New York Life Insurance 2022 Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

New York Life insurance review 2022

Sara Coleman is an insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Oct 26, 2022 Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. This content is powered by (NPN: 8781838). For more information, please see our Insurance Disclosure. Bankrate logo

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo

Editorial integrity

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo

Insurance Disclosure

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

At a glance

Not rated Bankrate Score Home 0.0 Auto 0.0 About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. New York Life Insurance could be a good choice if you're looking for a life insurance company with a wide variety of policy options, accountable customer service and top-tier financial ratings. However, the company's term policies only go up to 20 years, which may not be enough for some customers. Pros and Cons Quick Look Pros Several types of life insurance policies and investment services available Pays dividends Accelerated death benefits for conditions such as chronic illness Positive customer satisfaction ratings High financial strength ratings Cons Limit of 20 years for term insurance Requires a medical exam for underwriting Annual-renewable term insurance policy premiums increase from year to year Numerous life insurance products offered Medical exams required Living benefits available     This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

Compare life insurance providers quickly and easily

See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More

 

New York Life insurance coverage types

Founded in 1845 and headquartered in New York City, New York Life offers a variety of life insurance policies, which provide a greater likelihood of finding a policy that fits both your insurance needs and your budget. New York Life offers four different life insurance policy options: whole, term, universal and variable universal. When it comes time to choose the right policy, working with a licensed insurance agent can help ensure you make the right selections and fully understand the differences between the various policy options in the context of your financial situation. : New York Life offers a , which allows you to select the length and the death benefit of the policy that works best for your short-term financial goals. It is referred to as a "term" policy because you choose the amount of time during which you will be paying fixed premiums towards a death benefit. Some policies allow for as little as one year terms, but most are between 10 to 30 years. The benefit of term life is you have a fixed premium for each month, which can make it easier to budget. However, unlike other options, there is no cash value account component to the policy, and you may end up paying toward a death benefit that is never issued if you outlive your policy term. The cost of your premiums depends on numerous factors, including your age, term length, health and amount of death benefit you select. New York Life offers a few riders, which includes: Conversion: This is an option to convert to a whole life policy ahead of your term reaching its expiration. Spouse's paid-up insurance purchase option: This rider allows your spouse to purchase insurance without a medical exam if you pass away. Disability waiver of premium: If you become disabled and can no longer pay your premiums, New York Life can cover the cost of premiums with this waiver. Living benefits: This rider allows you to use a portion of your death benefit if you need to use it to pay for treatment or care for a terminal illness. : A permanent, or whole life policy, remains in effect throughout your entire life, as long as you pay the premiums. The policy has two components to it, including a death payout to your beneficiaries, and the policy builds cash value that is typically tax-deferred. This gives you the flexibility to use your cash value for life events, such as helping pay for home renovations or unexpected medical bills. : A universal life insurance policy from New York Life is similar to a whole life option, since the policy does build cash value. With this policy you have greater flexibility and can adjust the death benefit throughout the life of the policy. When you do, it will also impact the cash value component, but it still gives you options depending on what your financial priorities are at a given time. : This option is similar to a universal life policy, but provides you the ability to invest in the market and gain tax advantages.  

New York Life insurance customer and claims satisfaction

New York Life Insurance Company has received the highest possible financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies, including an A++ (Superior) rating, Fitch (AAA), Moody's (Aaa) and (AA+). Customers are generally satisfied with the company, as indicated by the results of survey on customer satisfaction. New York Life receives a score of 777 out of 1,000 points in the , which is above the industry average. New York Life has very few policyholder complaints registered with the National Association of Insurance Commissioners (NAIC), receiving only , which is far below industry baseline.

Not sure if New York Life is right for you Consider these alternatives

New York Life offers numerous benefits to policyholders, but life insurance is a significant personal financial planning choice. Many financial and insurance experts strongly recommend comparing multiple providers to find the right fit. Below are some other options to consider: : Like New York Life, Mutual of Omaha offers strong customer satisfaction ratings and an A+ (Superior) AM Best rating for financial strength. Mutual of Omaha also offers flexibility across whole, term and universal life insurance policies, including a variety of term lengths and benefit options. State Farm is a household name for auto and home insurance, but it also offers several life insurance options, including whole, term, universal and variable policies. You can also opt to start the life insurance quote process online, which is not an available option with many other life insurance providers. : Northwestern Mutual offers whole, term and universal policy options, including those for older individuals and smokers. Northwestern Mutual also provides flexible conversion options if you decide you need to update your policy throughout your lifetime.

On This Page

Close X