National Life Group vs New York Life

Alice Stevens
Alice Stevens | Senior Editor

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
8.5 Overall Score
2.8
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(34)
New York Life logo
#4 New York Life
8.9 Overall Score
4.5
star star star star star_half
(31)

Overview

National Life Group

A.M. Best Financial Strength Rating

N/A

Policy Types

N/A

Type of Underwriting Offered

N/A

Purchase Process

N/A

Time in Business

Undisclosed

New York Life

N/A

N/A

N/A

N/A

Undisclosed

Ratings

National Life Group

Overall Score
8.5 of 10
Review Score
2.8
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Value for Money
3.1
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Quality of Product or Service
3.0
star star star star_border star_border
Company Trustworthiness
3.0
star star star star_border star_border
Likely to Recommend
4.6 of 10

New York Life

8.9 of 10
4.5
star star star star star_half
4.3
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4.4
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4.4
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8.3 of 10

Reviews

National Life Group

Number of Reviews
34
Review Breakdown
2.8
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5 star
44%
4 star
0%
3 star
0%
2 star
3%
1 star
53%

New York Life

31
4.5
star star star star star_half
5 star
61%
4 star
29%
3 star
6%
2 star
0%
1 star
3%

Reviews for National Life Group

Helpful Favorable Review

star star star star star

flynn joseph uy Marina del Rey, CA

This company is great! Lots of living benefits/riders (lots of qualifying events)/GILR/ etc.. There are reasons why this company has been around for more than 170 years! The financial ratings of the company are great! This is one of the insurance companies I would put my money in and even invest. We can't always blame the carrier and/or agents if client(s) have bad intentions. All I am saying is that investigate all angles and not to always pointing fingers to the insurance carrier.

1 month ago

Helpful Critical Review

star star_border star_border star_border star_border

Rickie Knarich Charlotte, NC

I’d give 0 stars if possible, horrible company, horrible prices, horrible customer service. I was told I had to sign my contract before they could activate my plan, never signed it and they started deducting money from my bank account.

2 weeks ago

Reviews for New York Life

Helpful Favorable Review

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Review Source

star star star star star

Julia UP Southbury, CT

They make sure all your needs are met. They check with you often to make sure your policy is up to date. If at anytime there are questions that need addressing they are readily available to help. Would recommend

3 months ago

Helpful Critical Review

star star_border star_border star_border star_border

KATE Brooklyn, NY

New York Life sent us a medical examiner who was totally unprofessional. First. Even though he visited us at the time when the COVID-19 pandemic in NY just started, he did not put gloves on to take a blood sample. When asked to put gloves on, he demonstrated his disaffection and wore only one. Second. He was over 30 minutes late. Third. After the blood work, one of my veins has been puffy and enlarged. It has been three months now, and it did not get better yet. Because of this experience, I truly do not recommend New York Life. In my opinion, it is the insurance company's responsibility to select right medical examiners to contract with. They should have done their due diligence, which obviously they did not.

1 year ago

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

New York Life Logo
New York Life

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