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With its wide range of products, New York Life can meet the needs of many different customers. Young professionals may benefit from term life policies, which offer protection for a set amount of time at a lower cost than permanent life insurance. Families may be interested in whole life policies providing lifetime protection with a cash value component.
Retirees may benefit from universal life policies, which provide long-term protection and the ability to customize their premiums and benefits when needs change. Business owners may be interested in variable universal life policies, which offer the opportunity to grow their wealth by investing in the market.
New York Life has many features that stand out from the competition. These include the following.
Real agent support. New York Life doesn’t provide online quotes or applications. Instead, you’ll be supported by an experienced agent who can help you find the best policy for your needs. Your agent will meet with you on video or in person at one of New York Life's many branches.
Professionalism and trust. As New York Life is one of the oldest life insurance providers in the United States, you can have peace of mind that it’s a well-established and reliable company.
Financial stability. The company has a long history of stability, with some of the highest financial strength ratings from AM Best, Fitch, Moody’s, and Standard & Poor.
Flexibility. You can customize your life insurance policies to fit your individual needs with add-on coverage and riders.
New York Life (some through its subsidiaries) offers many types of life insurance, including term, whole, and universal.
This offers protection for a set period. Term life can be converted into permanent life insurance later on. New York Life offers several types of term life insurance: yearly or term convertibles that lock in premiums.
This provides lifetime protection with a cash value component. There are policies that are designed to accelerate the cash value growth. Policyholders can receive annual dividends. (Dividends aren’t guaranteed, but eligible New York Life policy owners have received dividends every year since 1854.) Whole life premiums are set for the policyholder’s entire life.
This offers greater flexibility than whole life options, as you can choose the premium paying periods. It may be a good choice if you want to pay premiums for a specific amount of time only or if you want to maximize cash value growth.
This type of policy provides long-term life insurance protection, generally more death benefit protection for the dollar than permanent life insurance. However, it doesn’t offer a guaranteed level of cash value accumulation. Cash value accumulation, while one feature of many universal life policies, is generally not a primary reason to consider these policies. The premiums are flexible, allowing you within limits to customize your premiums and benefits when your needs change.
Universal Life generally provides a higher death benefit protection for the dollar than whole life, but it doesn’t provide as many guarantees. As a result, it can be a more cost-effective option.
If your primary need is a long-term guarantee of death benefit protection for your family without significant cash value accumulation New York life also offers a custom universal life guarantee option.
New York Life and its affiliates also offer other products, such as disability insurance, long-term care insurance, and annuities for income in retirement.
There is no online application process, as this is all done via an insurance agent. To start the application process, you can complete an online form that requires your name, email, phone number, address, and date of birth.
Once New York Life has your details, you’ll be connected with an agent in your area. The company has over 12,000 insurance professionals across the country. Alternatively, you can search for a New York Life agent by location or name on the website and then get in touch with them directly.
Not all policies require a medical exam but it does depend on the type of life insurance that you choose. Your agent will explain the requirements at your meeting.
State and federal laws and regulations highly regulate insurance companies in the United States. New York Life is committed to being compliant with all applicable laws and regulations within each of its jurisdictions.
A toll-free customer support line is available from 9am to 7pm ET, Monday through Friday. You can also contact New York Life by email. There is a dedicated fraud hotline as well.
Once you have a policy in place, you’ll have an assigned agent you can contact. You’ll also have access to an online account portal.
New York Life is one of the most respected life insurance companies in the United States, with over 175 years of experience. It offers a range of life insurance products, including term, whole life, and universal policies.
Unlike many other insurance companies, New York Life doesn't facilitate online applications. It prefers to retain the human touch with its insurance agents, who will talk you through your life insurance options face-to-face and help you find the best policy for your needs. Depending on your personal preferences, you may find this approach either reassuring or frustrating, but third-party agencies generally rate New York Life highly.
51 Madison Ave, New York, NY 10010, United States
Disclaimers
* New York Life has received the highest financial strength ratings currently awarded to any U.S. life insurer by Standard & Poor's (AA+); A.M. Best (A++); Moody's (Aaa); and Fitch (AAA). Source: Individual Third-Party Ratings Reports as of 11/17/2023
**Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),"
Fortune magazine, 6/4/24 For methodology, see https://fortune.com/franchise-list-page/fortune-500-methodology-2024/
