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7.0

Overall Score

LAST UPDATED: June 27th, 2023

New York Life is a reliable choice for a life insurer. It has many years of industry experience, a favorable company structure, and high financial strength ratings.

If you're looking for term, whole, universal, or variable life insurance, New York Life's policies are worth considering.

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The Good

  • High Financial Strength
  • Favorable Company Structure
  • Good Policy Selection
  • Rider Options

High Financial Strength

New York Life has received high financial strength ratings. These ratings are an indicator of the likelihood an insurer is to be able to meet its claims obligations. High ratings are a good sign, especially when combined with New York Life's many years in the industry.

You can rely on policies purchased from New York Life.

Faorable Company Structure

New York Life is a mutual company, which means that policyholders own shares in the company instead of stockholders. This structure makes it easy for the company to make decisions centered on their policyholders' interest without worrying about stock holders.

Good Policy Selection 

New York Life offers a wide variety of life insurance policies, which is common in the industry.

Similar to other insurers, New York Life offers term life insurance with level premiums. You can choose the term length of the policy to suit your needs. New York Life stands out for offering a convertible term policy. This policy lasts one year, but you can renew it annually at a new premium rate.

New York Life offers whole, universal, and variable permanent life insurance policies. This selection makes it easy to find a policy that meets your needs.

New York Life offers several whole life insurance policies and stands out with its Custom Whole LIfe Insurance policy. With this policy, you can choose a payment schedule for your policy to be fully paid.

New York Life's universal life policies are different from what others offer because of the death benefit options:

  • Level death benefit (face amount of policy only)
  • Fluctuating death benefit (face amount of policy plus the accrued cash value)
  • Return of premium rider (face amount of policy plus total adjusted premiums paid)

These options can add more value to your policy for your beneficiaries.

Rider Options

New York Life also offers a variety of riders that can be added to its permanent life insurance policies. Some riders may only be available with certain policies.

These riders include the following:

  • Disability Waiver of Premium
  • Accelerated Death Benefit (Chronic Care or Living Benefits)
  • Accidental Death benefit
  • Option to Purchase Paid-Up Additions
  • Money Back Option Rider

These rider options are common in the industry and make New York Life competitive in the industry.

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The Bad

  • Must Provide Contact Information for Quote

Must Provide Contact Information for Quote

Before you can receive a quote and additional policy details, you must provide contact information. If you're still researching options and not quite ready to be contacted by a company representative, this can be inconvenient.

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The Bottom Line

Although we'd like to know more about the customer experience with New York Life, it's a reliable life insurer. It has stood the test of time and received high financial strength ratings. 

You'll also benefit from a wide selection of policies and some offerings distinct to New York Life. If one of New York Life's policies seems like a good fit, it's worth exploring further.

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Star Rating

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4.5

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36 Reviews

Review Breakdown

5 grade

64%

4 grade

28%

3 grade

6%

2 grade

0%

1 grade

3%

Sentiment Criteria

Value

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Quality

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Service

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Brad H Gilbert, AZ

I have used New York Life as my term life Insurance company for the past 20 years. I chose New York Life over other insurance companies since they allowed me to pay for my insurance only one time per year and the stable price of the life insurance. I found that the amount I paid each year to be very affordablee with only minimal increased charges. I also found the amount I paid for term life insurance was less than other companies for the same amount of benefits.

3 years ago

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Amber Saratoga Springs, UT

The agents at New York life have good about updating our policy and reviewing everything with us yearly. They send out monthly statements so we always know where everything is going. We have term life insurance and whole life insurance. After a certain amount of time they start to pay out dividends to our accounts so everything has gotten cheaper over time.

5 years ago

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Heather H Sanford, FL

New York Life is an excellent company with decent options for covering your needs. They are transparent and responsive, but their customer service has room for improvement.

11 months ago

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jcleaton San Diego, CA

I always bought term insurance but as I got closer to retirement decided to add a whole life policy through NY life. Very nice getting something back from my insurance payments and NY life has provide the coverage I wanted at an affordable cost. Hightly recommend.

3 years ago

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Kathryn Robinson Riverton, UT

We have New York Life insurance and have been happy with the customer service and plan options. We have term life insurance through New York. My only complaint is they frequently try to get us to convert to whole life insurance.

4 years ago

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Tom Pleasant Grove, UT

My father passed away and had insurance with New York Life. They were easy to work with and very caring. Everything was handled very professionally and with integrity.

5 years ago

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Nathan Justis Smithfield, UT

I have a life policy with them that I've had for about 15 years and I thought my savings would be higher than it is, but I feel like it's a good company with a strong, reliable brand.

3 years ago

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Keld Sperry Lehi, UT

They have a good term life insurance package. The price is reasonable and glad to have some peace of mind with term life insurance.

3 years ago

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Bethany Rockville, MD

My personal life insurance company. The price is reasonable and agents are responsible.

3 years ago

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michael Parrott

Annuity ive made great money with nee york life

6 years ago