National Life Group vs New York Life

National Life Group and New York Life both have long company histories and high financial strength ratings. These characteristics show that both companies are reliable. However, New York Life is more forthcoming with details on policy options and available riders on its website. Potential National Life Group clients should know that it's dealing with a class action lawsuit for alleged involvement in a pyramid scheme.

National Life Group logo verified_user
#8 National Life Group
7.3 Overall Score
2.7
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(17)
New York Life logo
#9 New York Life
7.1 Overall Score
4.4
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(13)

Overview

National Life Group

New York Life

Monthly Premium
Monthly Premium
Undisclosed
Undisclosed
Policy Types
Policy Types
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Term
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Whole
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Universal
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Variable
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Term
check
Whole
check
Universal
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Variable
Coverage
Coverage
50 states
Undisclosed
Time In Business
Time In Business
172 Years
98 Years

Ratings

National Life Group

New York Life

Overall Score
Overall Score
7.3 of 10
7.1 of 10
Review Score
Review Score
2.7
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4.4
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Value for Money
Value for Money
2.9
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4.1
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Quality of Product or Service
Quality of Product or Service
2.9
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4.3
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Customer Service
Customer Service
2.7
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4.2
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Company Trustworthiness
Company Trustworthiness
2.8
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4.3
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Likely to Recommend
Likely to Recommend
4.1 of 10
7.9 of 10

Reviews

National Life Group

New York Life

Number of Reviews
Number of Reviews
17
13
Review Breakdown
Review Breakdown
2.7
starstarstar_halfstar_borderstar_border
5 star
41%
4 star
0%
3 star
0%
2 star
6%
1 star
53%
4.4
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5 star
54%
4 star
31%
3 star
15%
2 star
0%
1 star
0%

Reviews for National Life Group

Helpful Favorable Review

starstarstarstarstar

Karol

January 21st, 2020 Virginia Beach, VA DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

They have been the best life insurance company that I've ever dealt with (and I've dealt with 4 others throughout my life). Their living benefits are amazing and I actually have had friends who've had to utilize them throughout their life. I asked about the alleged "class action law suit" and this is inaccurate information. It's the internet, so it must be true, not exactly. After getting the facts I'm was 100% comfortable going with this company and sleep easy knowing I'm protected should I need it for a critical, chronic or terminal illness or of course upon death.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Inthemedicalprofession

December 10th, 2019

We just got a medical records request from Tweedy Claims on behalf of National Life. Now why would a life insurance company want to see a bunch of medical records on someone who has died? She's dead. Pay her husband her life insurance. Plus the deceased was never a patient at our clinic. So it looks like they are just throwing out a wide net, fishing to see if they can find anything medical that would disqualify the patient for life insurance after her death. Wow. So sketchy.


Reviews for New York Life

Helpful Favorable Review

starstarstarstarstar

Michelle Schow

February 12th, 2020 Saratoga Springs, UT DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

We have life insurance through New York Life. They seem to be a company we can trust...although I haven't actually ever made a claim with them :). We bought term life insurance and they are constantly sending us information to get whole life insurance.


Helpful Critical Review

None Available

The Final Word

Those choosing between National Life Group and New York Life should be aware that Girard Sharp law firm has filed a class action lawsuit against National Life Group for alleged involvement in a pyramid scheme with Premier Financial Group. Premier Financial Group sold universal life insurance policies issued by National Life Group.

Aside from the lawsuit, National Life Group and New York Life are very similar when it comes to life insurance. Both companies have received high financial strength ratings from well-known ratings agencies. New York Life is more transparent about the dates of these rankings on its site, which allows those considering making a purchase to gauge the recency of New York Life’s financial stability and strength.

The companies also offer similar types of life insurance policies: term, whole, universal, and variable universal life insurance. It’s unclear from National Life Group’s site whether there are policy options within each category. In contrast, New York Life offers a few policy structure options within each category except variable life insurance. 

For example, New York Life offers value whole life, whole life, and custom whole life. Each policy type is designed to meet the needs of different individuals. The value whole life is ideal for people close to retirement. The whole life policy includes both cash value accumulation and a death benefit. The custom whole life policy allows policyholders to set their payment schedule and build cash value.

New York Life also makes it clear which riders are available with each kind of insurance policy. The level of detail on New York Life’s website makes it easy for potential clients to determine whether or not New York Life has a policy to meet their needs.

National Life Group does not incorporate the same level of detail on its website. This makes it difficult to research available policies before contacting a representative. 

If you’re choosing between New York Life and National Life Group, we recommend working with New York Life because of its proven reliability and transparency on its website.

top choice

National Life Group
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