Review of New York Life Insurance Company
New York Life is a force to be reckoned with. This is one of the most widely known life insurance companies in the world. The question is not if New York Life is an excellent company (it is), but rather, is this the best life insurance company for you—based on your unique need, health and lifestyle?
Update: New York Life announced that it expects to pay policy owners a record dividend payout of $1.77 billion in 2017, an increase of 5.4 percent over what it expects to pay in 2016. This makes 163 consecutive years that New York Life has paid a dividend to policy owners. Since 2012, New York Life has increased its dividend payout by 35 percent, despite five years of record low interest rates and uneven U.S. economic growth. Source.
If you are looking for New York Life Insurance Reviews then come on in, grab a cup of coffee, and take a moment to learn about one of the premier life insurance companies in the United States. In this review of New York Life Insurance we will focus on three main areas: the pros, the cons and the alternatives to New York Life.
Check out the video below on why comparison shopping for life insurance quotes is a good idea.
About New York Life
Headquarters: New York City, New York
New York Life is the largest mutual life insurance company in the U.S., followed by MassMutual, TIAA, and Northwestern Mutual. The Company has been operating for over 170 years and has paid dividends to participating policyholders since 1854.
As a mutual insurance company, New York Life is owned by its policyholders, rather than shareholders. As a result, policy holders have voting rights and the company makes decisions with the policy holders in mind and not shareholders.
New York Life offers the following products:
- Term Life Insurance
- Whole Life Insurance
- Long Term Care Insurance
- Mutual Funds
- Group Membership such as
- Providing life insurance for AARP members
- Business Solutions such as:
Pros of New York Life
There are many positives to choosing New York Life as your insurance company.
New York Life Insurance Company Ratings
A.M. Best Company, the premier ratings agency for life insurance companies, rates New York Life A++. New York Life is on sure footing financially, which is good news for anyone who is concerned about the company being able to pay out on a life insurance claim.
NY Life ratings as of August 2016:
- A.M. Best rating: A++
- Fitch rating: AAA
- Moody’s Investors Service rating: Aaa
- Standard & Poor’s rating: AA+
- NY Life Comdex ranking: 100
As you can see, New York Life’s ratings are top notch. It is only one of a few companies that have a perfect Comdex ranking.
Top Sales Agents
We used to work with a former New York Life agent. The one thing we noticed about him is he knew his stuff. He was solid when it came to knowing the ins and outs of the various types of life insurance policies available. NYL trained him well. And that is one thing you will find with New York Life, they are a well oiled life insurance machine, manned by top agents.
There once was a man named Ben Feldman. Ben was a world class salesman. In fact, he is known as one of the “most prolific salesman” the world has ever known. He sold $1,800,000,000 worth of life insurance over his career. His annual commission check was over $1,000,000 a year. And you know how he did it?
Ben Feldman knew how to discover the need of every man and women and somehow tie that need to life insurance. He was a life insurance salesman genius. And the company he sold for? Why, New York Life, of course.
Now why would we bring up Ben Feldman in a New York Life insurance review? The reason is he exemplifies the New York Life culture. New York Life creates amazing life insurance agents. And you would have to think it is in large part due to the legacy Ben Feldman left behind.
Million Dollar Round Table Membership
As you may have read in other New York Life Insurance Reviews, NYL has led the industry in Million Dollar Round Table membership for 62 consecutive years. That is an unbelievable feet. As we mentioned above, NYL agents know their products well, treat their clients well, and know how to sell.
New York Life Insurance Product Offering
Level Premium Convertible Term
- 10, 15 and 20 year terms available.
- Premiums remain fixed for the term limits.
- Convertible life insurance
Yearly Convertible Term
- One year term life insurance
- Premiums increase annually
Simplified Term Life Insurance
New York Life also offers simplified term life, which is no exam life insurance. All you need to do is answer some health questions and provide some additional information.
Some features of New York Life’s Simplified Issue Term Life:
- $10,000 – $150,000 coverage available depending on age
- Policy lasts until age 80
- Premiums increase based on 5 year age bands
New York Life Custom Whole Life Insurance
New York Life’s dividend paying cash value whole life insurance policy is available for ages 0-70.
There is a special rate class called juvenile if you are looking for life insurance for children.
Custom Whole Life Insurance offers the following benefits:
- Guaranteed whole life insurance premiums
- Guaranteed lifetime death benefit
- Guaranteed cash value accumulation
- Survivorship whole life insurance is also available.
- Pays death benefit upon the death of the second spouse.
- Although not guaranteed, dividends have been paid since 1854.
Another thing to consider is additional life insurance riders that create even more value for you.
- Accidental Death Benefit Rider
- Children’s Insurance Rider
- Chronic Care Rider
- Disability Waiver of Premium Rider
- Living Benefits Rider
- Spouse’s Paid-Up Insurance Purchase Option
- Policy Purchase Option Rider
The policy purchase option is a great addition to life insurance for young adults. It offers the option to add additional coverage with no evidence of insurability at ages 22, 25, 28, 31, 34, 37, 40, 43, and 46.
Cons of New York Life
With so many positives, it is impossible to pinpoint any negatives about New York Life apart from the fact that they are but one of many companies out there to choose from.
One of Many
New York Life is but one of many companies available when it comes to life insurance. NYL might be the right fit in certain circumstances, but when it comes to term and guaranteed universal life insurance policies, we feel that right now NYL is coming up short in both price and underwriting.
When seeking out the best company for the best price it is imperative that you have options. The reason options are so important when it comes to life insurance is because no single company can meet the diverse needs of every client.
For example, you might struggle with being overweight, or you might have high blood pressure, or diabetes. For each of this various health factors you will want to make sure that you are applying for life insurance with the company that focuses on providing the best price for your specific health or lifestyle niche. You need options, not just one company. The last thing you want is to be declined for life insurance because you chose the wrong company.
As any good New York Life insurance review should point out, there are alternatives. Instead of putting all your eggs into one basket, why not shop around for the best game in town? After all, there are a ton of life insurance companies to choose from. Why limit your options to just one company, no matter how good a company that one company happens to be?
At TermLife2Go we work with dozens of the top rated (A- and above) life insurance companies.
Already applied with New York Life for life insurance? No problem. You can apply with more than one company. Choose TermLife2Go and see who has the best rates on life insurance upon approval.
TermLife2Go specializes in discovering the various niches of life insurance companies in order to provide our clients with the best company based on that specific client’s unique health or lifestyle. This allows us to find and procure the best company at the best price for our clients.
We focus on using state of the art delivery for all policies in order to increase efficiency and facilitate the easiest process in getting our clients insured.
So, what are you waiting for? Give us a call today to see what we can do for you!
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