What Is New York Lifes Position For The Future
New York Life ranks number 71 on the Fortune 500 list. They have placed on the list consistently for the past 25 years, and theres no reason to think they wont continue to do so for another 25 years.
New York Lifes market share for individual life insurance has dropped slightly, but it is strong enough overall that it should maintain a top five position for years to come.
Meanwhile, their group life market share is set to increase significantly.
Fifth-largest group insurer Cigna announced in December 2019 that it is selling its group life and disability insurance business to New York Life for an estimated $6.3 billion.
Cigna currently has a 5 percent market share. The combined 11.1 percent market share of the two companies will position New York Life as the second-largest provider of group life insurance.
Life Insurance Companies Direct Premiums Written and Market Share Comparison
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Taking a look at the current market shares in the table above shows how much impact the acquisition of Cignas business will have on New York Lifes industry standing.
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What Happens If I Stop Paying Premiums
If you stop paying premiums by the end of the grace period which is usually 30 days from your premiums due date your insurer will cancel your coverage. But if you have a permanent policy with accumulated cash value, youll lose it so only go down this route if youre comfortable with that. And it may affect your ability to get coverage later on, especially if you want to apply with the same insurer.
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After 10 Or 20 Years Of Owning The Policy
Insurers typically reduce the surrender fee by a yearly percentage over the first decade the policy is active, meaning if your surrender penalty is equal to 10% of your annual premium in year one, it might be 9% in year two, then down to 1% in year 10, and 0% after that. The surrender fees of your policy should be listed in your policy documents, but you can also contact your insurer.
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How Do I Apply For Medicaid
You can apply for Medicaid in any one of the following ways:
- Write, phone, or go to your .
- In New York City, contact the Human Resources Administration by calling 557-1399.
- Pregnant women and children can apply at many clinics, hospitals, and provider offices. Call your local department of social services to find out where you can apply.
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How To Quit New York Life
There are many reasons you may want to quit New York Life, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasnt a good fit for you.
The good news is, quitting New York Life is easy.
Heres how to do it.
First, start by doing your due diligence and find another insurance agency to work for. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join.
Once you find a new agency or carrier to join, you can go ahead and switch your affiliations.
You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization.
You may need to cancel the affiliation with New York Life. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory.
To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier.
Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average.
The Expiration Of The Term On A Term Life Insurance Policy
Most people know when the expiration of their term life insurance policy is coming. But there are times when it can slip your mind. This can easily happen in situations where you have a paid-up life insurance policy. This involves making a sufficiently large payment with life insurance company up front to cover the premiums on the policy for the entire term.
When it happens, there is a possibility that you will forget that the term will come to an end. You may even ignore written notifications from the insurance company, thinking that they are junk mail.
If the term of the policy expires, and you do not extend it, your life insurance coverage will end the day after the last day of the policy. Therell be no opportunity to revive the policy for the purpose of paying a death benefit by attempting to extend the policy after the fact.
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Companies Like New York Life
Lets take a look at some insurance agencies and companies similar to New York Life in case youre interested in doing a comparison.
Symmetry
Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina.
SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholders passing.
Bankers Life
Bankers Life was established in 1879 in Chicago, Illinois. The company is a subsidiary of CNO Financial Group.
Bankers Life offers life insurance, long-term care, annuities, Medicare , critical illness insurance, as well as vision and dental plans. It targets the senior market, typically people age 60 and older who are near retirement.
People Helping People
People Helping People was established in 2009 in Northridge, California. The company serves the middle markets for insurance-based financial planning. It focuses on term insurance, index universal life insurance, and fixed indexed annuities.
American Income Life
American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. The company was founded in 1951 and is headquartered in Waco, Texas.
USHEALTH Advisors
Equis
Equis is a marketing organization for independent insurance agents and agency builders.
Freedom Equity Group
What Is New York Lifes Online Presence
New York Life offers the ability to pay your premiums and file a life insurance claim on its website.
They also have an active social media presence.
Both their Facebook and Twitter pages are actively updated with information on the company and its offerings.
Their Facebook page also includes a chatbot to help answer any questions you have.
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What Happens When Life Insurance Lapses
Once a policy has lapsed, you no longer have coverage. That means the insurer does not have to pay a death benefit to your beneficiaries if you die.
But you may be able to reinstate a lapsed policy, depending on how long ago it lapsed. In fact, many companies will give you a 15- to 30-day buffer after a policy lapses to reinstate it without having to jump through any hoops. Youll likely just have to pay the premiums you missed, Ardleigh says.
So the sooner you act to reinstate a lapsed policy the better. If you wait, the process of getting your coverage back can be more involved. If you wait too long, you might not be denied coverage.
If You Qualify Under A Non
- If you are a U.S. citizen and provide a valid Social Security Number , a match with the Social Security Administration will verify your SSN, date of birth and U.S. citizenship. If SSA verifies this information, no further proof is needed. The SSA match cannot verify birth information for a naturalized citizen. You will need to submit proof of naturalization or a U.S. passport.
- Proof of citizenship or immigration status*
- Proof of age , like a birth certificate
- Four weeks of recent paycheck stubs
- Proof of your income from sources like Social Security, Veteran´s Benefits , retirement benefits, Unemployment Insurance Benefits , Child Support payments
- If you are age 65 or older, or certified blind or disabled, and applying for nursing home care waivered services, or other community based long term care services, you need to provide information on bank accounts, insurance policies and other resources
- Proof of where you live, such as a rent receipt, landlord statement, mortgage statement, or envelope from mail you received recently
- Insurance benefit card or the policy
- Medicare Benefit Card **
Proof of Medicare application can be:
- Your award or denial letter from the Social Security Administration, OR
- Your on-line confirmation letter stating that you have applied for Medicare with the Social Security Administration.
Apply Now:
The following are exempt from all Medicaid co-payments:
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Value Whole Life Insurance
New York Life’s value whole life insurance is essentially its standard whole life policy, but your cash value grows at a lower guaranteed rate. Value whole life policies are available if you’re younger than 90. While policies don’t have a minimum face value, there is a minimum annual premium of $20,000.
Value whole life insurance is a product that carries the features of whole life insurance, by building cash value at a guaranteed rate. But it also has much lower premiums for permanent coverage, particularly for those over age 50. In this sense, it’s similar to guaranteed universal life insurance, except those policies build little to no cash value. So, if you want permanent coverage and a cash value policy but cheaper rates, value whole life insurance offers components of both policies.
Can I Reduce My Whole Life Insurance Coverage
If youâre looking to lower your premiums by decreasing your whole life coverage, itâs possible to do so, but it will be significantly more complicated than reducing the coverage on a term life policy.
You can contact your insurance company to find out if decreasing your coverage is an option, but there are better ways to lower your monthly premiums, like taking a reduced paid-up option or shopping for a more affordable term life policy.
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What Factors Affect Your Rate
Anything that increases your risk of an early death increases the chances the insurer will have to pay out on your policy. That higher risk classification will result in a higher premium.
Continue reading for a look at some of the most common factors that affect your life insurance costs.
Demographics
Several demographics can have a big impact on your life insurance premium.
Age: Age is one of the most important factors in determining insurability. The older you are, the closer you are to death, and the more likely an insurer will have to pay a benefit Rates will likely climb higher with each year you wait to purchase a policy. Some insurers also limit coverage amounts for people over certain ages.
Gender: Gender also plays a major role. Statistically, women live longer than men. For that reason, men in the same risk classification almost always pay higher premiums than women.
Current Health & Family Medical History
Anything can happen, but in general, healthy people have longer life expectancies.
To determine your overall health, insurers will require you to fill out a health questionnaire and may request access to your medical records. Some may require a complete medical exam and bloodwork.
Some key health measures they look for are obesity, blood pressure, cholesterol, chronic diseases, and drug use.
Even if a policy doesnt require a medical exam, underwriters still have access to public prescription and Medical Information Bureau records.
High-Risk Occupations
Free Look Period In Ny
A free look period is an amount of time that new policyholders have to review and test out their policy after signing it. In New York State, this period is set by law-makers at 10 days. With a 10 day grace period, New Yorkers are allowed ten days to take their new life insurance policy out for a spin before deciding whether or not they want to keep it for the long-haul. If they decide to back out and cancel their policy, they will be given a full refund for any amount of money they had already paid.
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How You Find Prospects
New York Life offers an extensive mentoring program through its Million Dollar Round Table Mentoring Program and informal relationships on the job.
Mentors will be your main resource to learn the ins and outs of New York Life and hunt down prospects.
Through seminars, networking events, workshops, and special guest speakers, New York Life offers additional education and outreach opportunities to help agents refine their skills and find prospects.
New York Life Insurance
Your state’s life insurance information resource.
New York residents seeking to purchase a life insurance policy should educate themselves on the laws unique to their state. In the United States, the life insurance industry is regulated on the state level. Therefore, New York, like every other state in the country, has its own set of rules and regulations that protect not only the consumer but the insurers as well. Continue reading below to learn about the life insurance rules and laws in NY, the New York State guaranty, and best life insurance companies in New York.
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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 eighth out of 25 life insurance companies for Customer Satisfaction Overall in the 2019 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 |
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| Better than most |
Canceling A Term Life Insurance Policy
Canceling a term life insurance policy is relatively straightforward. There are no fees to cancel a term life insurance policy. You simply stop paying the premiums and your coverage will lapse, ultimately terminating the policy.
If you go the route of just ending payments, youll likely receive notices in the mail from the insurance company informing you that your policy will soon lapse due to nonpayment. If you change your mind, you have the grace period to pay the premium and keep your policy active.
Another route to go is to call the insurance company and inform them you want to cancel your policy. If you pay a different mode other than monthly you will want to do this instead so you can request a refund of the unused premium. Some insurance companies require this request to be in writing. The insurance company may ask you to write a letter or fill out a surrender form in this case.
Note: If you set-up automated payments be sure to take the appropriate steps to stop these. Most insurance companies allow you to set up ACH payments, also called electronic fund transfers , so you dont need to worry about forgetting to make a premium payment. With this method, the insurance company withdraws premium payments directly from your checking account. In this case, you will need to contact the insurance company directly to end the payments. Sometimes the bank needs to contacted as well.
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Financial Strength: Highest Ranking A++
New York Life Insurance Company has a financial strength rating of A++ Superior by A.M. Best the highest possible rating. They are cited as having a conservative product portfolio and being a top leader in the U.S. Market Life Insurance industry. The company is a leader in the Million Dollar Round Table with continuous membership since 1956. MDRT is recognized as a standard of excellence in the life insurance and financial services industry.
Standard Whole Life Insurance
New York Life’s standard whole life insurance policy is available from birth to age 90, but the minimum policy death benefit varies.
- $50,000 if you’re under 18
- $25,000 if you’re over 18
- $100,000 if you’re over 18 and in a Preferred risk class
With a standard whole life policy, premiums are level and paid until you reach age 100, at which time you no longer have to pay premiums, but coverage remains in force. The policy’s cash value increases over time as a portion of your premiums go into it, and it grows at a guaranteed interest rate. The interest rate on guaranteed cash value is 4%. You can borrow against the policy’s cash value by taking out a policy loan, which is charged interest at a rate NYL determines quarterly.
Whole life insurance policies qualify for dividends from New York Life, although they aren’t guaranteed. You can receive these dividends in several ways:
- Receive as a check.
- Use to pay a portion or all of your premiums.
- Leave on deposit with New York Life to earn interest.
- Use to purchase paid-up additions from New York Life. Paid-up additions allow you to increase the size of your policy’s death benefit without increasing your premiums by essentially paying for the additional coverage all at once.
Whole life insurance policies come with a variety of riders, which are essentially add-ons to your coverage that offer additional benefits.
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