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New York Life- Is it the Big Apple of Life Insurance or the Forbidden Fruit?

New York Life is just like New York City, it is big and well established. The company was established back in the 1840’s, and just like America, it has grown to be one of the largest life carriers with around three hundred billion in assets. Over time, NY Life grew indigenously, and not by mergers.

New York Life insurance company reviewThey pride themselves on their size, stability, and strength. As a result, they have good financial ratings, and like the city it’s named after, it’s multifaceted and proud of its hard earned reputation. A star in its reputation was their call back in 2007 to policy holders that they were deeply concerned about financial trends and markets. Their financial advisors moved the bulk of the company’s assets to zero risk investments like US government T-bills. When the crash of 2008 hit, New York Life was like the lone house standing in a demolished subdivision.

With NY Life having this kind of performance, they earned high kudos for their financial strength.  A good name goes a long way, and New York Life uses their good name to the fullest. Pricing can become less relevant when  you have a relationship with an agent. However, as with many aspects of life, a stellar performance is earned the hard old fashioned way, and the company doesn’t necessarily present itself as the most cost effective solution for all shopping for the best rates for life insurance. Many feel that they do not have options for seeking out the best life insurance for them, such as a term life insurance for smokers, but there are, and with an independent agent we can find the best fit for your needs. We offer reviews to several different companies, such as Banner Life Insurance ReviewPrimerica ReviewsZander Insurance Review and AARP Life Insurance Review, to name a few.

New York Life Agents are Captive: As a large insurance carrier, they offer what you would expect:  All the major products and solutions, term life, whole life, universal life, annuities, long term care, and many more. So the image presented looks quite rosy, but sometimes in life, you don’t get to be big by always being nice. There are certain”forbidden” aspects to the company that you, the customer, need to be aware of. For example, if you visit their website, there is no online term life insurance capability. That is because NY Life wants you to talk to a local agent.  The company and its sales force presents itself as financial planners, and they want the opportunity to discuss with you the “full range of alternatives. “ This can be appealing, however, it could also mean that you purchase a more expensive policy then you really require. The more expensive policy, of course, is more profitable to NY Life. The financial strength of NY Life doesn’t come from thin air, but from customers like you.

New York Life has many complaints: Many customers in the past have filed complaints against NY Life with  the Better Business Bureau (BBB). The rating agency, as such, has given New York Life a B+ rating. There have been at least 80 complaints the past couple of years of which 59 dealt with the carrier’s product or service, and about 15 were concerning marketing. The majority of the complaints had to be resolved with the intervention of the BBB while others were not concluded to the customers’ content. Again, being big does not mean that the company always wants to be amicable.

Like the towering skyscrapers of the Big Apple’s New York City skyline,  NY Life is a behemoth insurer in the USA and possibly throughout the globe. Their history provides comfort to those worried about longevity and safety of income streams. However, with the captive agent force, be prepared to “tussle” with the 800 lb gorilla to get a simple straight out quote answer for what you really need. You definitely need some basic insurance knowledge upfront when you confront one of their agents because the agent could “upsell” you into variable and whole life insurance products which are more expensive. What your risk needs are may not be in unison with NY Life, and, as such, realize that the range of insurance products offered are the “forbidden fruits” for your personal needs. A term life policy could simply be the fundamental solution for your financial needs.

The History of New York Life Insurance Company

New York Life Insurance Company has been in the business of providing wealth accumulation and protection products to its customers since back in 1845. The company began by selling its very first life insurance policy – which had a death benefit of $5,000 – to its elected secretary, Lewis Benton.

The company has weathered many financial and economic storms throughout the years. Yet, it has still continued to pay out claims to its policyholders. Because of its mutual structure, New York Life Insurance Company is essentially owned by its policyholders and not by stockholders. This means that the company can pay out dividends – which can help the cash value of its permanent life insurance policies to grow even more (although these dividends are not guaranteed). New York Life Insurance Company is headquartered on Madison Avenue, in New York City, New York.

A Review of New York Life Insurance Company

New York Life Insurance Company is very strong financially. For the year 2015, the company had a record high individual insurance sales that reached $1.3 billion. This boosted its individual life insurance in force to a new high of $923 billion.

The company also grew its surplus and asset valuation reserve to an all-time high of nearly $23 billion. Assets under management for year-end 2015 stood at $528 billion, and its operating earnings stood at $1.9 billion – which was the second highest level in the company’s 160+ year history.

New York Life Insurance Company has attained many accolades. These include:

  • Fortune Magazine’s List of World’s Most Admired Companies in 2016
  • Fortune Magazine’s Fortune 500 for 2016
  • Fortune Global 500 for 2015 – The World’s Largest Corporations
  • Forbes – America’s Most Reputable Companies for 2014
  • Human Rights Campaign – Corporate Index – Best Places to Work for LGBT Equality
  • DiversityInc’s Top 50 Companies for Diversity
  • Working Mother Best Companies for Multicultural Women 2016
  • National Association for Female Executives 2016
  • Profiles in Diversity Journal’s Diversity Leader Award
  • Training Magazine’s Training Top 125
  • LATINO Magazine’s LATINO 100
  • Affinity Magazine’s Top Corps for LGBT Economic Empowerment
  • National Business Inclusion Consortium’s Best of the Best List
  • Minority Business News USA Magazine’s Annual 101 List
  • 100 Best Adoption-Friendly Workplaces
  • Chief Learning Officer Magazine’s Learning Elite
  • America’s Top Corporations for Women’s Business Enterprises

New York Life Insurance Company Ratings and Grades

New York Life Insurance Company has received very high ratings from the insurer rating agencies. This is reflective of the company’s strong financial strength and positive reputation for paying out policyholder claims. These ratings include the following:

  • A++ (Superior) from A.M. Best
  • AAA from Fitch Ratings
  • Aaa from Moody’s Investors Service
  • AA+ from Standard and Poor’s

Also, although New York Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of B+ through the BBB. This is on an overall grading scale of A+ through B.

The company, over the past three years, has closed out a total of 104 complaints through the Better Business Bureau. Of these total 104 complaints, 60 have centered on problems with the company’s products and / or services, 20 focused on advertising and / or sales issues, 17 focused on billing and / or collection issues, and seven focused on delivery issues.

Life Insurance Products Offered by New York Life Insurance Company

New York Life Insurance Company offers a number of different types of life insurance coverage. This can help its customers to plan for their individual needs – and can also be good for those whose life insurance coverage needs change over time. The life insurance that is offered through New York Life includes the following:

Term Life Insurance

Term life insurance provides the most basic of life insurance protection. There is no cash value or savings component offered with this type of life insurance coverage – and because of that, term life insurance can often be a more affordable solution. This is especially the case for those who are young and healthy at the time of application.

This type of life insurance is sold for a specific period, such as ten or twenty years. There are also some term life insurance policies that are offered for just one year. New York Life Insurance Company provides a variety of term insurance options such as:

  • Level premium convertible with 10 to 20-year level premiums
  • Annual convertible term life insurance
  • Annual non-renewable term life insurance
  • Family protection term insurance coverage

Permanent Life Insurance

With permanent life insurance, there is a death benefit, as well as a savings component. Unlike with term life coverage, there is no set time limit on a permanent life insurance policy. Rather, as long as the premium continues to be paid, permanent life insurance will remain in force – regardless of the insured’s increasing age and / or any adverse health issue that he or she may contract. If you are concerned about health issues, we can look into a company that offers a no medical exam policy that may work best for your needs.

There are many different types of permanent life insurance hat are offered by New York Life. These include:

  • Whole Life Insurance – Whole life insurance is considered to be the most basic of permanent life insurance plans. With this type of coverage, the death benefit is guaranteed, as is the amount of the premium. The cash value will also grow by a set, guaranteed amount that is set by the insurance carrier. Some whole life insurance policies will also include living benefits riders that will allow the insured to access a percentage of the death benefit while they are still alive to pay for long-term care or other types of expenses. New York Life offers several types of whole life insurance, including worksite life, single premium life, and survivorship life insurance.
  • Universal Life Insurance – Universal life insurance is another form of permanent life coverage. It also offers a death benefit and cash value, however, it is more flexible than whole life because the policyholder has more control over where their premium dollars go. They may also be able to change when the premium due date is with a universal life insurance policy.
  • Variable Life Insurance – With variable life insurance, there is also death benefit protection and a cash component. However, within the cash component, the insured is able to invest in equities. Because of this, the funds in the cash component are able to grow a great deal more than they can in a whole life insurance policy. There is, however, also more risk due to the market exposure.
  • Corporate Sponsored Plans – New York Life Insurance Company also offers corporate sponsored life insurance plans. These include universal and variable universal life insurance coverage.

It is of our opinion that the majority of persons and household family units basically require the less expensive term life insurance product for a solid financial bulwark against life’s unknowns. For some customers, there truly is a proper aspect to intricate insurance products, yet be aware that often they are bulldozed onto novice customers because of the financial incentives for the carrier and their agents. Be cognizant as you start your market search for coverage. Go ahead take a “bite” for the coverage you need.

Other Products Offered

In addition to life insurance coverage, New York Life Insurance Company also offers other products as well. These include:

  • Annuities – Annuities can help individuals and couples to both save for retirement, and to convert their savings over into a guaranteed lifetime retirement income.
  • Long-Term Care Insurance – Because the cost of skilled nursing home care, as well as home health care, has become so costly, a long-term care insurance policy can help in paying for this care.
  • Mutual Funds – New York Life Insurance Company offers a variety of different mutual funds for investment.

Where to Find the Best Premium Quotes on Life Insurance Coverage

When looking for life insurance coverage, it can often help to work with a company that has access to more than just one life insurance carrier. That way, you will be able to directly compare policies, benefits, and premium quotes, and from there, you can then determine which will be the best for you.

If you are ready to move forward, we can help. We work with many of the top life insurers in the industry today, and we can assist you in obtaining all of the information that you require. To proceed, just complete the form on the side of this page.

Should you have any additional questions, please feel free to contact us directly. We can be reached toll-free by calling 877-400-0484. We know that life insurance can be somewhat confusing, but having an ally on your side can make it easy. So, contact us today – we’re here to help.

 

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