A Review of New York Life Insurance Company
New York Life Insurance Company is one of the oldest and most popular life insurance companies in the world. If you are looking for a review of New York Life Insurance Company then you are at the right place. No doubt this company is financially strong and pays out dividends to its policyholders but is this the right life insurance company for you? Are you getting the best rates or not? Well, I hope after reading this review you are able to answer these questions.
About New York Life:
New York Life Insurance Company is a Fortune 100 company, founded in 1845. It is the oldest and the largest mutual life insurance company in the United States. A mutual life insurance company is completely owned by its policyholders. The profits are either retained within the company or are distributed among the policyholders in the form of dividends or reduced future premiums.
On November 16, 2017, company announced that it expects to pay its policy owners a record dividend payout of $1.78 billion in 2018. This makes 164 consecutive years that New York Life has been paying out dividends to its policy owners. Dividend Payouts have been increased by 36 percent since 2012, in fact, it is the only major mutual life insurance company to increase its dividend payout every year, despite changing economic situations and low-interest rates in the U.S. Source
Company’s Financial Strength:
With over 800 life insurance companies operating in the United States, New York Life is one of the two life insurance companies that has been awarded the highest possible ratings by all four major rating agencies.
|Standard & Poor´s||AA+||Highest|
Products Offered by New York Life Insurance Company:
- Term Life Insurance
- Whole Life Insurance
- Long-Term Care Insurance
- Mutual Funds
- Group Membership
- Business Solutions such as:
-Life Insurance for Employees
-Life Insurance for Business
-Insurance on Key Executives
–Buy Sell Agreements
New York Life insurance company offers the following type of term life insurance policies:
Yearly Convertible Term Life:
Its an annual term life insurance policy that starts with an affordable initial premium. This policy can be renewed every year without providing any health information. Each year the annual price increases by a guaranteed amount for 10 years. You can also convert this policy to a permanent life insurance during the first 10 years or you can renew this policy again after the term ends (if you want). The price changes if the policy is converted or renewed.
Level Premium Convertible Term
Level-premium term life policies are available in 10,15 and 20 years terms. The premiums remain fixed until the term ends. These policies are convertible to permanent life insurance.
Simplified Term Life Insurance
New York Life also offers “Simplified term life” which is a no medical exam life insurance. It is affordable, with no medical exam or lab work and easy to apply for. You are only required to answer a few questions some of which are health-related.
New York Life Custom Whole Life Insurance
New York life offers four different policies in their whole life insurance plan, including one that allows its policyholders to customize their payment schedule. Due to this feature, the customers have the flexibility of paying off their policy as soon as they want, thus eliminating the premiums in later years. Other key features include:
- Guaranteed level premiums
- Guaranteed death benefit
- Guaranteed cash value accumulation
- Earn dividends
- Availability of different riders
- Survivorship whole life insurance is also available for couples. This type of policy insures both partners on the same policy. If one dies, the other gets the death benefit.
Other products offered by New York Life include long-term care insurance and annuities. NYL Secure Care Coverage provides assistance for care in nursing homes, adult day care centers, assisted living facilities and at home. It also compensates family members who provide care at home.
No doubt New York Life is one of the best life insurance company in the United States but we find that when compared to other companies NYL is not competitive enough in pricing and underwriting for the term and guaranteed universal life insurance policies.
When looking for an insurance company to get the best price, it is very important that you have different options to choose from. The reason is that no single company can meet the diverse needs of every customer. Let’s say you have a high blood pressure or a high cholesterol. You have a family history of diabetes or that you struggle with obesity. Each of these health factors plays an important role when companies determine your rate class. Therefore, you need to make sure that you apply for a life insurance policy with a company that provides you with the best price for your specific health condition. You need options and life quotes from different companies. Doing this all on your own is quite time-consuming and confusing. You don’t want to get declined for a life insurance policy just because you chose the wrong company right?
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