New York Life Life Insurance Review
People with families, business owners, and those with extensive financial portfolios could benefit from having life insurance. New York Life is one provider people can turn to for insurance policies.
New York Life was founded over 175 years ago. Today, it operates as a mutual company, has paid dividends to policyholders for 166 consecutive years and is headquartered in New York City.
Offers term, whole, and universal policies
Several riders are available to customize policies
Some policies build cash value and pay dividends
Cons
Policies are expensive
Coverage and requirements aren’t fully explained online
New York Life offers term policies that expire after a given amount of time and permanent life insurance policies that provide long-term coverage and build cash value over time. Dividends are paid on some of the permanent life policies. The cash value can be used to pay for things like higher education or retirement.
Unfortunately, you won’t find a lot of the important details about coverage and qualification requirements on the New York Life website. For example, its page on whole life insurance doesn’t detail the maximum amount of coverage available or the age cutoffs. Depending on the policy type, coverage can surpass $1 million. New York Life does list the riders, also known as add-ons, available for its life insurance policies.
New York Life has the most expensive coverage of our top-ranking insurance companies, according to our data.
Bottom Line:
New York Life offers a wide array of life insurance policy options and ways to customize coverage, but it comes at a high price. Those who are interested will need to contact an agent for in-depth information about potential coverage as well as for rates based on their specific circumstances.
New York Life's policies are priced on the high end compared to other top life insurance companies in our rating. For example, a 35-year-old woman who lives in Virginia would pay $142.67 per month for a 20-year term policy with $1 million of coverage through New York Life. By contrast, the cost would be $81.33 through MassMutual or $54.79 via State Farm. These prices are based on the standard plus risk class, which indicates average health.
How much you’ll pay for life insurance depends on several factors. Generally, insurers consider your age, gender, and health history, as well as the coverage level and any riders you want. Younger individuals, non-smokers, and those without serious health conditions tend to pay less than others. Women also generally pay less for life insurance with New York Life.
Keep in mind that because there are so many factors at play when it comes to pricing life insurance, your rates will likely be different from those listed here.
Any rates listed are for illustrative purposes only. You should contact New York Life or the insurance agent directly for applicable quotes.
Multipolicy or bundling discounts are not currently available. For information on inexpensive life insurance policies visit Cheapest Life Insurance Companies of 2022.
New York Life has eight main life insurance plans across three types: term, whole life, and universal life.
Available Policy Types
COMPANY | TERM LIFE | WHOLE LIFE | UNIVERSAL LIFE | SURVIVORSHIP | NO MEDICAL EXAM | |
|---|---|---|---|---|---|---|
| New York Life » | ||||||
| Haven Life » | ||||||
| Bestow » | ||||||
| Northwestern Mutual » | ||||||
| Lincoln Financial » |
For term policies, New York Life’s plans are Yearly Convertible, Level Premium Convertible, and Million Plus Level Term 10.
These term life insurance options are:
- Available in one year increments for the Yearly Convertible policy
- Available in custom increments from 10 to 20 years for the Level Premium Convertible Term 10-20 policy
- Available with $1 million or more of coverage for 10 years for the Million Plus Level Term 10 policy
- Guaranteed to have level monthly premiums for the Level Premium Convertible policy and annually increasing premiums for the Yearly Convertible policy
- Available through New York Life agents
In addition:
- Term life insurance policies can be converted to permanent policies for a fee.
- Death benefits can be paid in a tax-free lump sum.
- The following policy riders are offered: disability waiver of premium, spouse’s paid-up, living benefits option, and policy purchase option.
Visit What Is Term Life Insurance? for more information.
For whole life policies, New York Life’s options are Whole Life and Custom Whole Life. These whole life insurance policies are:
- Guaranteed to have level monthly premiums for the Whole Life policy and flexible premiums for the Custom Whole Life policy
- Available through New York Life agents
- Offered with lifetime coverage periods
In addition:
- The Custom Whole Life policy offers flexibility in premium amounts, premium frequency, and coverage, with the option to pay premiums for a minimum of five years.
- Policies provide a tax-deferred cash value that can be accessed during the policyholder's lifetime.
- A Whole Life policy has a lifetime premium payment period, and the Custom Whole Life policy has a custom premium payment period.
- Death benefits can be paid in a lump sum.
- The following riders are offered: disability waiver of premium, option to purchase paid-up additions, living benefits option, accidental death benefit option, and chronic care option.
- Online tools include a coverage calculator and customer service.
- Financial benefits include a tax-free death benefit, tax-deferred cash value that can be accessed during the insured's lifetime, and eligibility for dividends.
Visit our guide What Is Whole Life Insurance? for more information.
For universal life policies, New York Life’s options are:
- Universal Life Basic
- Custom Universal Life Guarantee
- Protection Up to Age 90
- Variable Universal Life Insurance
New York Life’s universal life insurance policies are:
- Offered with lifetime coverage periods
- Guaranteed to have level monthly premiums for the Universal Life: Custom Guarantee and Variable Universal Life Insurance policies
- Available through New York Life agents
In addition:
- The Universal Life Basic policy has customizable premiums.
- These universal life insurance policies provide a tax-free death benefit.
- Death benefits can be paid in a lump sum, or beneficiaries can use the benefit to purchase an annuity for payments in installments.
- The Universal Life: Universal Life (Basic) and Custom Guarantee policies offer riders for a money back option and chronic care option. The Variable Universal Life Insurance policy offers riders for a monthly deduction waiver option, waiver of specified premium option, and guaranteed minimum accumulation benefit.
- Online tools include a coverage calculator, customer service, and document processing.
To purchase a life insurance policy from New York Life, contact one of their agents to discuss your life insurance options and priorities. New York Life financial specialists are available to determine each individual’s goals and needs based on factors such as age, income, expenses, and assets. New York Life’s life insurance policies currently aren't available to purchase online.
To find a New York Life agent, you can search for agents near you or locate an agent you want to work with by name on the company's website. You also can fill out a form to have a New York Life agent contact you within 48 hours.
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Title of the Work: New York Life Insurance - Life Insurance Review
Credits to: Cherise Threewitt and Devon Delfino
Reviewed by David C. Marlett, Ph.D., CPCU
Date of Publication: Jan. 6, 2022, at 12:00 p.m.
Source: https://www.usnews.com/insurance/life-insurance/new-york-life#about
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