How We Reviewed New York Life Insurance
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New York Life has been helping clients find flexible life insurance coverage for more than 175 years. Where the company stands out from the competition is with flexible life insurance options. You can customize term policies for any term length between 10 and 20 years with a guaranteed premium, or renew each year with no-penalty cancellation. The company doesnt fare as well online, however, with no web-based quote tool and limited online resources.
New York Lifes Commercials
New York Life has created a new advertising campaign: Start a plan that flexes with yours, meaning it will flex with the consumers ever-changing needs, especially in todays ever-changing world.
New York Life has created multiple commercials advertising the Start a plan that flexes with yours, as well as putting this content on their social media channels.
This plan is about not being afraid or intimidated by taking control of your finances now instead of waiting until a major life event happens. Their agents are there, trained, and ready to help you put a plan in place that can flex with yours.
Getting The Best Rate With New York Life
Insurance companies are encouraged to follow similar formulas when determining premiums.
There are common state laws that all insurance companies should follow.
- A free look period, allowing the policyholder to review their policy during a designated time period and cancel if desired for a full refund.
- A grace period, so if policyholder misses a payment, they can pay it within so many days without the policy lapsing. Coverage remains intact.
- Timely payments on claims or the company can face fines and interest costs.
- Act in good faith, making sure investigations and claims happen in a reasonable timeframe a written explanation is given for any claim denial or the company can face a bad-faith lawsuit.
Life expectancy is a key factor in determining insurance premiums. Your life expectancy is the day to which you are expected to live. The two most important factors to influence this are age and gender, but your race, current medical conditions, and family medical history can influence rate, as well.
Keep in mind that your life expectancy changes as you age, and once you get past a certain age and youve outlived others, your life expectancy goes up.
So, knowing this, the younger you are, the more likely you are to live a longer life, so your premium will be lower. If you wait until you are older, the opposite happens and your life expectancy shortens and your premiums are more expensive.
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Aarp Life Insurance Policies
The AARP program features permanent and term life insurance with simplified underwriting, which means applicants answer health questions but do not have to undergo a medical exam to qualify. The program also offers whole life insurance with guaranteed acceptance for everyone except for those who are terminally ill. Only AARP members and their spouses can apply for policies, but anyone who meets the age requirement can join when they apply by signing up for the $16 annual membership.
Term life insurance: AARP members ages 50 to 74 and their spouses ages 45 to 74 can apply, and the coverage can last until the insureds 80th birthday. Although the death benefit stays level through the term, the annual price increases each time the insured person enters a new five-year age band. The prices are not guaranteed, so applicants cant know precisely how much theyll pay for insurance in later age bands. A term life policy can be converted to permanent insurance before age 80. The rates for permanent coverage will be based on age. The AARP term life product features coverage amounts of $10,000 to $100,000, although higher amounts are available by calling New York Life. Applicants answer a few health questions and provide other health information, but do not have to take a medical exam.
How To Choose The Best Life Insurance Company
When choosing a life insurance company, there are many things you need to consider. Remember that youll likely have this policy for decades or more, so its even more important to put thought into deciding which company to buy from.
- Policy types: Not all life insurance companies offer every type of policy. Consider what type of policy you want and find a company that offers it.
- Price: While price isnt the only consideration, its worth looking into whether you can get the same coverage for a lower price.
- Financial strength: Agencies like AM Best and Standard & Poors rate the financial strength of companies. In general, the better a companys financial strength, the more likely they are to be able to pay out claims.
- Customer service: You want a company that is responsive and easy to work with. Look at customer reviews on sites like BBB, J.D. Power, etc.
- Discounts & add-ons: Some companies offer discounts for bundling your life insurance with other products. Some also have add-ons like long-term care coverage that you can tack onto your life insurance policy.
- Company size: In most cases, larger companies with more assets on the books will be more stable. While there are advantages to shopping small, you must also consider which company is more likely to last.
- Historical performance: Dont just look at how the company is doing right now consider how theyve done in the past. Youll be holding this policy for many years, so longevity matters.
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Its All About You We Want To Help You Make The Right Life Insurance Coverage Choices
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our life insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
- AARP offers term life insurance without requiring a medical exam
- The company also offers whole life policies with guaranteed acceptance for all applicants aside from those who are terminally ill
- Policies are limited to AARP members and their spouses
- Individuals under 50 should not consider AARP for coverage
Many people consider the benefits of life insurance as they get older. People who get married and raise families are often prompted to consider life insurance to care for their family members after they are gone.
Similarly, many seniors consider the necessity of life insurance as they age. The older they get, the more they think about how they can provide for those they love the most.
New York Life In The Community
Since its beginning in 1979, the New York Life Foundation has provided over $275 million to national and local nonprofit organizations. Their charitable contributions, but more importantly, the employee and agent volunteerism, is focused on bereavement support, middle school transitions, and supporting their workforce.
Along with charitable contributions, New York Life also offers grants that totaled $25 million in 2018. Some of these grants included Education and Bereavement Partners, Volunteer Grants, Community Impact Grants, New York Life Family Scholarships, and Disaster Relief Grants.
New York Life understands the positive impact their employees can make in the communities where they work and live. That is why you find them volunteering at community events, schools, and Foundation Initiatives. They understand and take seriously the social responsibility to help those in need.
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New York Life Insurance Review 2021
New York Life Insurance
- Rated 4.5 stars out of 5 by NerdWallet.
- Ranks high in J.D. Powers 2020 customer satisfaction study for life insurance.
- Doesnt offer life insurance quotes online.
New York Life bills itself as one of the nations oldest mutual life insurance companies. As a mutual insurer, New York Life is owned by its policyholders. Customers who buy certain products, such as whole life insurance, are entitled to vote in board elections and receive annual dividends.
New York Lifes Employees
In reading the reviews of New York Life employees, it is quite clear the work atmosphere is one of support, praise, training, charitable acts, and forward momentum. In fact, 81 percent of New York Life employees report it is a great place to work, and 93 percent feel good about their contributions to the community in which they work and live.
New York Life readily embraces and supports diversity and inclusion in their company. They hire employees and agents from very diverse backgrounds that bring unique and different views to the everyday experience for their customers.
The companys culturally sensitive approach has made them a valuable company of the community as well as a place of acceptance for all who work there.
Overall, employees have a positive outlook on their work environment, peer relationships, and management support at New York Life Insurance Company.
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Amount Of Death Benefit Protection
The right amount of death benefit protection is also important. Having too little coverage could leave survivors in a financial predicament, still having to pay expenses of the decedent and/or struggling with ongoing expenses following the insureds death, that in itself is good reason to look into a burial insurance policy to help protect your family.
Let’s Get Started And Take A Look At What Product Is Right For You
Yearly Convertible Term
This is the right choice for people who need protection for a defined period of time and may want to convert to a permanent policy in the near future. Premiums start out lower than a level premium product and then gradually increase each year.
Level Premium Convertible Term 10-20
You might consider this product if you want predictable payments. You can lock in level premiums for 10 to 20 years, and make plans knowing your payments wont change. After the level premium paying period ends, thereafter premiums will increase annually.
Million Plus Level Term 10
Consider this policy if you need $1 million or more of protection. Its our most competitively-priced 10-year level premium product and may work best for someone who plans to convert within the first five policy years or who does not plan to convert at all.
Work with a financial professional to customize your policy with these add-ons, which are also known as riders:
Future coverage for your spouse
In the event of your death, your spouse can use the proceeds from your policy to get insurance without a medical exam with the Spouse’s Paid-Up Insurance Purchase Option Rider3. This is available only from New York Life.
Planning for health events
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How To Get A Quote Online
New York Life Insurance does not offer an online quote tool however, they do provide a life insurance calculator feature on their website. Their life insurance calculator helps you estimate how much protection you may need and the type of policy to help you achieve your goals.
To access the life insurance calculator from New York Lifes website, click Learn and Compare, then Learn the Basics, and Insurance Needs Calculator from the drop-down menu. Once at the insurance calculator screen, you will answer the following five questions.
New York Life Insurance Pricing
It is important to learn the price of obtaining life insurance from New York Life. The New York Life insurance quote depends on various factors. The online New York Life insurance payment option allows you to manage your policy and make payments online.
To give you an idea of the type of monthly premiums you can expect to pay, we have used an example of a policyholder living in Florida who has taken out a term life insurance policy with coverage of $25,000 over a term of 10 years:
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Aarp Whole Life Insurance
AARP members age 50-80 and their spouses can apply for whole life insurance with AARP.
Annual costs for whole life coverage do not change, and coverage lasts throughout your life. AARP offers up to $50,000 of coverage and is based on an online application. Qualifying applicants must answer a series of health questions.
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New York Lifes Programs
New York Life offers many opportunities for success and ways for their employees to find their strengths and maximum potential.
One opportunity is the Management Development Initiative , which received the Leadership Excellence Award from HR.com in the Best Use of Mobile Technology Space.
Employees learn through various activities like interactive webinars, networking, and application exercises. They have a commitment to ongoing employee training and development to be the best they can be and give their customer base a high-level customer experience.
New York Life is known for investing in their employees, and they take every opportunity to provide the best development tools that allow every team member to reach their highest potential.
Their learning programs are on a digital learning platform so they can be accessed anywhere. These programs have also been recognized by Chief Learning Officer magazine , Training and Development , and HR.com .
New York Life also wants to see their agents advance and succeed in their careers, so they offer multiple opportunities for advancement.
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Special Marketing And Sales Training Programs
New York Life prioritizes agent training and expertise in their sales programs.
With its NYLIC University, New York Life offers comprehensive agent training that includes not only education and skills that will help them succeed in the company but training in real-world scenarios with the New York Life sales principles.
New York Life offers professional designations as well as reimbursement for tuition when agents pursue valued designations through NYLIC University.
- Master of Science in Financial Services
- Chartered Financial Consultant
- Chartered Leadership Fellow
As a new agent, you will not only be responsible for using your new education to sell plans but also for creating marketing plans and providing unique solutions to premier clients.
For those who have completed their MBA in the last two years before being hired or have previous business-specific management experience, New York Life will consider you for a Management Fast Track Program.
Those who succeed in the program can be fast-tracked to management within the first 12 months of being an agent with New York Life.
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
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 To Watch Out For
The one regulatory action filed against NYLIM resulted in the firm paying a $3 million civil penalty in 2017 after a federal lawsuit alleged the firm failed to offer clients the least expensive S& P 500 index fund available on the market.
As stated earlier, NYLIM is a fee-based firm whose employees can earn compensation beyond client-paid fees. While this fee structure can create a potential conflict of interest, the firm is a fiduciary and must always act in the best interest of the client.
Aarp Program Guaranteed Acceptance Whole Life Insurance
AARP and New York Life also offer
guaranteed acceptance whole life insurance, though this option isnt available in New Jersey or Washington. AARPs guaranteed acceptance policy is similar to their no medical exam policy in that:
- Its available if youre between the ages of 50 and 80
- You no longer have to make premium payment once you turn 95, while coverage remains in force
- Theres no medical exam
- If you become terminally ill, you can receive up to 50% of the death benefit while still alive
A key difference is that their guaranteed acceptance policy only offers between $2,500 and $25,000 of coverage. In addition, if you pass away during the first two years of coverage due to a non-accident, your beneficiary wont receive the full death benefit. Instead, they will receive 125% of the value of premiums you had paid until that point. Waiting periods are fairly standard for guaranteed acceptance coverage as insurers want to avoid large payments in the case terminally ill patients sign up.
While AARPs guaranteed acceptance coverage offers competitive rates, if you arent already a member, you shouldnt join the AARP to get access to this product. As you can see below, AARPs quotes are on-par with those from competitor policies with nearly identical features that dont require any sort of membership.
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