How New York Life Stacks Up To The Competition
We compared New York Life with John Hancock, another very large, established life insurance carrier so you could get an idea of how they stack up against each other.
New York Life vs. John Hancock
Both companies are diverse in what they offer, however, John Hancock has the most options between the two providers, especially for those who want to have more hands-on investment involvement.
New York Life offers dividends, whereas John Hancock does not. However, John Hancock provides the benefit of what they call the “Vitality Program”. This program includes discounts on the cost of your life insurance with tools to be active and healthy.
John Hanock has incentive plans to help you get in shape or stay fit along with support plans for diabetics and smokers. These plans only reduce premiums based on your performance or commitment to the health goals required to get reduced rates, or discounts.
At the end of the day, New York Life offers a superior product due to their conversion options. For people without health issues and also for non-smokers, New York Life is the better pick for service and the opportunity for policyholders to collect dividends.
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New York Life is a good choice for people interested in both term and permanent life insurance coverage with guaranteed options, and flexibility in premiums that will fit into a budget. For those seeking a lot of coverage later in life, New York Life is a no brainer to get a quote from.
New York Life Insurance
New York Life earned 4.5 stars out of 5 for overall performance. NerdWallets ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, New York Life is among NerdWallets Best Life Insurance Companies.
Whats The Bottom Line
New York Life is one of the oldest, largest, and most financially secure life insurers in the country. No matter your financial goals, New York Life has a policy that can help you meet them.
Their rates can be slightly above average compared to some of their competitors, but they make up for it in quality, as evidenced by their excellent customer satisfaction scores.
If you need life insurance coverage, New York Lifes tenure and reputation alone make it worth contacting an agent for more information.
Start comparing life insurance rates now by using our FREE tool below.
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Is The Design Of The Website Good
The New York Life website is well designed and simple to navigate, but light on information. Most pages are designed to preview policy options, and then guide you to an agent for more details.
New York Life doesnt currently have an app for managing your policy, but their website is optimized for mobile viewing.
Is New York Lifetrustworthy
We checked the NAIC Complaint Index for complaints against New York Life. The company has significantly fewer complaints filed against it compared to other top insurers.
New York Life‘s financial stability is strong, with an A.M. Best rating of A++ . While it’s a legitimate insurance provider, it’s important to do your own research to ensure New York Life is the right insurance company for you.
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Higher Education And Research
More than 600,000 students are enrolled in New York City’s more than 120 higher education institutions, the highest number of any city in the world, with more than half a million in the system alone as of 2020, including both degree and professional programs. According to , New York City has, on average, the best higher education institutions of any .
Much of the in the city is done in medicine and the . New York City has the most postgraduate life sciences degrees awarded annually in the United States, with 127 having roots in local institutions as of 2005 while in 2012, 43,523 licensed physicians were practicing in New York City. Major biomedical research institutions include , Rockefeller University, , , , and , being joined by the / venture on . The graduates of in the Bronx earned the highest average annual salary of any university graduates in the United States, $144,000 as of 2017.
Free New York Life Riders
The Insurance Exchange Rider enables you to transfer your policy to someone else. Although this rider is free, theres a fee to perform the transfer.
In some cases, the Living Benefit rider allows you to access some of the death benefits. You can access this free rider if youre terminally ill. A physician must diagnose you with 12 months or less to live in order for you to access the benefits.
New York Life also offers a free Spouses Paid-Up Insurance Purchase Option rider. If you pass, your spouse can use the benefit payout for a new, fully paid life insurance policy for themselves.
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New York Life Term Insurance Riders
New York Life offers several riders for its term life insurance policies, although the selection varies depending on your location and policy.
- Accidental death benefit: Additional coverage if you die in an accident.
- Children’s insurance: Parents can purchase coverage on their children.
- Disability waiver of premium: Premiums are waived if you receive a qualifying disability.
- Extension of conversion period option: A longer time during which you can choose to convert your coverage to permanent life insurance.
- Level premium convertible term 5 rider: Additional term insurance coverage with level premiums for a five-year period, after which rates increase annually.
- Living benefits rider: A terminal illness rider that lets you receive a portion of the death benefit while still alive if you’re diagnosed with a terminal illness .
- Policy purchase option: Ability to purchase additional coverage at certain times without additional underwriting.
- Spouse’s paid-up insurance purchase option: If you die during the policy term, your beneficiary can buy a new paid-up policy without demonstrating insurability.
- Upromise
- Yearly convertible term rider: Additional term insurance coverage with level premiums for a one-year period, after which rates increase annually.
New York Life Insurance Health Ratings
Underwriters assign risk classes that determine the price of your life insurance policy. The following are health ratings for New York Life policies, listed from best to worst:
Select preferred Juvenile Non-smoker standard special classes
The insurer will select a class based on your background, health and lifestyle. Your classification will affect your premium as well as the minimum benefit payout.
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Ease Of Buying And Claims Handling
You cant obtain quotes online, as they dont offer any online quoting tool. You will need to contact an agent for your personalized quote. On their website, you can go through the different simple comparison samples that explain the various policies.
If you need to learn about additional plans, you can contact an agent for more information. New York Life insurance claims can be filed by downloading and completing the claims form. You need to email the form to the New York Life insurance claims department. If youre unable to print a form, you can submit an online form, and theyll mail you a claims kit.
The New York Life insurance claims address for standard mail is:
New York Life, Claims & Benefits, PO Box 130539, Dallas, TX 75313-0539
And for overnight mail, the address is:
New York Life, Claims & Benefits, 4849 Greenville Ave, Suite 700, Dallas, TX 75206-4187.
Cost Of New York Life Insurance
Although other life insurance companies have detailed online quote tools, New York Life doesnt have a rate tool or pricing information on its site. The only way to find out about premiums and cost is to work with a New York Life agent.
How much your policy will cost is dependent on a range of factors, including your age, location, gender, medical history and the coverage amount you desire. Its a good idea to compare insurance quotes from multiple companies before making a decision. If youre not sure where to start, check out our selections for the best life insurance companies.
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How Are New York Lifes Commercials
New York Lifes current ad campaign focuses on love and the things we do to ensure the financial security of our loved ones.
https://youtu.be/-3LTR32dMgI
The company is committed to making a statement in their commercials. But they also make a statement in their community as well.
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Whole Life Insurance As An Investment
With whole life, cash value accounts often see around 5%-6% interest before fees, conventional wisdom has been that you could do better investing on your own in a mutual fund for the long run. I still think so, but the markets current volatility understandably has some investors doubtful.
But before deciding that whole life is a good option, you have to consider the policys fees and commissions. By these estimates, while an agent might make 30%-40% of a term policys first-year premium, they might earn 80-100% of a whole life policys first-year premium . Thats a big incentive to avoid whole life.
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As A Mutual Company We Are Accountable To You Only
That means we are fully aligned with our policy owners, not with outside investors or Wall Street. This allows us to focus on delivering lifelong value to our clients, including sharing our success with eligible participating policy owners through non-guaranteed dividends, which we’ve paid for 166 consecutive years.
What mutuality means for you:
- Were focused on the long term, and our interests are always aligned with those of our policy owners.
- Our financial strength provides peace of mind now and in the future.
- Since 1854, weve paid dividends every year.
- Weve been meeting our obligations for over 175 years, in good times and bad.
Best For Permanent Life Insurance Policies
While term life insurance can be appealing due to its low cost, the hallmark of term coverage is that it’s temporary. If youre more risk-averse and want lifelong protection, permanent life insurance may be a better choice.
New York Life is our choice for the best provider of permanent life insurance. It offers many permanent-life options whole, universal and variable universal life policies, along with ample insurance riders to customize your coverage. The company also earns praise in customer reviews and high scores for financial stability, handling complaints and customer service from agencies that gather that data.
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Years Of Being In It Together
Since our founding in 1845, weve been inspiring and empowering people to create the life they want with those they love. We will continue to be there for youfor good.
New York Life Insurance Company is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #71 on the 2019 Fortune 500 list of the largest United States corporations by total revenue.
New York Life Insurance Company is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #71 on the 2019 Fortune 500 list of the largest United States corporations by total revenue. NYLIC has about $593 billion in total assets under management, and more than $25 billion in surplus and AVR. In 2007, NYLIC achieved the best possible ratings by the four independent rating companies . Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Amica Financial Stability Ratings
Its always important to make sure your car insurance company can pay out claims, regardless of the current economic climate. Amica currently has an A+ rating from AM Best, which indicates that they are very financially stable. AM Best is an organization that rates the current financial stability of insurance companies.
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Pros And Cons Of New York Life Insurance
pros
New York Life offers a large array of products, including term, whole, universal and variable universal policies, as well as survivorship and guaranteed acceptance products.
On term policies, the company offers conversion privileges, enabling policyholders to convert to policies that offer cash value, without having to provide evidence of insurability.
New York Life may appeal to a younger demographic, with term policies that can be issued at age 15 and coverage values that start as low as $5,000.
Because of its financial planning and retirement services offerings, New York Life is a one-stop shop for planning your family’s financial future.
cons
While you can get rate quotes for some of New York Life’s life insurance offerings, the rate calculators aren’t on the main New York Life website, but are instead on NYLexpress.com, which lists information about simplified term life policies. Customers may have trouble finding the site and rate calculator.
Term life is available with annual renewal or terms of 10 and 20 years, but there are no 30-year term offerings.
New York Life markets its custom whole life policy as an exclusive and unique product, but it really is just a paid-up whole life policy with extra flexibility.
While the website is optimized for mobile devices, the New York Life mobile app doesn’t have any functionality other than providing news articles and marketing pieces.
New York Life Insurance Riders
In addition to term and coverage plans, customers may choose to add on a variety of riders and benefits. New York Life offers:
- Death benefit: Various options allow customers to choose how their death benefit is distributed to selected beneficiaries.
- Chronic care: Should you become chronically ill, this rider enables you to access a death benefit tax-free.
- Money-back option: This rider allows customers to receive a cancellation refund during certain periods.
- Monthly deduction waiver: This rider waives certain life insurance-related fees.
- Waiver of specified premium: If youre unable to pay premiums for whatever reason, this option temporarily covers payments.
- Guaranteed minimum accumulation benefit: For those accumulating a cash balance, this rider protects investments should the market fall.
- Accidental death benefit: If you die suddenly because of an accident, this option provides an extra death benefit to your beneficiaries.
- Living benefits: Use a portion of your death benefit to cover treatment and care if you are diagnosed with mental illness.
- Spouses paid-up option: In case of your death, a spouse can use the value from your policy to receive New York Life insurance without a medical exam.
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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.
What Is The Best Life Insurance Company
Choosing the best life insurance company is a personal decision. The best one for you may not be for someone else. New York Life is an excellent life insurance company with a long history of financial stability and happy customers. You can compare insurers in Bankrates best life insurance companies review.
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New York Life Reviews And Ratings
The New York Life Insurance Company was founded in 1845 and has a long history as a financially stable insurer. In fact, A.M. Best has consistently given New York Life a financial strength rating of Superior , which is the best life insurance rating available.
The company has its own customer service team, but New York Life primarily sells policies and handles customer interactions through its agents. While the company receives average reviews overall for customer satisfactionâtheir J.D. Power rating is 3 out of 5âindividual policyholders have a range of experiences.
Some customers indicate that the company’s agents are good at answering their questions and offering advice without pressuring them into a sale. But others feel scammed or ripped off after receiving misleading information, or they have difficulty canceling their policies.
New York Life is a legitimate company with a large number of agents, so if you’re considering purchasing life insurance with them, we recommend speaking to a few agents to find one with which you’re confident. Particularly if you’re shopping for a permanent life insurance policy, like whole life insurance, it’s important to trust that your representative will offer advice and be there if your family needs assistance.
Building A Caring And Committed Workforce
People come to work at New York Life to contribute to the financial goals of millions of families and businesses each day. We have a diverse, nationwide workforce that allows us to support the communities where we work. Our purpose-driven mind-set has attracted people who want to do good and has resulted in great success for our company and our customers.
Our workforce thrives on its diversity.
- 58% of the workforce are women
- 37% of the workforce are people of color
- We have seven employee resource groups
We’re proud to be recognized by organizations that also value diversity.
- Forbes 2021: Americas Best Employers for Diversity4
- Human Rights Campaign: Perfect 100% score on the 2021 Corporate Equality Index5
- NAFE 2020: Top 70 Companies for Executive Women6
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