New York Life Insurance Company Review

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  • New York Life Insurance Company

The New York Life Insurance Company start in 1845, and it is the biggest mutual life insurance company in America.

It is the third-largest life insurance company in the country with more than $570 billion in total assets.

The main location for this business is in New York City, New York. It employs more than 11,000 employees and over 12,000 agents.

The size of the company is a nod to its success in the field after more than one hundred years. In 2018, the company was ranked 69th on the 2018 Fortune 500 list.

The main products from New York Life include:

  • Life Insurance
  • Long-term care
  • Asset management
  • Annuities

Ratings

star rating

New York Life Insurance has been given the highest financial ratings possible for insurance companies.

Rating agencies ranking for the company are as follows:

Rating agencyFinancial StrengthDate of Rating
AM BestA++July 2018
Fitch RatingsAAAJuly 2018
Moody Investors ServiceAaaJuly 2018
Standard & Poor’sAA+July 2018

These rankings are based on a number of things, including:

  • The company’s ability to meet the specific needs of clients and to fulfill its duties
  • The financial strength of the company
  • Ability to meet the needs of senior plan holders
  • The company’s fast pay system that pays out quickly and correctly

New York Life Insurance Options

new york life image

The following are the options available from New York Life:

  • Term
  • Universal
  • Variable Universal
  • Whole

New York Term Life Insurance

Term life insurance from New York Insurance is a good way to build protection right away. The younger a customer is, the lower their rates will be.

This kind of plan can replace a person’s income, tax-free for a set term. Common terms options include 10, 15, or 20 years.

The plan can be upgraded to permanent, or a client can add more coverage as they see fit.

Types of Term Life:

Yearly Convertible Term

This is a temporary term insurance. It has a low premium to start, for those who do not have much to spend at first. The client renews the plan every year.

Pros:

  • Initial costs are low
  • Renewing does not ask for a new health check
  • The policy continues if the premium is paid
  • Can be changed to permanent
  • Great for people with low budgets
  • The family will be protected
  • Ideal for those with a small business and lots of costs to be covered

Cons:

  • Does not allow cash growth
  • Premium increases each year

Level Premium Convertible Term

This kind of plan is a 10-20-year coverage, which is simple and affordable. The plan is set for a specific amount of time, anywhere between 10 and 20 years.

This plan is ideal for people who have a low budget, but who want more consistency than just year-to-year coverage.

Going with a level premium plan is great if you have a mortgage to pay, a small business, or young children.

Pros:

  • Fixed payments. Premiums do not change for your chosen period of time.
  • The customer changes the plan to permanent if they wish
  • No need for a new underwriting process in the first ten years

Policy add-ons for term life at New York Insurance include:

  • Accidental Death Benefit Rider
  • Chronic Care Rider
  • Disability Waiver of Premium Rider
  • Children’s Insurance Rider
  • Living Benefits Rider

New York Whole Life Insurance

Life insurance form

Whole life insurance takes care of your loved ones until the day you pass, with no exceptions.

This kind of plan also has the ability to grow cash value. This can be taken out tax-free for all kinds of things (emergencies, college, retirement, etc.).

Whole life offers a lot of flexibility, making it great for all kinds of unique needs.

Types of Whole Life:  

Standard Whole Life

Standard Whole Life at New York Insurance is ideal for anyone who needs certain protection and chances for growth.

Pros:

  • Fixed premiums that never grow
  • Cash value grows
  • Dividends offer even more potential earning
  • Loved ones use the death benefit how they want
  • Cash value is applied to expenses including retirement, tuition, emergencies, etc.
  • Can help with business assets, executive bonuses, future compensation, etc.

Custom Whole Life

This plan is great for people who are looking for a consistent pay schedule that works for them.

This means customers can choose how long they pay for, and premiums do not increase.

This plan is very flexible and allows customers to customize the plan to their needs. It focuses on budget changes of the client, who has the option to change their payments as often as they want.

Pros:

  • Level premiums
  • Promised death benefit
  • Cash value that has no tax added on
  • Ability to borrow gained cash at any time
  • Tailored payment periods based on life and how it changes

Value Whole Life

A way to enjoy whole life insurance without paying too much. This is the most economical whole life option available.

Ideal for people or families who want permanent insurance but who cannot afford high premiums.

The only catch is that cash value may be lower, as well as dividend potential.

Pros:

  • The most affordable whole life plan
  • For sure death benefit
  • Coverage for your entire life
  • Lower premiums over a longer period of time
  • Cash value still grows over time and is tax-free

Conclusion  

The New York Life Insurance Company is a well-known company in the insurance field.

What is most unique about the company, is its Value Whole Life plan, which offers an extra option for people who want permanent life insurance.

With such high ratings and customizable options, people from all walks of life can find a plan that they can afford each month.

This makes the company a good choice for anyone with specific needs and a budget that is either flexible or tight.

Resources:

http://fortune.com/fortune500/new-york-life-insurance/
https://www.newyorklife.com/about/our-strength/what-rating-agencies-say/
https://pac-12.com/article/2014/10/22/pac-12-expands-and-extends-partnership-new-york-life

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