Tuesday, September 27, 2022

Does New York Life Offer Health Insurance

How To Increase Commissions

How to Get an Insurance License in New York – Life/Accident & Health Agent

The biggest issue with working with such a huge and reputable insurance provider is that the monthly sales quotas are very demanding. Your standing with the company could change quickly, even if you sell your minimum 50 policies a year.

The trick to staying with the company and increasing your commissions is to take advantage of New York Lifes extensive employee training and education services to get premium policies or long-lasting annuities to support the intense sales quota requirements.

How Are Life Insurance Premiums Determined

Life insurance premiums are determined by each companys underwriters. They look at several factors, including your age, your current health, and your family medical history to calculate the risk of insuring you. The methodologies used by each company vary, and that affects the amount theyre willing to cover you for, and the price you pay for that coverage.

On average, you could obtain $250,000 in protection for just $273.56 each month.¹

Some insurance companies charge more based on the level of service they provide, the companys financial strength, and the flexibility of its products. These attributes may increase the average cost of their life insurance policies, but they also improve the value of their policies. Its important to look at all factors when evaluating the overall value of a policy.

New York Life Insurance Company Term Life Insurance Underwriting

Below are the health rating classes for New York Life Insurance Company and their underwriting guidelines 2022.

Select PreferredHealth Cass:

To qualify for the best health class, Select Preferred, with New York Life the applicant needs to meet the following criteria:

  • No nicotine use in the past 5 years
  • Cholesterol: Maximum of 275 with HDL ratio of 4.5 or lower
  • Blood Pressure: 130/80 reading or lower , 140/85 145/85
  • Driving Record : No more than two moving violations on past 3 years

Preferred and Select Standard Health Class:

To qualify for the second best health class, Preferred nonsmoker and Select Standard , with New York Life the applicant needs to meet the following criteria:

  • Preferred: no nicotine use in the last 5 years
  • Select Standard: nicotine use is permitted
  • Body Mass Index between: 27.5-30.9
  • Cholesterol: Maximum of 300 with HDL ratio of 4.6 to 6.0
  • Blood Pressure: 135/85 reading or lower , 150/90 155/90
  • Driving Record : No more than two moving violations on past 3 years

Nonsmoker Health Class:

To qualify for the average health class, standard nonsmoker, with New York Life the applicant needs to meet the following criteria:

  • No nicotine use in the past 12 months occasional cigar is permitted with negative nicotine screening
  • Cholesterol: Greater than 300 with HDL ratio of 6.6-7.0
  • Blood Pressure: Not ratable blood pressure readings
  • Driving Record : Depends on history

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Are New York Lifes Employees Happy

New York Life currently employs about 11,000 people.

Glassdoor employee reviews for New York Life averaged 3.5/five stars based on nearly 3,000 reviews. A majority of 61 percent of current employees say they would recommend the job to a friend.

New York Life has also ranked on the following notable lists:

  • Number 18 Forbes Best Employers for Diversity 2019
  • Number 160 Forbes Best Employers for Women 2018
  • Number 364 Forbes Americas Best Employers 2017

Is New York Life Insurance Good

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New York Life insurance is an ideal option for families looking to purchase life insurance and financial planning services in one place. With access to personal financial professionals, customers have the ability to tailor plans and additional services to their needs. Though the company offers extensive coverage information on its website, customers must speak with a financial professional to get a quote.

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New York Life Offers Term And Permanent Life Insurance

This company sells both term and permanent life insurance policies, catering to a wide variety of people and needs.

  • Annual renewable term life. Starts with low premiums that raise each year until the term ends, ideal if you want short-term insurance before converting to a permanent policy.
  • Term life. A term policy offers fixed premiums and a death benefit if you die during your 10- or 20-year term.
  • Universal. Builds cash value while offering flexible premiums and death benefits. New York Life offers a wide range of universal life options.
  • Variable universal. Invests its cash value in riskier accounts compared to other policies for a higher return. Plus, you can adjust your premiums and death benefits.
  • Whole life. Whole life insurance offers lifelong coverage with level premiums and builds cash value. You may earn dividends from the insurance companys profits.

What Is New York Lifes Market Share

As of 2018, New York Life is the third-largest writer of life insurance with a 5.2 percent market share, representing $7.3 billion in direct written premiums.

New York Life Insurance Direct Premiums Written and Market Share by Year

Years

The company has seen a gradual increase in premiums over the past several years, a trend that should continue.

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Customer Service: Great Track Record

New York Life Insurance works through agents. To get in touch with a representative, call 225-5695 from Monday to Friday from 9 a.m. to 7 p.m. EST or search for a local office or agent to connect with via the website. New York Life also offers helpful online tools for policy management once you have a policy.

Although there are no online quotes, it has comparison forms of different products that are explained in simplified terms. This helps you understand the options when doing research on policies. Everything is written in a very easy-to-understand language.

Complaints: Very Low

New York Life Insurance Company scores well on the National Association of Insurance Commissioners National Complaint Index report, with a low complaint rating of 0.16 in 2021. This is well below the expected average for its size.

Customer Satisfaction: In the Top 10 Ranked Better Than Most

New York Life scored sixth out of 23 life insurance companies for Customer Satisfaction Overall in the 2020 J.D. Power Life Insurance Study, which ranks life insurance companies for customer experience and satisfaction. Here is the breakdown by the customer each service category:

Customer Service Category
Better than most

Can I Get Life Insurance If Im A Smoker

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Yes, you can. Most life insurance companies offer life insurance to smokers, but rates are typically much higher. Some companies offer better rates for smokers than others, while some even offer an incentive to quit smoking, offering lower rates for a period of time while the insured works on kicking the habit.

Life insurance policies also may have contingencies for those that are considered âhigh riskâ, including individuals with a family history of heart disease or cancer, or with an existing medical condition. Many policies require a medical exam as well to determine your insurability. If you qualify for coverage, rates could be significantly higher.

Overall, smokers and those with high-risk health factors will pay higher premiums, but coverage is available at most major life insurance companies.

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What Is The Companys History

New York Life was founded in 1841 as Nautilus Mutual Life, a company that sold life, fire, and marine insurance. In 1849, the company rebranded itself as the New York Life Insurance company and started focusing solely on life insurance.

Before the turn of the century, New York Life quickly established itself as a company of firsts.

It was the first to introduce the agent sales model, the first to sell policies to women at equal cost to men, the first to insure people with disabilities and those in hazardous occupations, and one of the first to hire female agents.

Since that time, the company has continued to innovate and has grown to become one of the largest life insurers in the nation with no signs of slowing down.

New York Life is a mutual company. This means there are no shareholders. Instead, the company is owned by its customers. Its the largest mutual insurer in the country in terms of revenue.

Among the benefits of a mutual company is the fact that owners of participating policies are eligible for profit sharing. New York Life has paid dividends every year since 1854, with an estimated $1.9 billion in payments expected this year.

New York Life is licensed to sell policies in all 50 states.

What Is New York Life Insurance

Life is full of financial obligations that can have negative repercussions on your loved ones long after youre gone. Fortunately, a life insurance policy can protect them against those hardships.

A life insurance policy can be the difference between financial security and financial disaster for those you leave behind. If you have a family, you owe it to them to explore your coverage options.

New York Life Insurance Company is one of the oldest and largest life insurers in the country. Since 1845, they have provided families with peace of mind in knowing they are prepared for any eventuality.

This review will give you a complete overview of the company and guide you through all their policy options to help you make the best decision.

Start comparing life insurance rates now by using our FREE tool above.

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Interested In Signing Up

All employees are eligible to sign up once the eligibility requirements have been met. In addition, employees who are nearing six months of employment and are interested in learning more about New York Life can do so by meeting with a New York Life representative on the Blacksburg campus.

Eligible employees who wish to speak with a New York Life representative must schedule an appointment. Appointments can be scheduled by emailing Lisa Van Wickler at or calling 434-953-5091. Employees who work at extended locations should also contact Van Wickler to schedule a meeting.

How Can I Shop For Life Insurance

New York Health Insurance

If youre reading this guide, youve probably already realized the importance of owning a life insurance policy.

If youre still on the fence, consider the following facts from the 2018 Insurance Barometer Study from Life Happens and LIMRA:

  • 35 percent of households would be financially affected within one month of the primary wage earners death
  • 90 percent agree that the primary wage earner should carry insurance
  • 60 percent of all people living in the United States have life insurance
  • 20 percent of those with a policy feel their coverage is insufficient

If youre one of those without coverage, here are some things to consider while you shop for a policy.

In general, life insurance should cover two types of obligations: immediate and future.

Immediate obligations are the things that need to be paid soon after your death. These include:

  • Funeral costs
  • Personal loans

Future obligations are all of the expenses that you want to pay for after your death, those you expect and those you might not. They include:

  • Income replacement
  • Emergency savings fund
  • Childrens college tuition

A life insurance agent can help you determine exactly how much coverage youll need to meet all those obligations. For now, here is an example using a basic life insurance calculator.

A husband and father of two is the majority wage earner in his family, with a wife who works full time. He has an annual salary of $80,000.

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How Much Life Insurance Should I Get

The amount of life insurance coverage you should carry depends on a few factors:

  • Your age
  • Years until retirement
  • Your family

Many financial professionals recommend coverage of at least 10 times your annual salary as income replacement but you may need more or less, depending on your circumstances. For instance, if you have a large mortgage and are the sole breadwinner for your family, you may opt to get more than 10x coverage on yourself. Or this may be a simple final expense policy that covers end-of-life costs.

Hereâs a quick example of how to determine how much life insurance coverage you may need:

John has a wife and three kids. He makes $100,000 per year as the sole breadwinner, and they carry $500,000 in debt . John has decided to get 10x his salary in term life insurance coverage, plus another $500,000 to cover their debt obligations. Term coverage allows him to obtain coverage for a specific amount of time , for the lowest monthly cost.

Life insurance coverage should allow your loved ones to grieve without worrying about the financial implications of your passing.

Comparing New York Life Long Term Care Insurance Rates With The Long Term Care Insurance Marketplace

New York Life has 3 health underwriting categories: Preferred, Select Standard, and Standard. Most applicants will be placed in the “Preferred” category.

Applicants that do not qualify for the “Preferred” health classification will be limited to the reduced benefits New York Life will allow to be purchased.

Applicants that are placed in the Select Standard or Standard classifications will be limited to 3 year benefit periods, $150.00 day, and 80% home care benefits. The Select Standard and the Standard categories are for “sub-standard” health applicants. Select Standard health classification offers will cost you 44% more premium. Standard health classification offers will cost you 92% more premium.

With this current New York Life long term care insurance pricing being as high as it is, I expect most applications will be funneled to the “Preferred” category.

The NYL Secure Care rates are 2X higher then the leading long term care insurance underwriters, so I can’t envision adding a 44% load or a 92 % load to these rates and also limiting your benefits to $150.00 day and 3 year benefit periods and 80% Home Care simply because you might have a medical condition.

For the purposes of examining rates, let’s look at a 60 year old married Florida couple.

Benefits of $150.00 day, 3 year benefit periods, 90 day waiting period and automatic 3% compound inflation protection.

We will assume the applicants health qualify for best available health classification with all underwriters.

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Life Accident & Health Individual/tba Agent Or Broker

A Life Accident & Health agent or broker is licensed to sell, solicit or negotiate life insurance annuities and/or accident & health insurance

  • Life insurance is insurance that provides protection against the death of an individual in the form of a payment to a beneficiary.
  • An annuity is an agreement that the insurance company will pay an income benefit, in specified periodic payments for the life of the insured, or for a specified period.
  • Accident and health insurance is insurance covering accidental death or personal injury by accident, sickness, ailment or bodily injury.

A life agent or life broker may also be licensed to sell variable life and/or variable annuity products. The Agent or Broker must hold the life line of authority and must be registered with the Financial Industry Regulatory Authority and must furnish the FINRA CRD number.

New York Life Insurance Cost

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New York Life life insurance rates for term coverage typically fall between $25 and $90 per month. Whole life insurance premiums fall between $40 and $120 per month. New York Life insurance quotes cannot be obtained online. Instead, interested customers must fill out a form. Your information is sent to an agent who contacts you about a policy and provides cost estimates. Cost depends on your health, age and coverage needs.

If youre unsure what coverage you need, use New York Lifes needs calculator. Answer a few questions and the calculator determines how much coverage is necessary in the short and long term. For instance, a healthy 35-year-old looking to gain coverage for a spouse and child on a salary of $50,000 needs $1,422,325 in temporary and permanent coverage, according to the calculator. Customers can choose to review more coverage options or speak to a financial professional about their results.

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Best Instant Issue: State Farm

State Farm

  • Types of Life Insurance: Three
  • Issue Ages: 18-75

We chose State Farm as the best company for instant issue policies based on the fact you can apply online and get term life coverage without a medical exam or any hoops to jump through. State Farmâs excellent ratings and long history also helped it gain a spot in our ranking.

  • State Farm extends some term policies without a medical exam

  • Free quotes for term life insurance coverage online

  • Excellent ratings for financial strength and customer satisfaction

  • No life insurance offered in Massachusetts

State Farm is another insurance company with a long and storied history. Founded in 1922 by a retired farmer, State Farm has grown from humble beginnings to offer a broad range of insurance products today. At the moment, State Farm comes in at number 39 on the Fortune 500 list of largest companies. This company also boasts an A++ rating for financial strength from AM Best, which is the highest rating possible.

Also, note that State Farm secured the highest ranking in the J.D. Power 2020 U.S. Life Insurance Study, which compared the experiences of life insurance and annuity customers nationwide.

When it comes to the life insurance products it offers, State Farm lets consumers purchase term life insurance coverage, whole life insurance, and universal life insurance. State Farm also makes it easy to enter your information and get a free quote online for term life.

  • Types of Life Insurance: Five
  • Issue Ages: 18-80

What Does Life Insurance Cover

Life insurance offers a death benefit to insured individuals that die while the policy is in force. Additional coverage may be added to the coverage of the death of a spouse or children. Riders may offer a payout if the insured is diagnosed with a terminal illness, or if they become permanently disabled and unable to work.

Life insurance covers most types of deaths and may offer additional benefits when the death is the result of an accident. Some life insurance policies may also accrue cash value on a tax-deferred basis, that can be borrowed against or withdrawn .

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