New York Life Insurance Company, founded in 1845, is one of the oldest and largest mutual life insurers in the United States. Known for its financial stability and reputation, this review explores the company’s products, underwriting, and customer service.
New York Life Insurance Company Overview
As a mutual life insurance company, New York Life (NYL) offers a variety of insurance products and has the underwriting capabilities to help many clients.
This company has been around for a long time, has $1.2 Trillion in in-force life insurance, and manages $771 billion in assets.
Financial Strength and Ratings
NYL is among the top-rated and financially secure life insurance companies in the industry, with its latest available financial strength ratings as follows:
- AM Best: A++ as of 02/2024
- Fitch: AAA as of 10/2023
- Moody’s: Aaa as of 11/2023
- Standard & Poors: AA+ as of 10/2023
These ratings reflect the company’s financial stability and ability to meet policyholder obligations now and in the future.
New York Life Insurance Products
New York Life offers term life insurance, universal life insurance, and whole life insurance products to meet your needs.
NYL Term Life Insurance
Term life insurance options are limited to 10, 15, or 20-year durations. A yearly renewable-term product is also available. Compare that to the most competitive term companies like Banner Life or Protective Life that offer level term for up to 40-years.
The level-term product includes accelerated death benefits for terminal illness as well as conversion privileges to exchange the policy for permanent coverage.
Additional riders available to customize coverage include:
Spouse Paid-Up Purchase Option – Your spouse can purchase a paid-up insurance policy upon your death with no medical exam required.
Disability Waiver of Premium – Waives your premium payments if you become totally disabled.
Living Benefit – Allows you to accelerate a portion of your death benefit if you become terminally ill.
NYL Universal Life
A cash value accumulation product and a guaranteed death benefit universal life policy are available with New York Life.
Other companies that offer these types of UL policies include:
There’s no shortage of Universal Life products available to compare to NY Life.
In November 2024, New York Life introduced its Survivorship Universal Life product to insure two lives. Survivorship life insurance policies are great for estate planning and special needs planning.
NYL Whole Life Insurance
Like many large mutual life insurance companies, whole life insurance has been a mainstay for NYL.
Several types of whole life insurance products are available, including policies that offer the potential for dividends.
Speaking of dividends, announced dividend payments totaling $2.5 billion in 2024. This is the 171-consecutive year that NYL has paid dividends.
While dividends are not guaranteed, you may choose how your dividends work for you, such as using them to purchase additional insurance, increase your policy’s cash value, or use them to lower your overall cost.
If you’re going to buy whole life, get a dividend-paying policy from one of the main companies – NY Life, Mass Mutual, Northwestern Mutual, Guardian, or Penn Mutual.
Secure Wealth Plus
New York Life now offers an accelerated underwriting product called Secure Wealth Plus that may approve you in as little as 24-48 hours with no exams or labs for healthy individuals.
- It’s a whole life insurance policy designed to provide you with:
- Permanent protection
- Early cash value buildup
- Tax-deferred cash accumulation
- Quick and easy underwriting with approvals in as little as 24-48 hours
The policy is guaranteed to grow each year and is a dividend-paying policy.
New York Life Riders
Several riders are available to help you customize your coverage. The availability depends on factors like your age, product purchased, state of residence, health, etc.
Disability Waiver of Premium – Waives premiums for insureds with total disability for 6 months or longer. Available to insureds up to age 59.
Accidental Death Benefit – Provides an additional death benefit if death is due to an accident. The rider terminates when the insured reaches age 70.
Chronic Care Rider – Allows you to accelerate a portion of the death benefit for long-term care if you become chronically ill and are unable to perform 2 of 6 activities of daily living.
Policy Purchase Option Rider (PPO) – This is a unique rider that allows you to purchase additional life insurance in the future without evidence of insurability. The amount available is the lesser of $150,000 or 5x your initial policy coverage amount.
Juvenile Insurance – Provides coverage for your children.
Underwriting With New York Life
New York Life offers both phone and digital applications to make it easy for you to apply for coverage:
- eApp – Complete the application online instead of by hand.
- TeleApp – This is a phone interview to complete the medical section of the application (Part 2)
- Self Completion Part 2 (SCP2) – Allows you to complete the medical section online instead of a phone interview – Many companies now offer this. In our experience, it’s well-liked by consumers.
Important to note is that New York Life requires paramedical exams at much lower face amounts than companies like Prudential, Pacific Life, and Lincoln National. With some exceptions, you will need an exam for coverage above $100,000.
If you have a high-risk medical condition, New York Life provides a quick-quote process through its agents, allowing us to submit an overview of your health and receive preliminary pricing before you apply.
Underwriting Guidelines
Each life insurance company has general underwriting guidelines to help determine the rate class you will receive.
All companies are strict with their best rate class, and New York Life is no different. Some comparisons of the Select Preferred rate:
| Description | Select Preferred | Competitor |
|---|---|---|
| No Nicotine | 5 Years | 3 Years |
| Cholesterol | Maximum of 275 | 300 – multiple companies |
| Blood Pressure | No Medications | Medication ok |
| Family History – Cardiovascular | No disease or death | Allowed |
| Family History – Cancer | Not a factor | Not a factor |
Bottom Line – Remember that each company has its underwriting guidelines and you may qualify for the best rate at another company. We’ll tell you which companies are best for your situation.
Are New York Life Policies Competitive?
There are more competitive term life insurance options than New York Life.
Check out this example:
New York State – 40-year-old male, preferred best health – $500,000 – 20-year term. Quotes as of 12/24/2024.
| Company | Rate |
|---|---|
| New York Life Insurance Company | $411 annually. Monthly is $37.27 |
| Principal Life Insurance Company | $335.01 annually. Monthly is $28.81 |
| Protective Life and Annuity Insurance Company | $348.56 annually. Monthly is $29.63 |
| Guardian Life Insurance Company | $365 annually. Monthly is $31.33 |
| William Penn | $378.64 annually. Monthly is $32.18 |
| Mass Mutual | $415 annually. Monthly is $36.11 |
New York Life will probably never be the cheapest term life insurance rate, and I’m sure they are perfectly fine with that.
It’s difficult to get your hands on rates and detailed product information for the universal and whole life products, but when we do, this section will be updated.
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 life insurance settlement process involves completing the claim form and providing a certified copy of the death certificate to the insurance company.
- You can choose to receive the death benefit:
- As a lump sum
- Paid out over a set period
- As a guaranteed life income
- You can leave the money at the company, earn interest, and withdraw as needed.
While most people choose the lump sum, the other options may be a good idea when you have concerns about how a beneficiary will use the money.
Final Thoughts
New York Life Insurance Company’s long-standing reputation, financial stability, and diverse product offerings make it a standout choice for individuals and families seeking reliable coverage.
Whether you are looking for temporary protection, lifelong security, or flexible solutions, New York Life provides tailored options to meet your needs.
Please request your quote today to see how New York Life compares.
