Established in 1845, New York Life Insurance coincides with the dawning of the industry. The company was founded in New York but quickly expanded along the western frontier.
Towards the end of the 20th century, New York Life diversified its products to include an array of offerings, although some of these were found to be short-lived, such as healthcare.
New York Life is among the oldest, established names in the insurance business, and remain a well-known competitor in the industry. But, are they the right choice for you?
When you are searching for an insurance policy, it can be difficult to find unbiased reviews to help you make the best decision.
We’re committed to helping you find the right life insurance policies, products, and brands to fit your needs.
Read on to find out everything you need to know about New York Life Insurance!
An Up-Close Look at New York Life Insurance for 2020
The following is a compilation of research, including credible sources and reviews, to deliver our most authentic life insurance guide possible.
New York Life Insurance offers several positives to making them your choice for life insurance coverage. The below is just a few highlights that they can offer.
Better Business Bureau Rating of A-
While the Better Business Bureau currently gives the company a considerably high BBB score of an A-, their site also shows some conflicting evidence regarding their reputation overall.
172 Years of Insurance Experience
New York Life Insurance Co. claims to be the oldest mutual insurance company in the nation. Being a mutual insurer means that customers who buy certain products become part owners of the company, are allowed a vote in board elections and share in annual dividends.
Diverse Range of Insurance and Financial Products and Solutions Available
The insurance giant offers a wide collection of products and solutions including:
- Term Life Insurance
- Whole Life Insurance
- Long-Term Care Insurance
- Mutual Funds
Group Membership such as:
- Providing life insurance for AARP members
Business Solutions such as:
- Key Executive Insurance
- Buy-Sell Agreements
- Executive Bonus Plans
Extensive Coverage Area
National coverage is available, spanning all 50 states.
Positive Agencies Ratings
The insurance company has received top-rated reviews among agencies that rate life insurance companies. Complimentary ratings that have been given include those by such agencies as A.M. Best, Fitch, Moody Investors, Standard & Poor, and NY Life Comdex.
Life insurance can be a major investment and have a significant impact on you and your family’s future. That’s why it’s always important to conduct a thorough examination of all of your options. Even the companies that lead the industry, may not have the benefits to best serve you.
New York Life Insurance is definitely considered a major force in the industry, but there are some drawbacks that you should consider prior to making a decision.
An Average Customer Review Composite Score
Although the insurance company has received above-average rankings among several review agencies, their customer review rating of 3 out of 5 stars, is just average.
While the other ratings received might be impressive, oftentimes it is a company’s customers who offer the greatest insight regarding one’s performance.
111 Consumer Complaints Filed with the Better Business Bureau Over the Last Three Years
On their site, the Better Business Bureau shows 111 total documented complaints against New York Life Insurance within the past three year period.
Of these, they report having closed 108, but show that only 29 complainants verified that the issue was resolved to their satisfaction. 3 complaints have reportedly gone unanswered.
The Subject of Lawsuits and Controversy
The company has not gone without its share of controversy. New York Life has Insurance been drawn into lawsuits in multiple states, including New York, New Jersey, and California. Recently New York Life settled a 401K dispute for $3 million dollars, according to reports by InvestmentNews.
Higher than Average Prices
Many of their products and services have been found at more affordable rates when offered by competitors in the industry.
Check out rates from leading competitors to determine if there’s a better, less expensive option for you. You can receive a customized life insurance rate calculation using a simple online form, or you can call around to speak with agency representatives to find out more.
When it comes to underwriting, some might find New York Life Insurance to be exclusionary. Their policies are not available to everyone and depending on your personal circumstances, you might not be eligible through their company.
Certain individuals, such as diabetics and smokers, may be better off pursuing their coverage through another agency. If you are unable to receive coverage, don’t despair. There are different types of life insurance to fit each and every individual’s profile.
Online Quotes are Not Available
Unlike many of today’s businesses, their site does not offer the convenience of customized online quotes. Their rate calculator redirects to a separate URL, which gives simplified term life quotes and can be confusing to consumers.
The Wrap Up
New York Life Insurance might be the right answer for some, but it’s definitely not the best route for every individual. It’s wise to identify what qualities are most important to you, then weigh the costs, coverage, and risks before committing to any insurer.
Keep in mind that New York Life Insurance is only one of the many insurance providers available on the market. Out of the sea of providers out there, you may very well find there to be a more cost-effective and suitable match that’s right for you.
Before making a decision, make sure that you shop around for coverage.
Check out our blog for a more comprehensive collection of helpful reviews of the top-rated insurance companies to guide you in choosing the best one to fit your needs!
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