New York Life Insurance Review – Strong Customer Service with Even Stronger Financial Ratings
- What is New York Life?
- How does New York Life work?
- How much does New York Life cost?
- Who is New York Life best for?
- Who shouldn’t use New York Life?
- Pros and Cons
- New York Life competitors
- The bottom line
What is New York Life?
- Term life insurance
- Whole life insurance
- Universal life
- Variable universal life options
- Long-term care solutions
- Mutual funds
- 529 Savings for education
- Estate planning
- Wealth management
- Small business assistance
How does New York Life work?
Term life insurance
Whole life policies
- Value Whole Life. This policy offers a death benefit starting at $20,000. The cash value grows at a slower rate compared to the other two whole life options.
- Whole Life. This policy builds cash value and allows you payment and premium flexibility throughout the life of the policy. Death benefit starts at $25,000.
- Custom Whole Life. A policy that features a custom period where you pay your premium but still has lifetime coverage from the policy. The premium can be paid in 5 years but can’t be after age 75. Death benefit starts at $50,000.
Universal life policy
- Universal life basic, with customizable premiums and coverage, starts at $10,000.
- Custom universal life guarantee, which has a level premium but you can choose your custom payment term.
- Variable universal life insurance, where you can choose your investments and adjust based on your comfort level for risk over the course of your policy.
- Add-ons to life insurance policies
- Option to purchase paid-up additions
- Accidental death benefit option
- Disability waiver of premium option: This allows your coverage to continue as long as you’re disabled
- Children’s insurance
- Chronic care option
- Living benefits: If you are terminally ill you’re able to receive an advance of your benefit
How much does New York Life cost?
Flexible premiums within your budget
A wide variety of policy options
Who is New York Life best for?
If customer service and financial ratings are key
You like walking through several policy scenarios
You want options even on a limited budget
Who shouldn’t use New York Life?
If you prefer to work online or through an app
Pros and Cons
Strong financial ratings
Strong customer service ratings
Variety of insurance products
Lack of online quote or application options
Lack of digital assets
New York Life competitors
|Insurer||Life insurance options||Cash payouts||Online calculator||AM Best Financial Rating||BBB customer service rating|
|New York Life||7||Yes||Yes||A++||A+|
Do I need a medical exam for a life insurance policy?
Should I choose whole life or a term policy?
How much money can I borrow from a whole life policy?
The bottom line
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