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Advantages and disadvantages of New York Life insurance
new York Life insurance policies
JD Power Customer Satisfaction Rating
AM Best financial strength rating
JD Power Customer Satisfaction Rating
AM Best financial strength rating
- Life insurance provider with policies available across the United States
New York Life was established 1854 years ago in New York. He currently ranks 9th JD Power Life Insurance Customer Satisfaction Survey. It’s also one of our top picks for the best life insurance companies in 2022.
New York Life offers term and permanent life insurance policies. If you choose to purchase a term policy, you can choose from the New York Life Annual Convertible Term Policy, Level Premium Convertible Term Policy, and Level Million Plus Term Policy. A permanent policy pays a death benefit, allows you to create cash value and may also pay dividends depending on the policy you choose. New York Life offers whole life, universal life and variable universal life policies.
In addition, you can supplement your insurance with individual disability coverage and long-term care coverage. You also have the option of adding endorsements to your policy for an additional fee. If you purchase the New York Life Personalized Benefit, you have the option of getting your money back if you no longer need coverage, at no additional cost.
- Annual convertible term — This term life insurance policy starts at the lowest cost and then gradually increases each year. It’s also convertible, which means you can switch from a term life insurance policy to a permanent policy without a medical exam.
- 10-20 Level Premium Convertible Term — This term life insurance policy gives you the flexibility to pay your premiums for a period of 10 to 20 years. Premiums remain the same throughout your policy and will increase after your policy ends.
- Million plus term level 10 — This term life insurance policy provides coverage for $1 million. Premiums stay the same for 10 years and gradually increase at the end of your term. After five years, you can convert your policy to a permanent life insurance policy.
- Whole life insurance — This permanent policy pays a death benefit, creates cash value and has the potential to pay annual dividends.
- Tailor-made whole life insurance — This policy allows you to choose the premium payment term (as short as five years) and maximize the cash value growth of your policy. However, shorter payment periods mean higher premiums.
- Universal life insurance — This policy offers a death benefit, the ability to create cash value and flexibility in when and how often you pay your premiums.
- Personalized guarantee — This policy is a good option for clients who need death benefits but do not necessarily need to accumulate cash value. Personalized benefits allow you to pay level premiums for as long as you want.
- Protection up to age 90 — This policy is a great option for those who need significant life insurance protection – at least $1 million in coverage – for a period of time before age 90.
- Variable universal life insurance — This permanent life insurance gives you control over your investments. This policy provides access to different tax-efficient investment options that match your goals and level of risk. Like universal life, you can also adjust the amount and frequency of your payments.
There are two types of life insurance: permanent life and term life. Term life insurance lasts for a set period of time. When it’s up, you can reapply for coverage, but premiums will most likely increase with age.
Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value you can use while you’re alive. Some financial advisors recommend a combination of term and permanent life insurance.
New York Life offers these additional policies and rider options:
- Individual disability insurance — This supplemental policy provides coverage in case you become too ill or injured to work.
- Long-term care insurance — This supplemental policy will help you pay for assisted care when you can no longer care for yourself.
- Spouse Paid-Up Insurance Purchase Option Rider — This endorsement will allow your spouse to continue your policy in the event of your death.
- Waiver of premiums in the event of disability — If you become disabled or too ill to work, disability insurance will cover your premiums.
- Living Benefits Rider — This rider will pay part of your death benefit for treatment or care if you are terminally ill.
- Option to purchase paid-up bonuses (whole life) — This endorsement allows you to contribute more to your policy. This will increase your death benefit coverage and increase your cash value.
- Chronic Care Option (Whole Life) — This rider provides tax-free access to a portion of the policy’s benefits if you become chronically ill.
- Accidental death benefit — This rider would provide an additional death benefit if your loved one’s death was caused by an accident.
- Death benefit option 1 (universal life) — This rider provides a level death benefit equal to the amount of your policy.
- Death benefit option 2 (universal life) — This rider provides a fluctuating death benefit that is equal to your policy amount plus the cash value of your policy.
- Premium Return Rider (Universal Life) — This rider provides a fluctuating death benefityou which is equal to your policy amount plus the total adjusted premiums you paid on your policy.
- Reimbursement Option Rider (Universal Life) — If you no longer need coverage, this rider reimburses you. (Comes with most custom warranty policies)
New York life insurance in the face of competition
New York Life, Northwestern Mutual and MassMutual are national insurers specializing in life insurance. All three companies offer term, whole, universal, and variable life insurance, as well as supplemental coverages such as disability income coverage and long-term care coverage. New York Life offers excellent customer service and a wide range of policy options to meet your life insurance needs. However, it ranks lower in terms of customer satisfaction than its competitors. Also, New York Life does not offer online quotes.
Is New York life reliable?
We checked the NAIC Complaint Index for complaints against New York Life. The company has far fewer complaints filed against it compared to other major insurers.
New York Life’s financial stability is solid, with a AM Best grade A++ (Superior). Although a legitimate insurance provider, it’s important to do your own research to make sure New York Life is the right insurance company for you.
New York Life — Frequently Asked Questions (FAQs)
Where is New York Life available?
New York Life is available in all 50 states.
Can I withdraw money from my New York Life insurance policy?
You can access your cash value through loans or partial withdrawals for your financial needs. This account is tax-deferred.
How much does New York Life cost?
Many factors make up your insurance premiums, such as your age, gender, health, lifestyle and occupation. To get a quote, contact a New York Life agent by completing this form.
What is the best way to contact New York Life during the pandemic?
You can either contact your financial professional by phone or video chat, call the New York Life service line at 1-800-225-5695, or view your information online.