New York Life Review

ByTop10.com StaffJul.17, 2018

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In a Nutshell

New York Life offers the financial stability of one of the oldest insurers in the country, along with a wide variety of options and excellent benefits for policyholders. It is not publicly owned, and operates under a mutual insurer model, so all policyholders own a stake in New York Life and it has successfully paid dividends to its policyholders every year since 1854.

pros

  • Good range of options and coverage amounts
  • Strong rider benefits for policies

cons

  • Term life policies only offer 3 terms
  • No online application

Best For?

  • Retirees who are looking to secure their future

The company offers retirees the opportunity to live out their retirement years in comfort, with plans that include long-term care insurance in case they fall ill or require any sort of medical assistance. Moreover, its policies are designed to be able to pay out cash sums periodically to cover expenses in addition to yearly dividends.

  • Families looking for flexible life insurance

For customers seeking to protect their families, New York Life offers several options. The family plan covers 2 adults in a single policy and keeps premiums at the same level for at least 10 years. The company also offers a series of riders that can add benefits to each policy, alongside dividends for whole life policies which can be used to pay premiums.

Features

With New York Life you can add a wide range of riders and benefits that make each policy unique and suitable for your needs. These include useful benefits such as accidental death riders, which insert an additional death benefit equal to the policy’s value if policyholders pass away. Parents can also add children’s insurance riders, which provide term coverage for dependent children and can eventually be converted to permanent insurance.

Other useful policies include chronic care and living benefit riders which cover customers who must pay for care due to illness or injury and pay out claims if customers are suffering from terminal illnesses. These riders can be added to policies at any point during the coverage term. 

Apart from the many riders New York Life offers customers, its stability and structure means it is always acting in policyholders’ best interests. Customers are not tied to a single type of policy, empowering them to make decisions based on current needs alongside planning for the future. Policyholders can choose to start with a renewable one-year policy and upgrade it later and even convert term policies to permanent ones at will.

Application Process

Applying for a policy with New York Life is straightforward, though it can take some time. To begin the process, you’ll need to fill out a quick form on the website to request more information. You’ll then receive a call from one of New York Life’s agents to discuss the available options and advice on how to proceed. You can also opt to visit one of New York Life’s physical offices for the same service, and deliver your application forms in-person to a representative.

Policy Types and Terms

You can choose from a variety of different life insurance policies with New York Life, including traditional term life insurance policies, which it recommends for customers searching for first-time coverage. These policies come with terms of 10, 15, or 20 years and have fixed premiums which are locked after policy approval. You also have the option of choosing a yearly convertible policy, which allows you to renew your coverage annually. Unlike longer term policies, the premiums increase with each renewal for convertible policies. All term policies can eventually be converted to whole life policies at any point during the first 10 years of coverage.

New York Life also offers whole life policies which deliver several notable benefits. You’ll pay set premium prices, which are established once the policy is approved. Policies then cover you for the duration of your life as long as premiums are regularly paid. In addition, your family members are guaranteed to receive the death benefits which are free from federal taxes. Whole life policies also accumulate cash value over time, which can be accessed tax-free at any time.

If you are looking for more versatility, custom whole life policies offer flexibility when it comes to setting payment schedules and accessing cash. You can choose how you wish to pay for your policy, either by front-loading payments or spreading them over a longer period. This enables you to plan for the future and remove the stress of having to constantly pay for coverage.

Alternatively, custom survivorship whole life policies cover 2 adults and pay out in the event of the untimely death of both policyholders. This product is specifically designed for parents who want to ensure their children will be taken care of if they should pass away, and features lower premium payments relative to paying for 2 separate plans.

The company’s policies offer coverage amounts that start as low as $10,000 and range as high as $150,000 in some cases. Finally, most plans feature the opportunity to collect company dividends after holding policies for a set amount of time. While these are not guaranteed, the company prides itself on having paid dividends every year since 1854.

Help and Support

If you want more information or assistance you can call New York Life directly via the toll-free number, or send an email or Facebook message for a quick response. Overall, New York Life’s staff is well-prepared to assist and demonstrates a great degree of expertise in the field. Response times via email are generally as short as one business day, though they can sometimes take longer.

Summary

As one of the oldest insurers in the US, New York Life has positioned itself as a premier financial services provider. With over 170 years of experience behind it, the company offers a variety of life insurance and investment products for customers of all ages, alongside the promise of financial stability and transparency. With flexible insurance products and a reputation for financial strength, New York Life is one of the top life insurance providers in the country.

New York Life is ideal for retirees or new families looking to prepare for every eventuality and protect loved ones. It offers a wide range of customizable and beneficial policies that can match any policyholder’s requirements. New York Life’s financial strength and stability also gives policyholders the benefit of receiving extra yearly payouts through dividends. Overall, New York Life gives customers the ability to rest easy knowing they are covered by one of the oldest and best-known life insurance providers in the country.

Physical Address

New York Life Insurance Company

51 Madison Avenue

New York, NY 10010

New York Life