New York Life Insurance Review

Rating: 8.9 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
Founded in 1845, New York Life Insurance Company is among the largest mutual life insurance companies in the world. New York Life offers a broad range of products and services such as term, whole, universal, and variable life insurances, annuities, and long-term care. The company boasts an A.M. Best rating of A++ (Superior).

How is New York Life rated?

Breakdown

10/10
Financial Strength
9/10
Customer Experience
8/10
Policies
8/10
Flexibility

Overall Rating: 8.9 / 10 (Excellent)

New York Life is an industry-leading mutual life insurance provider founded in 1845. With over a century of experience, the company offers excellent financial strength and a wide variety of life insurance products and optional riders. Their website, although easy to navigate and pleasing to the eye, does not provide sufficient coverage details and customers may find it difficult to locate the information they're looking for.

Financial Strength

Key Details

Underwriter
New York Life Insurance Company
Marketshare 2016
4.11%
Premiums Written 2016
$4,902,529,968
Standard & Poor's Financial Rating
AA+
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++

Financial Strength - 10 / 10

New York Life is the second largest life insurance company in the United States after Northwestern Mutual. The company has received the highest financial strength and issuer credit ratings according to independent credit rating agencies. New York Life holds an A.M. Best rating of A++ (Superior), an S&P rating of AA+, and a Moody's rating of Aaa.
*The above information reflects the financial strength of the underwriter of the New York Life life insurance policies: New York Life Insurance Company.

Reputation & Customer Experience

National Association of Insurance Commissioners

NAIC Complaint Ratio 2016
0.16
NAIC Total Complaints 2016
53
*The NAIC complaint ratio (in this case 0.16) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Customer Ratings

Trust Pilot Rating
7.4 out of 10
BBB Rating
C
Date Collected
2017-09-01

Customer Experience - 9 / 10

New York Life has yet to receive a Better Business Bureau accreditation and holds an C rating with the organization. What's more, New York Life's Trustpilot score is 7.4, which though technically good is lower than average for the carriers we evaluate. However, according to the NAIC, New York Life's complaint ratio for individual life insurance policies for 2016 is below the national median, placing the company above many competitors in the market.

New York Life Policies

New York Life offers customers the following life insurance policies: Term, Whole Life, Universal Life, Variable Universal Life, Survivorship Life. Because we feel that Term Life insurance is a superior choice for most customers, we've focused our review on the New York Life Term Life policy.

Term Life Insurance

Available Terms
10 year
15 year
20 year

Key Term Policy Features

  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Guaranteed Renewability
  • Waiver of Premium
  • Accelerated Death Benefit

Policies - 7.5 / 10

New York Life offers a broad range of term, whole, universal, variable, and variable universal life insurance policies. Their website does not provide details about coverage amounts or features or even provide life insurance quotes. They do, however, a wealth of information regarding their different policy options.

Flexibility & Available Riders

Available Riders

  • Disability Income Rider
  • Child Protection Rider
  • Spouse Protection Rider
  • Long-Term Care Rider
  • Accidental Death Benefit

Flexibility - 8 / 10

New York Life allows customers to customize their policies with a wide array of optional riders such as accidental death benefit, children's insurance, chronic care, disability waiver of premium, living benefits, and spouses paid-up purchase option (SPPO). These are only some of the riders the company provides, and they are not available for all policies or in every state.

Additional Company Information

Homepage URL
Company Phone
(212) 576-7000
Headquarters Address
51 Madison Avenue, New York, NY, 10010
Year Founded
1845

Our Partner
8.9 / 10
  • Simplified Term Life Insurance up to $150,000 for ages 35-64 
  • No medical exam or lab work - just health information.
  • $10,000 up to $150,000 in affordable coverage.
  • Get a free quote & apply online or by mail in minutes.

Latest New York Life Reviews

C
Carlo
Patchogue, New York

2/5/2018
There's something to be said for a company that's been around for 173 years. You're comparing apples to oranges. No other company even comes close.