January 2022 New York Life Life Insurance Review • Benzinga – Benzinga
Minimum Coverage$100,000Maximum Coverage$1,000,000+Eligible AgesUp to age 90Term Lengths1 to 20 years# of Rider Options5+
New York Life offers life insurance policies for all budgets. You can choose a policy with a shorter term, or you may combine planning for your loved family members with your investments or retirement plans by selecting a New York Life whole or universal insurance policy.
New York Life offers a variety of life insurance products, including term, whole life, universal life and variable universal life.
Term Life Insurance
You can choose the term length and death benefit of a New York Life policy. It is possible to buy term life insurance for as little a year, but most people prefer terms between 10 to 20 years.
New York Life term life insurance has a fixed premium, so you’ll know what it will cost each month. The cost of your policy will depend on your health, age and length of the policy.
Your policy covers you in case of death. The amount of the death benefit will be paid to the named beneficiary. New York Life offers three types of term life insurance.
Yearly Convertible: This policy may be the best choice for those who want protection at an affordable price and want to upgrade to a permanent policy. Premiums gradually increase each year.Level Premium Convertible Term 10-20: This product might be worth considering if you are looking for predictable payments. You lock in level premiums up to 20 years and know that your prices will not change. Premiums will rise annually after the end of the level premium payment period.Million Plus Level Term 10: This policy is recommended if you require $1 million or more protection. This premium product is the most affordable 10-year level term policy New York Life offers. The premiums will increase each year after that. This product has a five-year conversion period, meaning it can be converted to one of the whole life or universal life policies. It is best for those who plan to convert within the first five policy years or anyone who doesn’t intend to convert.
You can customize a New York Life term life insurance policy with the following riders:
Spouse’s Paid-Up Insurance Purchase Option Rider: This rider allows your spouse to use the proceeds from your policy in the event of your passing to get paid-up insurance without a medical exam.Disability Waiver of Premium: If you become disabled, New York Life will cover your premiums with this rider option, available at an additional cost. Living Benefits Rider: This rider allows you to use a portion of your death benefit to pay for treatment or care if you are terminally ill.
Term life insurance is an excellent option if you are looking for lower investment and don’t anticipate that you will need life insurance in the future or want to convert to a permanent plan later.
Whole Life Insurance
New York Life Whole Life policies are permanent policies. The policy is effective as long you pay the premiums. Premiums are higher because of two features. First, you pay for a death benefit, which will be left to your loved ones. There is also a tax-deferred cash value account in your name that you can access throughout your life.
New York Life offers two types of whole life policies:
Traditional Whole Life: This popular choice combines cash value accumulation with guaranteed life insurance coverage. Custom Whole Life Insurance: This option lets you reduce premium payments (for as short as five years) or increase your policy’s cash value. However, a shorter payment period will result in higher premiums.
You can customize a New York Life whole life insurance policy with the following riders:
Disability Waiver of Premium: New York Life will waive premiums if the insured becomes disabled.Paid-Up Additions: You can contribute more to your policy whenever it suits you, increasing your death benefit protection and building more cash value.
Chronic Care Option: This rider protects policyholders against the financial hardships associated with regular care. In addition, it provides tax-free access, up to a certain amount, to part of the base benefits should you become seriously ill.Living Benefits Option: You can use a portion of your death benefit to help pay for care or treatment if you are terminally ill.Accidental Death Benefit: This benefit provides additional death benefits for your loved ones in the event of an accident-related death.
Universal Life Insurance
New York Life Universal Life policies are permanent policies that include an interest-earning account and cash value. You can adjust both the amount of the death benefit and the premium.
New York Life offers four universal life policies:
Basic Universal Life could be suitable for individuals who want long-term protection and the opportunity to accumulate cash value over time. Custom guarantee is for those seeking a guaranteed death benefit but don’t need cash value. Protection Up to Age 90 is for those who need significant life insurance protection. It does not last beyond age 90.Variable Universal combines a death benefit with an investment account.
You can customize a New York Life universal policy with the following riders:
Death Benefit Option 1: This provides a death benefit equal to the face amount of your policy.Death Benefit Option 2: Option 2 provides a fluctuating death benefit equal to the face amount of your policy and the policy’s cash values. Therefore, the total benefit amount is partly based on the potential growth of the policy.Return of the Premium Rider: This fluctuating death benefit is equal to the face amount of your policy and the adjusted total premiums that you have paid into it. Money-Back Option: Money-Back provides the option to get your money back if something happens and you decide you don’t need the protection anymore.
You must contact New York Life directly or by email to cancel coverage. New York Life will also allow you to notify it online about a death. To submit information to the claims section, you can call New York Life or your agent.
New York Life Insurance Company has received top-notch financial security ratings from respected authorities such as the Better Business Bureau, Moody’s and AM Best.
J.D. Power’s survey on customer satisfaction shows that customers are generally satisfied with the company. In addition, New York Life earns a 0.16 complaint ratio in 2020 on the NAIC Complaint Index, which is far better than many other life insurance companies.
BBB RatingA to A+AM Best RatingA++NAIC Complaint Index0.16Moody’s RatingAaaJ.D. Power Rating701 to 800
New York Life has competitive term life insurance premiums. With coverage amounts of $1,000,000+, its whole life and universal life premiums compare favorably with the competition.
New York Life Insurance does not have a smartphone app. Nor can you apply online. However, you can sign in on its website to pay premiums online for its life insurance products. You can also make recurring payments using this feature. You can update or modify your beneficiaries usiing the platform.
To get a quote or apply for coverage, you must speak to an agent. Depending on the insured’s age and the coverage amount requested, a medical exam may be required.
New York Life vs. Competitors
New York Life stands out from the competition based on its unique coverage riders, such as the spouse’s paid-up insurance purchase option. This policy allows a spouse to use the proceeds from a policy in the event of an insured’s passing, enabling them to get paid-up insurance without a medical exam.
New York Life also offers supplemental insurance products such as long-term care and disability along with investment products such as mutual funds and annuities.
Types of plans
Term, Whole, Universal, Variable
1 Minute Review
New York Life offers a variety of life insurance policies, including term life insurance, universal life insurance and whole life insurance. Its policies are suitable for a broad range of people, are available in all 50 states and must be purchased through one of their licensed agents.
Learn more about New York Life Insurance with Benzinga’s review.
Best For
Consistent dividends
Consumers needing riders for specific insurance needs
Pros
New York Life has paid an annual dividend for 160 consecutive years
Several types of life insurance are available
Coverage can be customized with riders
Estate and wealth management services are offered
Cons
No online quotes or application
No mobile app
Mixed client reviews
Get started
securely through Bestow Life Insurance’s
website
Disclosure: *excludes New York
1 Minute Review
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
People who are looking for short-term life insurance
Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
Pros
Plans start at just $8/month
Decent coverage options if you need insurance quickly and without hassle
Cons
Offers 2 types of plans; does not offer whole or universal life insurance policies
The 10- and 20-year plans not available to users under 21 or older than 55
Types of plans
Term, Universal, Whole, Final Expense
Age Requirements
18 – 80
1 Minute Review
With more than 12 million active customers, Transamerica Corp. is one of the biggest names in the life insurance industry. Transamerica offers a wide array of life insurance products — everything from term to a variety of permanent life insurance products, including whole, universal and variable life.
Transamerica life insurance policies are available to anyone ages 18 to 80, with coverage starting at just $25,000 and going as high as $10 million. In addition to term and permanent life insurance policies, Transamerica offers final expense insurance and any number of riders to help customers customize their policies.
Best For
Coverage with chronic conditions
High benefit policies
Smokers
Pros
Term life policy quotes and purchase available online
Wide array of products
Comprehensive online resources
No medical exam required for many term policies
Cons
Below-average scores from the National Association of Insurance Commissioners (NAIC) and J.D. Powers
Policies purchased through agents only
Disproportionate number of customer complaints
get started
securely through Sproutt Life Insurance’s
website
1 Minute Review
One of most quickly growing life insurance platforms, Sproutt leverages insurtech to provide its Sproutt Instant approval life insurance. Get instant-issue policies in under 15 minutes from application to coverage. No medical exam necessary for qualifying applications.
This process is entirely online. You have the option to speak to an experienced Sproutt advisor for assistance or complete your coverage purchase on your own. It works with top-rated life insurance carriers like AIG, SBLI, Principal and Sagicor Life.
The company has also developed its Guided Artificial Intelligence Assessment (GAIA) platform to power the Quality of Life Index. The platform evaluates your lifestyle to offer personalized recommendations to help you live a healthier lifestyle.
Best For
Numerous policy and carrier options
Those who prefer no-exam life insurance
Young parents
Pros
Works with top-rated life insurance carriers
Online process
Diverse policy options
An AI-based assessment delivers perks to those with healthy lifestyles
Cons
Not best for unhealthy people on a budget
Types of plans
Universal, Term, Whole
Compare Quotes
securely through Northwestern Mutual’s
website
Age Requirements
18 – 100
1 Minute Review
Northwestern Mutual offers a variety of life insurance policies that are suitable for a wide range of people. Policies are available in all 50 states, although some policies and riders may not be available in every state. The company has strong financial strength ratings and an above-average rating when it comes to consumer complaints.
To get a quote from Northwestern Mutual, you have to talk to one of its agents. However, you can browse information on its website and use the coverage calculator tool to estimate how much life insurance coverage is recommended for your family.
Best For
People who want affordable term life insurance that can be converted to a permanent life insurance policy later.
People who want the option to add riders to their life insurance policy.
Pros
Northwestern Mutual has strong financial strength ratings and a low number of consumer complaints.
There are several types of life insurance policies available.
Northwestern Mutual also offers other financial planning, insurance and investment products and services.
Cons
There is a lack of clarity about the product offerings on Northwestern Mutual’s website. For example, you may be able to find articles about things like final expenses life insurance and index universal life insurance, but Northwestern Mutual doesn’t specifically say whether it offers these options.
You can’t get a quote or apply directly for a policy online.
get started
securely through Ladder’s
website
Disclosure: Ladder Insurance Services, LLC (Cal. license # 0K22568; Ark. license # 3000140372) offers term life insurance policies: (i) in New York, on behalf of Allianz Life Insurance Company of New York, New York, NY (policy form # MN-26); and (ii) in all other states and the District of Columbia on behalf of Allianz Life Insurance Company of North America, Minneapolis, MN (policy form # ICC20P-AZ100 and # P-AZ100). Only Allianz Life Insurance Company of New York is authorized to issue life insurance in the state of New York. Insurance policy prices, coverages, features, terms, benefits, exclusions, limitations and available discounts vary among these insurers and are subject to qualifications. Each insurer is solely responsible for any claims and has financial responsibility for its own products.
Age Requirements
20 – 60
1 Minute Review
Ladder offers policies with no hidden fees, on-the-spot underwriting and a streamlined website. Coverage ranges from $100,000 to $8 million and you can adjust your coverage over time as needs change.
You can choose a 10, 15, 20, 25, or 30-year term. Ladder also offers up to $3 million in coverage without a medical exam — just answer a few health questions and complete the application to get an instant decision.
Ladder doesn’t impose policy, cancellation or processing fees and you can cancel at any time. Take three steps to get Ladder insurance:
You can apply for life insurance coverage with Ladder right now via the online application.
Find out whether you’re instantly approved.
Accept your offer — including affordable prices and no hidden fees.
Its price lock guarantee ensures your premium won’t increase as your health changes and you age. Policies in New York are issued by Allianz Life Insurance Company of New York and in the other states and DC by Allianz Life Insurance Company of North America. You can receive a refund within the 1st 30 days if you’re unhappy with your coverage and you can cancel at any time.
Best For
Term life insurance
Online application
Policyholders between 20 to 60 years of age
Pros
Up to $8 million in coverage
Price lock guarantee
No policy fees
30-day money-back guarantee
Adjustable coverage
Cons
No policy riders
Term life insurance only
Disclosure: Not available to New York residents.
Age Requirements
20 — 65
1 Minute Review
Ethos is life insurance for the modern age, leveraging technology to bring customers an easy and fast application process so you can get back to spending time with those who matter most — your family.
Ethos offers both term and whole life insurance policies with top-rated carriers. You may not be able to predict when you go, but you can help ensure your family and loved ones are taken care of when it does happen. With Ethos, you can have peace of mind knowing that you’ve helped protect your family.
Best For
Newlyweds, young people, homeowners, seniors and parents
Individuals who wants a quick, easy life insurance application process
Individuals for whom life insurance had previously been inaccessible
Self-starters who prefer a hands-off approach when interacting with insurance agents
Pros
Instant personalized quotes
10 minute seamless application process
Same-day coverage available
Range of term and whole life coverage policies
No medical exam or blood tests required (just answer a few health questions)
Cons
Not available in New York
New York Life Insurance has a longstanding reputation and continues to provide life insurance policies that are flexible and dependable.
While it does lack some of the newer policy management options like a reliable mobile app, you will find that New York Life offers a variety of life insurance policies options, as well as additional services to help you prepare for the future.
Frequently Asked Questions
What is New York Life known for?
1
What is New York Life known for?
asked 2022-01-19
Maurice Draine
1
New York Life is the largest mutual life insurance company in the U.S. It offers various products, including universal, whole, variable and term life insurance coverage.
Answer Link
answered 2022-01-19
Benzinga
How long does it take to receive a death benefit check?
1
How long does it take to receive a death benefit check?
asked 2022-01-19
Maurice Draine
1
Once the claim is approved, death benefit checks typically go out within 5 to 7 working days.
Answer Link
answered 2022-01-19
Benzinga
Sources:
1. https://www.bbb.org/us/ny/new-york/profile/insurance-companies/new-york-life-insurance-company-0121-349
