New York Life Review

New York Life insurance offers the best selection of coverage options and policy features in the industry. Although the absence of a couple popular policy riders may disappoint some customers, many find lots of reasons to do business with New York Life.

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The Good

High financial stability

New York Life is a rock-solid financial performer with an outstanding credit outlook. The company crushes much of the competition when it comes to financial ratings, earning the best overall marks in the industry. All of the top ratings agencies, including A.M. Best, Moody’s, and S&P, rate New York Life at the very top of the scale for their ability to meet current and future financial obligations. No matter what kind of life insurance policy you’re interested in, New York Life’s exceptional financial outlook is a big source of confidence.

Excellent customer support and online materials

You can get in touch with a New York Life representative by phone during daytime hours, by email, or even by Facebook and Twitter. You can also find Click to Chat and Click to Call tools on the New York Life website. The Click to Chat feature grants you instant access to a company representative to get your questions answered as you browse the New York Life website. The Click to Call feature instantly transmits your telephone number to a representative, who then calls you within minutes. If you’d rather work through your policy options independently, New York Life provides a decent selection of online learning materials to help you learn the basics of life insurance and figure out what type and level of coverage is best suited to your goals and needs. Though some competitors rise above New York Life by offering interactive learning guides and policy calculators, most shoppers find what they need with the company’s information resources.

Complete coverage options

New York Life offers all the major types of life insurance, including term, whole, universal, and variable universal policies. All industry-standard coverage options are also offered, including a cash surrender option that returns your policy balance after a cancellation and a survivorship option that extends policy coverage to a second party. Options for return of premium and term conversion provide term life policyholders with more flexibility as their policy ages. Mortgage life and whole life vanishing premium options offer enhanced protections for mortgaged homeowners and for policyholders who want their premiums to get lower as their income decreases later in life. Younger customers looking for an affordable policy are sure to appreciate New York Life’s low initial coverage requirements, which start at $5,000 for some policies. All told, few competitors in the market can match New York Life in this category.

Full-featured policies

Ranking right alongside the best insurance companies in the market, New York Life insurance covers all the basic features, including cash value access, guaranteed interest rates, partial surrenders, and periodic dividends with a paid-up additions option. New York Life policies also feature flexible death benefits, including both level and variable options. Premium and deduction waivers offer protection in the event you are injured and can’t return to work. Term renewal and expiration and lapse guarantees provide additional assurances that your coverage will remain in place for as long as you need it. These and other available features combine to offer New York Life policyholders a great combination of stability and flexibility.

The Bad

Limited mobile tools

New York Life doesn’t offer a mobile app for accessing your important accounts and documents, although it does maintain a mobile website for smartphone web browsers. This isn’t a serious issue for most life insurance customers, but it would be nice to see New York Life add a mobile app for those who do want it.

The Details

General Information

  • A.M. Best FSR Rating: A++
  • A.M. Best ICR Rating: aaa
  • Moody's Rating: Aaa
  • Policy Offerings: Term, Whole, Universal
  • Standard & Poor's Rating: AA+

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