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PROVIDER REVIEW
New York Life
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About New York Life

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New York Life Insurance Review

Overview

In 1845, a company called Nautilus Insurance Company headquartered in New York City became one of the first life insurance companies to offer non-forfeiture options (an option that allows the policy to remain, even if a payment is missed) as well as cash-dividends to its policyholders. This company eventually came to be known as the New York Life Insurance Company.

At present, New York Life Insurance Company is not only a reputable life insurance company, but they support several charities in the United States, including the Boys & Girls Clubs of America.


PolicyScout Review

New York Life Insurance offers popular life insurance options, including term, whole, universal, and variable universal. Their financial stability inspires trust, as the company has received the highest possible ratings from four financial rating institutions, including earning an A++ from A.M. Best. This offers peace of mind to policyholders, knowing the company will be in good standing to pay any claims and service policies.

New York Life’s customer support is lower than its competitors. Although the website is rich with information and features general articles on policy management and financial planning, it’s harder to find specific information about policies. You can reach customer service on the phone and through email, but this is a far cry from the online/live chat many competitors offer. Speedy responses are not the norm with New York Life, as you may expect to be on hold if you call and wait at least 24 hours for a response to any email inquiries.

At this time, New York Life does not offer a mobile app for policyholders. The website is user-friendly and easy to navigate but can be slow to load, particularly if you are accessing it via mobile.

Living the retired life and need life insurance? This may be the company for you. New York Life offers perks for older adults/senior policyholders. It offers universal life insurance policies that are both flexible and affordable and can be customized to cover any amount of after-life expenses. If you are married, this company offers survivorship insurance that covers both spouses under a single, tax-effective plan. They also partner with AARP to provide no-physical exam, low-cost individual and group policies for retirees.

Pros:

  • Guaranteed level premiums

  • Offers survivorship whole life for couples, which insures both spouses on one policy

  • Term-to-whole life conversion opportunities

  • Guaranteed renewability

  • Financially secure; highly rated

  • Wide range of life insurance products

  • User-friendly website

Cons:

  • Limited coverage options

  • Average customer service

  • Some policyholders complained of service issues in a delay of claims payments

  • You may experience delays in processing any policy changes you request

If you’re looking for a term life policy with a flexible time frame or may need to change or add-on to your policy at some point, New York Life may be a good option for you. They offer term-life insurance with several options including annual convertible term policies and extra benefits that you can add on at any time. These policies are also upgradeable to a whole life insurance policy after the end of your term.


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