New York Life Insurance Company Review
As much as you would like to think you will be around to protect your family forever, this isn’t always possible. It is smart to find a life insurance company you can trust to help you make sure your family’s financial future is secure. New York Life is a trusted name in life insurance that can help you with your life insurance needs. Whether you are looking for a short-term life insurance solution or want a life insurance policy that will build up cash value, this company will likely have a product to suit your needs.
New York Life Insurance Company began in 1845 as Nautilus Insurance Company. The company is headquartered in New York City. The company is known as an innovator and was one of the first life insurance companies to introduce non-forfeiture options (an option that allows the policy to stay in force if a payment is missed) as well as cash-dividend payments to its policyholders. New York Life was the first insurance company to issue life insurance policies to women. New York Life supports a number of charitable and humanitarian organizations including Boys & Girls Clubs of America, several college scholarships and also has its own corporate volunteer program, Volunteers for Good.
Ted Mathas is the current CEO of New York Life. The company employees over 12,000 and has assets of over $15 billion. New York life offers a wide range of financial and insurance products including annuities, mutual fund, long-term car insurance, asset-management, retirement plans and life insurance.
Financial Stability and Customer Services Ratings
You can trust in the financial stability of New York Life Insurance Company. The company has received the highest possible ratings from four financial rating institutions including Moody’s, Fitch, A.M. Best and Standard & Poor’s. It is also one of the top 100 in the Fortune 100 list. As one of the largest life insurers in the nation and the world, New York Life offers its customers peace of mind in knowing the company will be around to pay any claims and to service policies.
The company has a long list of awards and accolades behind its name. Here are just a few:
· Fortune Magazine’s List of World’s Most Admired Companies
· Fortune 500 Top 100 Companies
· Ward’s 50 Top Performing Insurance Companies
· Working Mother Best Companies for Multicultural Women
Customer Service Ratings
While New York Life Insurance Company has not been accredited by the Better Business Bureau, it has an “A+” rating. The company has a BBB composite score of 3.68 out of 5 stars with a total of 6 negative customer reviews. There are 103 complaints listed on the BBB site: advertising/sales issues (20); billing/collection issues (21); delivery issues (5); problems with product/service (57). Of the complaints listed, 26 were closed in the last 12 months and 28 complaints are verified to have been resolved to the customer’s satisfaction.
The Center for Insurance Policy and Research also reports that New York Life had a total of 73 complaints during a 365-day period. The largest numbers of complaints were in the areas of delays and denials of claims.
Both individuals and businesses can find a variety of life insurance products to fit their needs. Here are some of the features available with New York Life's life insurance products:
· Term Life Insurance: The term life insurance policy is available in a 5-, 10-, 15- or 20-year term. You have an option to renew at the end of the policy and in some cases may convert the policy to a permanent life insurance policy that accumulates cash value. Because the term life policy has no cash value, it is more affordable than the whole life or universal life insurance policy.
· Whole Life Insurance: The whole life insurance policy covers you for a lifetime. The policy accumulates a cash value that can borrow against and use to pay for a college education or help you with extra money you need during retirement.
· Universal Life Insurance: Universal life insurance policies are popular because they provide the benefits of a permanent life insurance policy while also allowing flexible premiums and payment schedules. You can increase or decrease you coverage level as needed.
· Variable Universal Life Insurance: This policy is a permanent life insurance policy that offers flexible payments and premiums and also allows you to place a portion of your cash value accumulation in the market as an investment.
· Corporate Life Insurance: New York Life has a variety of life insurance policies available to help employers offer their employees competitively priced life insurance products.
If addition to life insurance, New York Life has other services available to its customers including:
· Investment Services: Four different variable annuity plans to help you save for retirement.
· Retirement Plans: Lifetime income annuity plans and variable annuity plans.
Pros & Cons
· Highly-rated and financially secure
· Wide range of life insurance products
· User-friendly website with plenty of help options
· A few customer service issues in delay of claims payments
· Complaints of delays in processing policy changes
You can learn more about the life insurance products offered or receive a quote for a policy by visiting the New York Life Insurance website, finding an independent agent or office, or using the online help feature where you can chat with an insurance representative. To reach someone by telephone, you may call (800) 695-4748.