For full disclosure, I am not an agent of New York Life and I can not provide New York Life quotes on my quoter, if you want to compare New York Term Life Insurance Rates to the masses you must do your own research.
Are you familiar with New York Life insurance company? Unsure if it’s right for you or not? Read this review to better understand New York Life, what products they offer, and whether it’s the right life insurance option for you.
New York Life is just like New York City – big, proud, and well-established! It’s actually been around since the 1840s and has since grown into one of the largest life insurance carriers in the country.
New York Life has about $570 billion in assets.
The company is proud of their size, stability, and strength. As a result of all their hard work, they’ve earned excellent financial ratings.Read on below to learn more about New York Life and whether New York Life insurance is right for you.
New York Life and the 2008 Financial Crisis
A star in New York Life’s reputation was their call back in 2007 to policy holders that they were deeply concerned about financial trends and markets. Their financial advisors moved most of the company’s assets into zero-risk investments, such as US government T-bills. They took action and prepared the company for whatever might come next. So when the crash of 2008 hit, New York Life was safe!
In the 2008 crash, New York Life became the lone house still standing in a demolished neighborhood.
Their strong performance record earned the company high praise for such financial strength.A good name and reputation go a long way, and this is something New York Life understands and utilizes in their day-to-day business.
Is New York Life Affordable Life Insurance?
If you have a good relationship with a life insurance agent, pricing becomes less of an issue.
However, despite their stellar customer service and relationships, New York Life isn’t necessarily the most cost-effective solution when you’re shopping for the best rates for life insurance
New York Life’s critics complain that the company does not offer enough affordable, high-quality options, such as affordable term life insurance for smokers.
There are life insurance companies out there who do offer term life insurance for smokers at affordable rates. The easiest way to find out which companies may be right for you: contact a life insurance broker. Their expertise will allow you to find the best fit for your life insurance needs.
Still looking around? Goldsmith Insurance is proud to offer reviews on tons of different companies in the life insurance industry:
New York Life Term Insurance Agents Are Captive:
As a large insurance carrier, New York Life offers what you would expect: all the major products and solutions:
- term life
- whole life
- universal life
- long-term care
- and many more
But beware! There are some “forbidden” aspects to the company that you, as a customer, should be aware of:
If you visit their website, its tough to find an actual term life quoter. I couldn’t find one very quickly today That is because NY Life wants you to talk to a local agent, face to face. These agents cant shop around for the best rates and that isn’t their goal either. The company and its sales team present themselves as financial planners, and they want the opportunity to discuss with you the “full range of alternatives.” This can sound appealing; however, it could also leave you buying a more expensive policy then you really need. Of course, this is great for New York Life; if you buy a more expensive policy, they make a higher profit! In the end, it’s important to understand that New York Life’s financial strength comes from customers just like you – not simply out of thin air. Be careful, and make the right choice for YOU.
New York Life Has Many Complaints
Many customers in the past have filed complaints and written good and bad reviews online against NY Life ,for example, the Better Business Bureau (BBB), Yelp you will find good and bad reviews, as well as other articles online.There are always two sides to each story and usually consumers tend to only write when they are upset, never to complement.
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.
Read the actual complaints by clicking here.
Customer Testimonial from Angela:
“It was a pleasure working with you. Your combination of professionalism and a good sense of humor were very refreshing. You come across as an individual who is truly concerned about what is best for his clients and for that reason alone, I will be happy to recommend you to anyone seeking your services.”
The History of New York Life Insurance Company
New York Life Insurance Company has been around and offering wealth accumulation and protection products to its customers since back in 1845. The company sold its first life insurance policy– which had a death benefit of $5,000 – to Lewis Benton, its elected secretary.
The company has had 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, NY.
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
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 10 or 20 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
Interested in a free quote or some helpful advice? Contact Goldsmith Insurance – we’ll help you navigate through every step of the way.
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 that are offered by New York Life, including:
- 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 survivor-ship 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, Goldsmith Insurance 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.
New York Life Insurance Might Not be the Best Source for Your Needs | Goldsmith Insurance