New York Life Insurance Review

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Contributor, Benzinga
June 28, 2023

New York Life offers a variety of life insurance policies, including term life insurance, universal life insurance and whole life insurance. Its policies are suitable for a broad range of people, are available in all 50 states and must be purchased through one of their licensed agents.

Learn more about New York Life Insurance with Benzinga’s review.

Best For
  • Consistent dividends
  • Consumers needing riders for specific insurance needs
Pros
  • New York Life has paid an annual dividend for 160 consecutive years
  • Several types of life insurance are available
  • Coverage can be customized with riders
  • Estate and wealth management services are offered
Cons
  • No online quotes or application
  • No mobile app
  • Mixed client reviews

New York Life – Life Insurance Ratings at a Glance

New York Life Policy Options
New York Life Customer Service
New York Life Premiums
New York Life Application Experience
New York Life Overall Rating

Having life insurance is a great way to make sure that your loved ones receive enough money when you pass to pay your final expenses and funeral costs. You can also leave them what's called a death benefit, which a predetermined amount of money they can use however they choose. But if you want to purchase a life insurance policy, you need to do some research to ensure you choose the right life insurance company.

Keep reading to see Benzinga's New York Life Insurance to determine if it's the right insurer for you.

New York Life Policy Options

Minimum Coverage$100,000
Maximum Coverage$1,000,000+
Eligible AgesUp to age 90
Term Lengths1 to 20 years
# of Rider Options5+

New York Life offers a variety of insurance options, including:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Variable universal life insurance

It offers yearly renewable term policies that can be renewed each year. In this case, premiums start low and increase each year. The price will also change if the policy is converted to permanent coverage.

You can choose a level premium term policy for 10-, 15- or 20-year terms. In this case, your premiums are stable throughout the entire term. When the term ends, your premium will increase. The price will change if the policy is converted.

New York Life Customer Service

If you need to contact New York Life Insurance, it has agents ready to help you. You can call 800-225-5695 from 8 a.m. to 7 p.m. Eastern Time, Monday through Friday.

If you need assistance with a disability, life or an accidental death and dismemberment claim, you can contact New York Life at GBSClaimSolutions@newyorklife.com.

New York Life also asks that you contact it if you suspect fraudulent activity by calling their fraud line at 877-279-0325 or by emailing cad_siu@newyorklife.com. It offers no mobile app. 

BBB RatingA to A+
AM Best RatingA++
NAIC Complaint Index0.16
Moody’s RatingAaa
J.D. Power Rating701 to 800

New York Life Premiums

You’ll need to contact New York Life directly to get personalized rates. As a sample, the table here shows monthly rates by age for a 20-year term policy for a healthy male with a preferred health class.

Age/Coverage Amount$100,000$250,000$500,000$1 million
18$13.30$19.01$32.52$57.69
25$13.30$19.01$32.52$57.69
30$13.67$19.56$33.62$59.54
35$14.23$19.72$33.93$63.32
40$19.58$26.73$47.96$86.73
45$24.57$40.22$74.94$138.21
50$36.40$65.76$126.02$238.88
55$51.47$110.22$214.94$417.34
60$79.93$183.37$361.24$711.70
65$127.14$300.48$595.46$1,144.14

New York Life Application Experience

New York Life Insurance does not have a smartphone app. Nor can you apply online. However, you can sign in on its website to pay premiums online for its life insurance products. You can also make recurring payments using this feature. You can update or modify your beneficiaries usiing the platform. 

To get a quote or apply for coverage, you must speak to an agent. Depending on the insured's age and the coverage amount requested, a medical exam may be required.

New York Life vs. Competitors

New York Life stands out from the competition based on its unique coverage riders, such as the spouse's paid-up insurance purchase option. This policy allows a spouse to use the proceeds from a policy in the event of an insured's passing, enabling them to get paid-up insurance without a medical exam.

New York Life also offers supplemental insurance products such as long-term care and disability along with investment products such as mutual funds and annuities.

Term life insurance makes sense for many families, especially for any adult supporting a family. However, as you get older and build savings and investments, there are other ways to protect your family, including investment accounts or savings accounts. 

Consider whether whole life insurance makes sense for your financial situation and goals. Consider the costs of coverage of both types of insurance policies. For example, if you put $200 a month in a savings account from age 66 to age 85, you'd have $45,600 in savings deposits before accounting for compound interest, more than the maximum for many whole life insurance policies. 

New York Life Overall Rating

Insurance from New York Life can make sense to protect your family and their future. If you're in the market for a term or whole life insurance, few companies have a track record as long or financial history as strong as New York Life. You'll have to speak to an agent to understand individual pricing and may need a medical exam to decide coverage amount. 

New York Life's history, financial strength, reasonable rates and satisfied customers suggest it might be the best whole life insurance company available today. Want other options? Consider also the best insurance companies for married couples

Factors to Consider

Whether you're considering term life insurance or whole life insurance, insurance can give you peace of mind while protecting your loved ones. However, life insurance policies vary widely. You'll want to carefully weigh coverage amounts, costs and possible alternatives based on your age. Factors to consider include: 

Coverage

You can select policies for $100,000 to $1 million for term life insurance with New York Life. Be sure to understand coverage and cash value to find the best plan for you and your family. Compare coverage and costs to similar plans while weighing other service options.  

Costs

Costs vary widely with both term and whole life insurance. As the table above shows, a 20-year term policy is inexpensive when you're young but could cost over $1,000 a month for $1 million in coverage by the time you're in your 60s. 

A term life insurance policy for younger people can offer peace of mind if the worst happens. And whole life insurance will give additional security for your family. For New York Life Insurance, you'll have to speak with an agent to understand pricing options for various insurance options. 

You can sometimes get better insurance rates if you have good credit. Consider also whether you can claim life insurance as a business expense

How Much Does Life Insurance Usually Cost?

Average life insurance policies cost around $55 to $60 per month or $645 or $724 annually. However, costs vary widely by insurance plan. According to New York Life Insurance, a 35-year-old male rated select-preferred, paying monthly recurring premiums on a Whole Life (AD 117) policy with a $250,000 face amount, and no riders would pay an average of $273.56 monthly.

Frequently Asked Questions

Q

What is New York Life known for?

A

New York Life is the largest mutual life insurance company in the U.S. It offers various products, including universal, whole, variable and term life insurance coverage.

Q

How long does it take to receive a death benefit check?

A

Once the claim is approved, death benefit checks typically go out within 5 to 7 working days.

Q

Is term life or whole life better for life insurance?

A

If you want a policy that expires at the end of a term, term life is the best insurance policy for you. But if you don’t want your policy to ever expire as long as you pay the premiums, then whole life insurance is better.

Sources:

1. https://www.bbb.org/us/ny/new-york/profile/insurance-companies/new-york-life-insurance-company-0121-349

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Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.