New York Life Insurance Review

#2 in Life Insurance

Background-New York Life Insurance

In 1845 New York Life was founded with $17,000 worth of assets. At the time it was called Nautilus Insurance Company. One hundred seventy years later it is the largest life insurance company in the United States and among the largest in the world. The company has weathered depression, war, disaster and remains a rock solid American institution. In 2015 the company paid out $9.8 billion in dividends and benefits. It is licensed to do business in all 50 states.  

New York Life offers a long list of policies with a wide array of coverage, rider, premium and term options. It remains one of the top performers in the insurance industry with the highest financial ratings. In addition to it's products the company provides tools and learning resources that offer practical, real-world financial advice to policy holders, such as an online manual explaining step-by-step how to plan for the future if you find yourself caring for someone with special needs. New York Life also has a long history of philanthropic initiatives, concentrating these days mainly on educational grants and childhood bereavement. 

Company Reputation

You cannot get a better financial reputation than New York Life. Along with Northwestern Mutual, the company currently enjoys the highest financial strength ratings possible from all independent rating agencies. Their score for this metric represents that. New York Life is the nation's 3rd largest issuer of life insurance policies and a Fortune 500 company with incredible credit outlook.

Standard and Poor’s

AA+

Moody’s Rating

Aaa

A.M. Best FSR

A++

Fitch Ratings

AAA

Customer Experience

The National Association of Insurance Commissioners gave New York Life a complaint ratio of .13 for 2015. While this is higher than average for the companies we rank, it's on the low end considering the life insurance industry as a whole. For 2015, JD Power assigned New York Life a satisfaction score of 791 which was 4th among the companies we currently rank. We'd rate New York Life around the middle of the pack in terms of customer satisfaction. 

Although the company offers several online insurance calculators, they are more traditional in that they want to move you in the direction of handing you over to a live agent as soon as possible in the process. 

Policies

Although New York Life has a huge range of coverage options and financial planning resources, we'll be focusing on the company's New York Life Direct Broad Market policy. This is a no-frills term life insurance policy designed for everyday Americans. With the Direct Broad Market plan you can get covered quickly, with no medical exam and no waiting period. You can get an instant quote and apply online within minutes.

New York Life Direct Broad Market

 

Issue Age

18-80

Terms

5 years

Coverage Limits

$10,000-$150,000

Guaranteed level premiums

Yes, for initial term. Rates will then increase in 5 year increments until coverage ends at age 80.

Guaranteed benefits

Yes, benefits will not decrease regardless of changes in your health.

Guaranteed Renewability

Yes, until age 80.

Medical Exam

No. Acceptance based on answers to health questions and information you provide or agree to let New York Life obtain.

 

Additional Features

New York Life offers a huge array of additional features within the traditional term, whole and universal headlines. Whatever you're looking for, and regardless of your situation, it's a good bet you'll be able to find a plan that suits you. Some of the most useful policy features the company offers are long-term care insurance, disability waiver of premium, and an accelerated death benefit in the form of a "living benefit" rider.

Some other common riders the company offers include:

Accidental death benefit
Child insurance
Chronic care insurance
Spouse's paid-up insurance
Dividend option terms
Insurance exchange

Help and Support

New York Life offers weekday phone assistance during normal business hours. The company is also reachable through email and social media, or at one of its multiple branch offices nationwide.

Online Presence

New York Life offers several "planning calculators" on its website but stresses these automatic online tools are merely meant to be used as guidelines as nothing can take the place of one-on-one interaction with an agent. The company will also not provide quotes or application online. Their website features a lot of news and policyholder resources and reports concerning the company itself, links to relevant outside financial news, and some educational resources for customers. 

New York Life Insurance

New York Life is definitely an excellent choice for life insurance shoppers. With its long list of life insurance plans, finding a policy that’s tailored to your specific needs would be easy. Coverage options are solid and at par with best industry standards. Guaranteed benefits, access to cash value and flexible premium, coverage items makes it one of the top choices for life insurance. Just like most of the best life insurance providers, it also gives policy holders a chance to become an investor while offering guaranteed benefits. All this makes New York Life Insurance a must-consider option when shopping for life insurance.

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