New York Life Insurance Review

New York Life insurance offers a wide range of term and permanent plans, including variable universal life, as well as at least nine additional rider options. A broad variety of options are available so you may tailor your insurance to match your individual needs.

Factors that affect New York Life insurance rates

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If you want to join New York Life’s top tier, you must meet the following requirements:
Pressure in the arteries and veins. Blood pressure should not exceed 130/80 milliliters in individuals under the age of 60 and 140/85 milliliters in those aged 60 to 69.

  • Cholesterol. A maximum weight of 250 pounds and a maximum HDL of 4.5.
  • Reputation as a driver. After the second offense, a driver faces a five-year license suspension for DWI or DUI.
  • History of the family. Neither my parents or siblings had suffered from heart disease before the age of 60.
  • Nicotine. For the past five years, I haven’t smoked a cigarette.

How to get a quote from New York Life insurance

New York Life may be reached at 800-225-5695. If you prefer, you may begin the process online and then speak with a salesperson to complete your insurance details:

  1. Click on Don’t have an agent yet in the Contact Us section of the New York Life website.
  2. Financial advisors are available immediately if you input your goals here or click Skip to chat with an expert right away.
  3. Enter your first and last name as well as your postal and e-mail addresses. When you’re done, press the Submit button.
  4. You’ll be contacted by an insurance agent within a few business days to talk through your coverage choices.

New York Life offers term and permanent life insurance

Term and long-term policies are offered from this company.

  • Term life is a yearly renewable option. This is a fantastic alternative for people who just require short-term insurance before moving to long-term coverage, as the premiums grow each year until the term expires.
  • Long-term care. You will get a death benefit if you die during the policy term, which is typically 10 or 20 years.
  • Universal. Additionally, this policy pays death benefits and builds cash value in addition to its adjustable premiums. Products offered by New York Life include a wide range of universal life insurance options.
  • Variables are available to everyone. Riskier investments are made in order to earn a greater return than with conventional insurance policies. In addition, the premiums and death benefits can be changed at any point in time.
  • Whole life. The premium for whole life insurance is set for the remainder of your life and grows in value over time. You may get dividends from your insurance company’s profits.

New York Life insurance riders

Your possibilities for adding common riders to your policy are more with New York Life than with many of its competitors.

  • Accelerated death benefit rider. In the event that you are diagnosed with a terminal illness, this living benefits rider pays out a portion of your death benefit early.
  • Rider for accidental death insurance. If you die as a consequence of an accident, the insurance company will pay an extra benefit of up to $300,000.
  • Rider who is under the age of 18. Protect your child during the insurance period. It becomes permanent when the policyholder reaches the age of 65 or when the policyholder’s child reaches the age of 25 or gets married.
  • Rider that ensures you’ll be covered by insurance. As a policy purchasing option, this additional insurance can be obtained at a later date without the need for an examination.
  • An insurance policy that covers long-term care. Chronic care riders allow you to utilize your death benefit to pay for professional treatment if you become chronically unwell.
  • Rider waiving the right to a higher price. If you are unable to work for six months or more, this rider will waive your premiums for the remainder of your life. You can add this rider at a later date, but you’ll have to go through the underwriting process again.

Riders offered by New York Life are available to customers who have a life insurance policy that is permanent.

  • Return of cash value rider. In the event of your death, your beneficiaries will receive an amount equal to the premiums you paid into the policy.
  • Rider with lap-time reduction technology. Regardless of how much money you have accrued, this rider provides a death benefit so long as you pay your premiums on time and don’t go into default on any of your loans.
  • Rider with a spouse. Life insurance policies may be purchased for your spouse without having to show proof of insurability with this add-on.

New York Life insurance reviews are mostly positive

Customer service at New York Life, despite the company’s lack of BBB certification, is rated A. The BBB has received just 92 complaints in the past three years from an insurance company of this size. 1.67 out of 5 stars from customers, although there are just a few reviews available.

The company’s easy-to-use online services have earned New York Life four out of five ratings on TrustPilot. They get an A+ + from AM Best in terms of finances.

Compares to other companies

New York Life offers a diverse selection of life insurance products, including universal and renewable term policies. The nine extra riders offered by this insurance company are greater than others, which usually provide four or five.

One of the company’s strengths revolves around customer service. As of 2019, it had a complaint ratio of 0.22, compared to the national complaint index of 1.00, which indicates a low number of complaints.

In contrast to New York Life, most insurance companies provide 30-year term life insurance policies. As a result of this, it does not include any kind of medical examination or universal life insurance coverage.

For another insurance review, visit our review of Navy Mutual Life Insurance Review.