New York Life Insurance Review

Term and permanent plans like variable universal life and at least nine riders are available from industry behemoth New York Life insurance, providing more alternatives than the average life insurer. It offers a wide range of options so you may customize your insurance to meet your specific requirements.

Factors that affect New York Life insurance rates

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To be eligible for the top rate class at New York Life, you must satisfy the following criteria:
The level of tension in the blood vessels. For those aged 18 to 59, the limit is 130/80 milliliters of blood pressure; for those aged 60 to 69, the limit is 140/85 milliliters of blood pressure.

  • Cholesterol. a maximum HDL of 4.5 and a maximum weight of 250 pounds.
  • Reputation as a driver. Moving offences are limited to two per year with a five-year ban for DWI or DUI after the second infraction.
  • History of the family. Before the age of 60, there was no history of cardiovascular illness in either parent or sibling.
  • Nicotine. The previous five years have been free of nicotine consumption.

How to get a quote from New York Life insurance

Call 800-225-5695 to speak with someone at New York Life. Otherwise, you can begin online and then talk with a representative to finish your insurance details:

  1. On the Contact Us area of the New York Life webpage, click on Don’t have an agent yet.
  2. To speak with a financial professional right away, enter your goals here or click Skip to speak with a financial advisor instantly.
  3. Fill out the following fields: first and last name, postal and email addresses. Click on the Submit button when you’re finished.
  4. Within a few business days, you’ll hear from an insurance representative to go through your coverage options.

New York Life offers term and permanent life insurance

Insurance coverage is available from this firm in two forms: term and permanent.

  • Term life is a yearly renewable option. For those who just need short-term insurance before switching to long-term coverage, this is a good option because the rates increase each year until the term expires.
  • Long-term care. Period life insurance has set premiums and a death payout if you die during the term of the policy, which is often 10 or 20 years.
  • Universal. In addition to adjustable premiums, this policy also provides death benefits and accumulates cash value. New York Life has a comprehensive selection of universal life insurance products.
  • Variables are available to everyone. When opposed to other insurance, it puts its cash worth into riskier accounts in order to get a better return. The premiums and death benefits can also be adjusted.
  • Whole life. Whole life insurance provides coverage for the rest of your life at a fixed premium and accumulates cash value. Insurance business earnings may provide dividends to you.

New York Life insurance riders

New York Life provides you more options than many of its competitors when it comes to adding common riders to your policy:

  • Accelerated death benefit rider. For a price, this living benefits rider pays out a portion of your death benefit early in the event you are diagnosed with a terminal disease.
  • Rider for accidental death insurance. The insurer will pay an additional benefit of up to $300,000 if you die as a result of an accident.
  • Rider who is under the age of 18. Protects your youngster for the duration of the policy. When the kid becomes 25 or gets married, or when the policyholder is 65, the term life insurance becomes permanent.
  • Rider that ensures you’ll be covered by insurance. Additional insurance can be purchased later without a medical exam with this add-on, often known as a policy purchasing option.
  • An insurance policy that covers long-term care. You can use your death benefit to pay for professional care if you become chronically sick with this rider, also known as the chronic care rider.
  • Rider waiving the right to a higher price. This rider waives premiums for the rest of your life if you become incapacitated for six months or longer. This rider can be added at a later time, but you will have to go through the underwriting process all over again.

As an added benefit, New York Life provides the following riders to those who have a permanent life insurance policy:

  • Return of cash value rider. Upon your death, your beneficiaries will be compensated with a sum equivalent to the premiums you put into the insurance.
  • Rider with lap-time reduction technology. As long as you pay your premiums on time and don’t default on any loans, this rider ensures a death benefit regardless of how well your cash worth grows.
  • Rider with a spouse. This add-on enables your spouse to get a new, fully-paid life insurance policy without having to provide proof of insurability.

New York Life insurance reviews are mostly positive

Even though New York Life does not have a BBB accreditation, the company has an A- rating for customer service. For an insurance firm of this magnitude, the BBB has only received 92 complaints in the previous three years. Customers give the insurance a rating of 1.67 stars out of 5, but there are only a few reviews to go on.

Customers have given New York Life four out of five stars on TrustPilot, praising the company’s easy-to-use online services. In terms of money, AM Best gives them an A+.

Compares to other companies

A unique set of plans is available from New York Life, such as universal and renewable term life insurance. This insurer’s nine optional riders provide you more options than most, who only have four or five.

Customer service is another area where the business excels. In 2019, it obtained a complaint ratio of 0.22 from the National Association of Insurance Commissioners, indicating minimal complaints when compared to the national complaint index of 1.00.

In contrast to New York Life, the majority of insurers provide 30-year term life plans. It also does not provide any medical checkup or indexed universal life insurance.

Checkout our review of Navy Mutual Life Insurance Review for another life insurance review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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