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Life Insurance

New York Life Insurance Review

By David Krug 5 minute read

New York Life offers a selection of term and permanent plans, as well as variable universal life insurance and at least nine additional rider possibilities. There are several alternatives available, allowing you to customize your insurance to your specific needs. For additional information, here’s a New York Life Insurance Review.

Factors that affect New York Life insurance rates

New York Life Insurance Review - New York Life Insurance Logo

To be eligible for New York Life’s top tier, the following conditions must be met:

The blood pressure in the arteries and veins fluctuates continually. Blood pressure should be kept below 130/80 milliliters in those under 60 years of age and below 140/85 milliliters in those between 60 and 69 years of age.

  • Cholesterol. Maximum weight of 250 pounds and maximum HDL cholesterol level of 4.5.
  • As a driver, you have a reputation. After a second violation, a driver’s license is suspended for five years for DWI or DUI.
  • The family’s history. Neither my parents nor my siblings had ever experienced a heart attack before the age of 60.
  • Nicotine. I haven’t smoked a cigarette in five years.

How to get a quote from New York Life insurance

If you have any questions, please call New York Life at 800-225-5695. Additionally, you can begin with a web-based application and then call a sales professional to confirm your insurance information:

  1. Choose Don’t have an agent yet from the drop-down box in the Contact Us area of the New York Life website.
  2. Financial professionals are immediately accessible to assist you if you enter your aims here or click Skip to connect straight with an expert.
  3. You must submit your first and last names, as well as your postal and email addresses, in order to complete the form. When you have completed your submission, click the Submit button to email it.
  4. You will get a phone call from an insurance representative within a few business days to discuss your coverage options.

New York Life offers term and permanent life insurance

This insurance firm offers both short- and long-term policies.

  • Term life insurance is an annual renewal option. Due to the fact that the rates increase year after year until the term expires, this is an excellent option for those who want just short-term insurance before converting to long-term coverage.
  • Long-term commitment is necessary. If you die during the policy’s term, which is often 10 or 20 years, depending on the policy type, death payments are given.
  • Universal. Along with death benefits and cash value accumulation, this insurance also has a variable premium structure. The New York Life Insurance Company offers a diverse selection of universal life insurance products to meet a variety of needs.
  • Everybody has the ability to access variables. Riskier investments are made in order to generate a better rate of return than is available through conventional insurance policies. Additionally, premiums and death benefits are subject to change without notice at any time.
  • Throughout an individual’s entire life. Unlike term life insurance, whole life insurance premiums are fixed for the remainder of your life and increase in value over time. It is conceivable that you will get dividends from your insurance company’s earnings.

New York Life insurance riders

With New York Life, you have more options for adding common riders to your policy than you have with many of its competitors, which is a bonus.

  • Riders who receive death benefits earlier than planned. When you are diagnosed with a terminal disease, this living benefits rider entitles you to a portion of your death benefit sooner than you would otherwise be eligible.
  • Coverage for accidental death as an add-on to your life insurance policy. Your insurance company will pay an additional benefit to your beneficiary of up to $300,000 in cash or other assets in the event of your death as a result of an accident.
  • The event is not permitted to be attended by children under the age of eighteen. Preserve your child’s health while they are insured.
  • When a policyholder reaches the age of 65, or when his or her child reaches the age of 25 or marries, permanent insurance coverage is created.
  • By adding a rider to your policy, you may ensure that your insurance coverage is enough. Additionally, as a policy purchase option, you may get this extra insurance at a later date without having to undergo inspection.
  • This is an extended care policy. If you become chronically ill, you can utilize your death benefit to cover the cost of expert medical treatment through the employment of chronic care riders.
  • The rider must waive his or her claim in order to be eligible for the increased rate. If you are unable to work for six months or longer owing to a medical condition, your premiums for the remainder of your life are waived. You may want to incorporate this rider at a later date, but you will need to resubmit the application for underwriting.

Riders are offered to clients who hold a New York Life permanent life insurance policy.

  • Cash value rider return. Your beneficiaries will receive a sum equivalent to the premiums you put into the insurance policy in the case of your death.
  • This rider guarantees a death benefit regardless of the amount of money you have accumulated, as long as you pay your premiums on time and do not fail on any of your loans.
  • The riders’ spouses accompany them. If you purchase this endorsement with your policy, you can obtain life insurance for your spouse without demonstrating insurability.

New York Life insurance reviews are mostly positive

Despite the lack of a Better Business Bureau certification, New York Life achieved an A grade for customer service. The Better Business Bureau received just 92 complaints from an insurance firm of this size in the prior three years. Despite the fact that there are just a few published reviews, customers have awarded this product a rating of 1.67 out of 5 stars.

New York Life’s ease of access to its online services has earned the firm a four-star rating on TrustPilot. They obtained an A+ + rating from AM Best for their financial stability.

Compared to other companies

Universal and renewable term life insurance, as well as other forms of protection, are among the company’s life insurance products. In comparison to the industry standard of four or five riders, this insurance provider offers nine additional riders.

One of the company’s strengths is its ability to give superior customer service. In 2019, there were 0.22 complaints per 1,000 persons, which is lower than the national average of 1.00, indicating that there were less complaints last year.

In comparison to New York Life, the great majority of insurance firms provide 30-year term life insurance policies. As a result, the policy excludes medical examinations and universal life insurance coverage.