Deciding if New York Life Insurance Company is the right company can be difficult and time-consuming.
Buying life insurance can be stressful. You have to research policies, get quotes, compare prices…and that’s just the beginning!
At RiskQuoter, we make it easy by providing these life insurer reviews.
Table of Contents
Is New York Life Insurance a Good Company?
New York Life Insurance Company (NYL) has been around for a long time, working with policy owners during the American Civil War, The Great Depression, WWI, WWII, and today.
As a mutual life insurance company, New York Life is accountable only to its policy owners, not Wall Street.
NYL has issued more than $1 trillion of life insurance protection to policy owners.
Assets under management exceed $700 billion. Compare that to Northwestern Mutual’s assets under management.
Financial Strength
- AM Best rating = A++ as of 10/2021
- Fitch rating = AAA as of 11/2021
- Moody’s Investors Service rating = Aaa as of 02/2021
- Standard & Poors rating = AA+ as of 12/2019
The ratings of New York Life are some of the best among life insurance companies.
How Easy is it to Get a Policy with New York Life?
New York Life does not offer life insurance quotes through its website.
If you want a quote from them, you need to call a New York Life agent.
Compare that to other life insurers like Lincoln National and Prudential who distribute their policies through independent agents like us.
Bottom line – It’s more difficult to get quotes and comparisons here compared to other life insurance companies.
Are New York Life Policies Competitive?
It’s hard to tell if New York Life policies are competitive for reasons just mentioned.
Here’s what we do know about NYL products.
They offer:
- Term life insurance
- Universal life insurance
- Whole life insurance
Term life insurance options include:
- Yearly Convertible Term
- 10-20 year term life
- Million Plus Level Term 10
Other life insurers like Lincoln National and Transamerica offer term lengths from 10-30 years.
- Minimum face amount of $100,000
- Waiver of Premium Rider
- Living Benefits Rider
- Spouse’s Paid-Up Insurance Purchase Option Rider
Again, the only way to compare is to go to an NYL agent and get quotes from them.
Does New York Life Have Good Customer Service?
The customer service phone number is 800-225-5695.
You may manage your account online by registering here.
Death Claims
When you need to file a death claim, the process involves completing the claim form and providing a certified copy of the death certificate to the insurance company.
The funeral home will typically provide multiple certified copies of the death certificate to beneficiaries.
States also have vital records divisions where you may obtain the certificate.
Conclusion
New York Life has been there when families need to claim benefits.
As far as how competitive their policies are, you need to compare them to other companies in the market.
That’s where we can help.
Get a quote today. We’ll provide you with the best options we have available to compare to NYL.
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