New York Life Insurance Review: Products, Ratings & Pros and Cons (2026)
Yes — New York Life holds the highest ratings from all four major agencies (A++ AM Best, AAA Moody's, AAA Fitch, AA+ S&P) and has paid dividends for over 170 consecutive years. As a mutual company, policyholders are part-owners. However, premiums run higher than competitors, and term options are limited.
Company Overview
New York Life was founded in 1845, making it one of the oldest life insurance companies in the United States. It is a Fortune 100 company and operates as a mutual company, meaning it is owned by its policyholders rather than by shareholders.
New York Life Insurance
- 51 Madison Ave
New York, NY 10010
Advantages of New York Life
- Dividends: as a mutual company, New York Life has paid dividends to eligible policyholders for well over a century, reinforcing its financial strength.
- Survivorship policies: joint policies that cover two lives (often spouses) and pay out after both insureds have passed, commonly used for estate planning.
Because policyholders are part-owners of the company, New York Life is structurally incentivized to prioritize long-term financial stability over short-term shareholder returns.
Disadvantages of New York Life
- Above-average premiums compared to many competitors.
- Limited term lengths — historically offered in 5, 10, and 20-year options.
- Mixed customer service reviews across independent review sites.
Available Products
- Yearly convertible term life insurance
- Level premium convertible term life insurance
- Simplified term life insurance (no medical exam required)
- Custom whole life insurance
- Long-term care (LTC) insurance
- Annuities
Buyers who want to skip the medical exam can compare New York Life's simplified term product against other no-exam term life insurance options on the market.
New York Life Ratings
A life insurance company is only as good as its financial strength. A poorly managed company that is likely to go bankrupt before your policy expires is not the best choice to make. While some state governments protect the customers of such companies in these cases, this is not the same across the board. It is vital to ensure that the company you choose is financially strong according to the leading indexes.
| Agency | Rating | Description |
|---|---|---|
| A.M. Best | A++ | Highest |
| Standard & Poor´s | AA+ | Highest |
| Moody´s | AAA | Highest |
| Fitch | AAA | Highest |
Last updated on: September 11, 2026
New York Life at a Glance (2026)
- Founded: 1845
- Headquarters: New York, NY
- Type: Mutual company
- AM Best Rating: A++ (Superior)
- Key products: Term, Whole Life, Universal Life, Annuities
- Notable: Oldest & largest mutual life insurer in the U.S.
Frequently Asked Questions
Is New York Life worth the higher premiums?
For many buyers, yes. New York Life’s premiums run above average, but you’re paying for top-tier financial strength ratings, a mutual ownership structure with dividend eligibility, and a 180-year track record of stability. Price-sensitive shoppers who don’t need those extras may find better value elsewhere — compare the average cost of life insurance across carriers before deciding.
Does New York Life offer no-exam life insurance?
Yes. New York Life offers a simplified term product that does not require a medical exam, though it typically involves health questions and may come with lower coverage limits or higher premiums than fully underwritten policies. See our guide to no-exam term life insurance for how it compares to other carriers.
What is New York Life’s dividend payout?
New York Life has paid dividends to eligible policyholders for more than 170 consecutive years. The company’s board approved an estimated dividend payout of approximately $2.2 billion for 2024, among the largest in its history — though dividends are never guaranteed and are declared annually.
Does New York Life offer term life insurance?
Yes. New York Life offers yearly convertible term and level premium convertible term policies, generally available in 5, 10, and 20-year terms, with a simplified no-exam term option also available. Confirm current term-length availability, including whether a 15-year option exists, directly with the carrier. Learn more in our term life insurance guide.
How does New York Life compare to Northwestern Mutual?
Both are large, highly rated mutual life insurers with strong dividend histories and similar financial strength ratings. New York Life is generally the larger of the two by assets and is the oldest mutual insurer in the U.S., while Northwestern Mutual is often cited for its whole life and disability insurance offerings. Both tend to carry above-average premiums compared to stock-owned competitors.
References
1. AM Best, New York Life Rating
2. New York Life, About Us
3. NAIC, Consumer Information
