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Last updated on Jan 03, 2020

New York Life Insurance Review

Flexibility and affordability with all the benefits of a large company ​
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New York Life

  • Coverage beginning at $5,000
  • Option for annual renewal or set terms
  • Spousal protection and no-lapse guarantee
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How We Reviewed New York Life Insurance

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12 companies compared

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2 features evaluated

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5 ratings analyzed

New York Life Insurance Review

Since the 1800s, New York Life has been a recognized leader within the insurance sector. Its coverage is versatile, offering you the opportunity to mold its services into the perfect plan for you — you can choose a term, whole, universal, or variable universal plan, with plenty of policy add-ons to customize each one.

New York Life boasts superior ratings from A.M. Best, Moody’s, and S&P Global, plus above-average scores from J.D. Power, meaning it’s an insurer you can rely on in the long term. Its customer support and online resources may make shopping with the company a bit more difficult, which is why we don’t recommend New York Life for first-time life insurance shoppers. But its coverage and ratings make it worthy of inclusion as you begin to gather quotes from providers.

Pros Cons
Top industry ratings
Flexible term life insurance
Partnership with AARP
No extended terms
Limited online resources

The Life Insurance Factors We Analyzed

Customer experience

New York Life is a solid contender in J.D. Power’s life insurance customer satisfaction study, earning a score of four out of five and ranking above the industry average. Of the metrics that J.D. Power measures, the only areas where New York Life falls short are in Statements, Interaction, and Communication — meaning your experience with customer service may not be as smooth as it could be. If you want to get in touch with a rep, New York Life provides phone and email links, but nothing more. To make matters worse, when we reached out, we were brusquely transferred and then left on hold for over 10 minutes.

Aside from interactions with agents, though, it’s likely that New York Life will deliver on its promises; according to the National Association of Insurance Commissioners, New York Life received fewer complaints than average from customers in 2018.

Coverage and rider information

New York Life offers two different ways to customize its term insurance depending on your preferred term length and payment structure. The first option, “level premium convertible,” lets you select coverage for anywhere between 10 and 20 years, and premiums are guaranteed to remain the same. “Yearly convertible” is renewable on an annual basis and is therefore pricier each year, but you can also terminate coverage at any point.

New York Life’s other standout option is its partnership with the AARP to offer both term and permanent life insurance for association members — all without a medical exam. In addition to this, New York Life has one of the best rider selections in the industry, with options like the Chronic Care rider, Waiver of Premium, Accidental Death and Dismemberment, and Automatic Benefit Increase. You can read more about New York Life’s rider options here.

Life insurance coverage features

Insurance types offered Term, whole, universal, variable universal
Term lengths offered 10-20 years or annual renewal
Standout coverage features Convertible term insurance
Disability Waiver of Premium
Partnership with AARP

New York Life Insurance Overview: Financial Strength, Availability, and History

New York Life boasts top marks from leading financial experts like A.M. Best, Moody’s, and S&P Global, and it seems to deliver on most of its promises, with fewer than average customer complaints registered with the NAIC in 2018. By all accounts, New York Life is shown to be stable in life insurance, financial planning, and retirement services.

  • In business since: 1845
  • S&P Global financial strength rating: AA+
  • Moody’s financial strength rating: Aaa
  • A.M. Best financial strength rating: A++
  • States served: 50 plus Washington, D.C.

The Competition

Reviews.com Score
Customer Experience Score
Financial Strength Score
New York Life
4.4/5
4.3/5
4.7/5
State Farm
4.8/5
5/5
4.3/5
Northwestern Mutual
4.9/5
5/5
4.7/5

All information accurate as of January 3, 2020.

The Bottom Line

New York Life consistently ranks as one of our favorite life insurance providers. It writes comprehensive, customizable life insurance policies that can be tailored to just about anyone. We highly recommend its universal life insurance for seniors and AARP members and its term life insurance for people who need a policy with a flexible time frame. The biggest drawback to working with New York Life is unexceptional customer service. Those with extensive questions and support needs should consider signing up with a different provider.

New York Life Insurance FAQ