New York Life Insurance Review 2020

Last modified: November 13, 2020
  • Claims 8
  • Buying 7
  • Transparency 7
  • Coverage Variety 8
  • Value For Money 8
  • OVERALL RATING 7.6
  • Financial Strength A++
  • BBB Rating A+
  • Coverages 8/10
  • Flexibility Flexible premium frequency, amounts, and coverage
  • Discounts No discounts
  • Support Phone, Online Application
  • User Ratings 8/10
  • Availability All 50 states
  • Pricing Average

About the Company

New York Life Insurance Company was founded in 1845 in New York and is headed by CEO and Chairman Ted Mathas. The New York Life insurance and annuity corporation is the third-largest company for life insurance in the United States. The life insurance company’s New York Life Building is located in New York City. 

Potential insurers looking to apply for New York Life’s insurance policy can contact them via phone. The New York Life Insurance phone number is 1 (800) 225-5695. The insurance company provides people with 4 types of life insurance policies: 

  • Term life insurance 
  • Whole life insurance 
  • Universal life insurance 
  • Variable life insurance

If you are in the search for life insurance, you need to start by reading all the New York Life Insurance reviews. Our review of the life insurance provider’s various insurance coverage options can help you decide if you should apply for life insurance through them or not.

How We Reviewed 

New York Life Insurance is one of the most reliable and reputable life insurance providers in the United States. The life insurance company provides four different insurance policies, which we examined to help you decide which one is right for you.

We also examined the website to determine if the life insurance company offers enough resources to educate people on its wide range of products. We looked at the various features on the website available for potential and current policyholders. 

Other factors we looked at include the ease of getting a quote, average pricing, and filing a claim. Lastly, we analyzed the New York Life Insurance rating on a wide range of credible customer review websites to determine its financial rating and standing in the life insurance market among its target market and against its competitors. Knowing this information will help you decide if you should reach out to them for a quote or pass them up for one of its competitors.

Where Is It Available?

New York Life insurance address is 51 Madison Avenue, Suite 3200, New York, NY 10010, United States, and the New York Life insurance locations include only New York City. 

New York Life currently offers a version of all products in every state, but not all products are available in all states.

Life Insurance Coverage Options

New York Life offers people the following life insurance coverage options:

  • Term Life Insurance    

This option allows you to convert the temporary coverage to permanent coverage later on. You can customize it according to your current and changing needs. It is available for people up to 75 years old. The coverage starts with $100,000 and is sold in yearly increments for the Yearly Convertible coverage. The Level Premium Convertible coverage is sold in custom increments, which start from 10 to 20 years. 

  • Whole Life Insurance

This life insurance coverage offers level monthly premiums for the whole life and value whole life coverage options with flexible premiums for the custom whole life coverage. 

The policy starts at $10,000 and is available for people up to 90 years old. These are fixed policies, but with the custom, whole life coverage offers flexibility in premium frequency, amounts, and coverage with the option to pay them for 5 years until the age of 75.

  • Universal Life Insurance

New York universal life insurance allows you to customize your protection and adjust it as your needs change. You can choose from the standard universal life insurance coverage, custom guarantee, and protection up to the age of 90. It also allows you to choose from 2 death benefit options. 

  • Variable Life Insurance

Variable life insurance coverage provides people with permanent protection for you and your loved ones. You can choose how to invest in the policy’s cash value. You can customize the policy to better fit your needs.

Riders

New York Life insurance policy offers policyholders the option to choose from the following riders:

  • Guaranteed Insurability Rider allows you to buy additional life insurance coverage options at certain dates down the line.
  • Accelerated Death Benefit Rider provides an extra death benefit that’s equal to the coverage option’s face value in the event the insurer passes away due to an accident before they reach a certain age. 
    • Options to Purchase Paid-up Additions allows you to buy increased cash value or death benefit during the duration of your coverage as you need or if you think you can afford more in the future.
  • Spouse Rider allows your spouse to use some of the money from your life insurance policy after your death to buy life insurance without the need to take a medical exam.
  • Money-back Option Rider or the Premium Back Option Rider is part of the custom universal life guarantee coverage plan that allows you to request a refund in the event you don’t want the coverage option.     
  • Chronic Care Option Rider (CRR) is part of the whole life insurance coverage plan and the custom guarantee universal life coverage plan. It provides insurers with an accelerated and tax-free payout of a portion of your death benefit in the event you fall ill with a chronic illness.
  • Living Benefits Option allows you to use some part of your death benefits in the event you are diagnosed with a terminal disease. You can use the money to cover medical expenses. This option isn’t available in every state though. 

New York Life Insurance Pricing 

It is important to learn the price of obtaining life insurance from New York Life. The New York Life insurance quote depends on various factors. The online New York Life insurance payment option allows you to manage your policy and make payments online. 

To give you an idea of the type of monthly premiums you can expect to pay, we have used an example of a policyholder living in Florida who has taken out a term life insurance policy with coverage of $25,000 over a term of 10 years:

Age Male Female
25 $11.75 $10.75
35 $12.75 $11.75
45 $26.45 $22.25

 

New York Life Insurance Discounts

Multi-policy or bundling discounts are not currently available with New York Life insurance.

Customer Satisfaction and Financial Strength Review

J.D. Power gave New York Life a 4 out of 5 in customer satisfaction. According to YouGov, 10% of the people held a negative opinion about the life insurance provider, and 28% held a positive opinion. More importantly, around 79% of people know about New York Life. 

It has lower than average complaints regarding life insurance policies, according to NAIC. ConsumerAffairs rated them 3.1, and Trustpilot rated them a 3.7. 

New York Life’s financial strength rating proves its superiority. The New York Life BBB rating is A+. The New York Life AM Best rating is an A++ and S&P gave the company an AA+ rating.

Platform Rating
BBB A+
ConsumerAffairs 3.1
Trustpilot 3.7

Customer Support 

New York Life insurance customer service has a good track record in assisting people with their questions and concerns. You can contact a New York Life customer service representative from Monday to Friday, from 9 a.m. to 7 p.m. If you want, you also can connect with a local agent or office through the website. If you bought a policy, you receive access to several valuable online tools and resources for policy management. The New York Life customer service number is 800-225-5695.

Ease of Buying and Claims Handling

You can’t obtain quotes online, as they don’t offer any online quoting tool.  You will need to contact an agent for your personalized quote. On their website, you can go through the different simple comparison samples that explain the various policies. 

If you need to learn about additional plans, you can contact an agent for more information. New York Life insurance claims can be filed by downloading and completing the claims form. You need to email the form to the New York Life insurance claims department. If you’re unable to print a form, you can submit an online form, and they’ll mail you a claims kit.

 

The New York Life insurance claims address for standard mail is:

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

And for overnight mail, the address is:

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

Comparison With Competitors 

To give you a better idea of the company’s standing, we compared New York Life with some of its major competitors on the market: 

New York Life vs Northwestern Mutual 

Northwestern Mutual has a higher overall rating in comparison with New York Life. Northwestern Mutual also scores better across policies and coverage options, reputation, available riders, and flexibility. 

New York Life vs Primerica 

New York Life offers an online life insurance calculator tool. It also offers several types of products and permanent coverage options. New York Life also has a better AM Best rating. 

Both have the same BBB rating. Primerica only offers term life insurance while New York Life offers term, whole, universal, and variable life insurance. New York Life offers 4 riders, whereas Primerica offers 3. 

New York Life vs Metlife

The main difference between the two life insurance companies is that MetLife has more options for term life insurance, whereas New York Life focuses more on whole life insurance. 

New York Life vs MassMutual 

The overall rating for both life insurance providers is the same. In terms of company stability, New York Life scores better. MassMutual Life scores better on flexibility, available riders, and reputation.

Pros & Cons

The Pros

  • Simplified choice of policies available across all three major types.
  • High coverage limits on policies are available
  • Useful rider options are available

The Cons

  • Not much information regarding policy options is available online
  • Some customers may want more specialized policies
  • No online quoting tool

Final Verdict

If you are looking for life insurance coverage, consider going with New York Life. New York Life is a good option due to its wide range of life coverage options. They have been around for several decades and have earned the spot as the third-largest insurance provider in the United States, hence making them a safe and reliable choice.

The life insurance company offers customizable life insurance plans. They also offer several riders, including money-back options. They maintain an excellent financial strength rating and have good customer reviews. 

The insurance provider is recommended for people interested in obtaining both whole and term life insurance policies with flexible premiums and guaranteed options. 

The downside is that you can’t obtain a quote online and will need to call a New York Life agent to get a quote. 

FAQs

What information does New York Life use to help determine my coverage needs?

The life insurance provider’s financial specialists determine your life insurance coverage needs using factors such as expenses, assets, age, and income. 

Can I choose my New York Life agent?

You have the option to search for a New York Life agent near your location. You can also locate a life insurance agent by name. You need to fill and submit a form to have one of New York Life’s agents contact you. They will call you within 48 hours. 

Can I receive my New York Life documents electronically?

The life insurance provider can deliver documents electronically and you can access them online at your own leisure.

Are all New York Life insurance products available to apply for online?

New York Life insurance reviews indicate that the life insurance provider doesn’t offer users an online application process.

How to cancel a New York Life insurance policy?

You can cancel your coverage with the life insurance provider by contacting them directly. They may not refund your premiums, but the life insurance provider’s Yearly Convertible term life insurance coverage offers policyholders with a no-penalty cancellation.