 50 states.

Other New York Life perks worth considering

New York Life offers many other products in addition to life insurance. All are centered around financial planning to help prepare for the future. Some of these include:

• Supplemental insurance: This includes individual disability and long-term care insurance.
• Investment products: New York Life offers annuities, mutual funds, ETFs and 529 plans.
• Additional services: Some options for more financial planning include planning for small businesses, estate planning and wealth management.

New York Life corporate sustainability

The company’s New York Life Foundation supports organizations that specialize in education and childhood bereavement support. This includes providing funding for grants and philanthropic contributions to different organizations. Within the company, New York Life also promotes diversity, and currently has a board of directors that is 50% women and people of color, as well as a workforce that is 37% people of color.

Not sure if New York Life is right for you?

New York Life offers numerous benefits to policyholders, but life insurance is a significant personal financial planning choice. Whether you’re looking for affordable life insurance, or the best family life insurance, it’s best to do research to see what options are available. Many financial and insurance experts strongly recommend comparing multiple providers and obtaining more than one life insurance quote to find the right fit. Below are some other options to consider:

New York Life vs. Mutual of Omaha

Like New York Life, Mutual of Omaha offers strong customer satisfaction ratings and an A+ (Superior) AM Best rating for financial strength. Mutual of Omaha also offers flexibility across whole, term and universal life insurance policies, including a variety of term lengths and benefit options.

Learn more: Mutual of Omaha Insurance review

New York Life vs. State Farm

State Farm is a household name for auto and home insurance, but it also offers several life insurance options, including whole, term, universal and variable policies. You can also opt to start the life insurance quote process online, which is not an available option with many other life insurance providers.

Learn more: State Farm Insurance review

New York Life vs. Northwestern Mutual

Northwestern Mutual offers whole, term and universal policy options, including those for older individuals and smokers. Northwestern Mutual also provides flexible conversion options if you decide you need to update your policy throughout your lifetime.

Learn more: Northwestern Mutual Insurance review

Is New York Life a good insurance company?

If you’re looking for one of the top life insurance companies with a wide variety of policy options, accountable customer service and top-tier financial ratings, our New York Life Insurance review may be helpful in your research. Bankrate’s insurance experts have a combined 10 years of experience in the life insurance space, and with over 50 carriers reviewed, can help you start your journey to choose the best life insurance for your needs.

New York Life Insurance Company earns exceptional financial strength ratings from AM Best, Moody’s, Fitch and S&P, as well as high customer satisfaction scores from J.D. Power. The carrier also has numerous life insurance products to choose from, each one with varying riders to help you build the right policy for your concerns and needs. It does, however, generally require medical exams and premiums may increase for annual-renewable term insurance policies. These may make the cost of life insurance fluctuate depending on your current health. Depending on what type of policy you are looking for, New York Life Insurance could have what you need.