life insurance New York

life insurance New York 356

life insurance New York. People with families, company owners, and those with large financial portfolios may benefit from life insurance. People who are looking for insurance policies can turn to New York Life.

About New York Life

New York Life was established more than 175 years ago. It is now a mutual company, has paid dividends to policyholders for 166 years in a row, and is headquartered in New York City.

New York Life Life Insurance Review

Ranked #3 in Best Life Insurance Companies of 2022 (tie)
Ranked #3 in Best Term Life Insurance Companies of 2022 (tie)
Ranked #1 in Best Whole Life Insurance Companies of 2022 (tie)
Ranked #1 in Best Universal Life Insurance Companies of 2022 (tie)
Ranked #5 in Best Life Insurance Companies for Seniors of 2022 (tie)

Pros

  • Offers term, whole, and universal policies
  • Several riders are available to customize policies
  • Some policies build cash value and pay dividends

Cons Get your free Quote

  • Policies are expensive
  • Coverage and requirements aren’t fully explained online
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New York Life offers both term policies that expire after a set period of time and permanent policies that provide long-term coverage and accumulate cash value over time. Some permanent life insurance policies pay dividends. The cash value can be used to fund expenses such as higher education or retirement.

Unfortunately, the New York Life website lacks many important details about coverage and qualification requirements. For example, its whole life insurance page does not specify the maximum amount of coverage or the age cutoffs. Coverage can exceed $1 million depending on the policy type.

Riders, also known as add-ons, are available for New York Life’s life insurance policies. According to our data, New York Life has the most expensive coverage among our top-ranking insurance companies.

life insurance New York

In conclusion:

New York Life provides a diverse range of life insurance policy options and ways to customize coverage, but at a high cost. Those interested should contact an agent for more information on potential coverage as well as rates based on their specific circumstances.

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How Much Does life insurance New York Cost?

When compared to other top life insurance companies in our rating, New York Life’s policies are priced on the high end. A 35-year-old woman in Virginia, for example, would pay $142.67 per month for a 20-year term policy with $1 million in coverage through New York Life. In comparison, the cost through Mass Mutual would be $81.33 or $54.79 through State Farm. These costs are based on the standard plus risk class, which represents average health.

The cost of life insurance is determined by a number of factors. In general, insurers take into account your age, gender, and medical history, as well as the coverage level and any riders you want. Younger people, nonsmokers, and those who do not have serious health problems tend to pay less than others. Women also pay less for life insurance through New York Life.

Keep in mind that because there are so many variables to consider when pricing life insurance, your rates will most likely differ from those listed here.

AgeAmountPolicyFemaleMale
35$1,000,00020-Year Term$142.67$191.67
45$1,000,00020-Year Term$331.67$459.42
55$1,000,00020-Year Term$749.00$1,072.75
65$1,000,00020-Year Term$1,696.67$2,355.50

Sample monthly rates for a nonsmoker who falls in a Standard Plus risk class (Average Health) and is buying a 20-year term policy with $1 million coverage.

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Such a rates listed are only for illustration purposes. For applicable quotes, you should contact New York Life or the insurance agent directly.

There are currently no multiplicity or bundling discounts available. Visit Cheapest Life Insurance Companies of 2022 for more information on low-cost life insurance policies.

What Kinds of Life Insurance Policies Are Available From New York Life?

New York Life has eight main life insurance plans across three types: term, whole life, and universal life.

Available Policy Types

CompanyTerm LifeWhole LifeUniversal LifeSurvivorshipNo Medical Exam
New York Life »
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Term Life Insurance Options From New York Life

For term policies, New York Life’s plans are Yearly Convertible, Level Premium Convertible, and Million Plus Level Term 10.

These term life insurance options are:

  • Available in one year increments for the Yearly Convertible policy
  • Available in custom increments from 10 to 20 years for the Level Premium Convertible Term 10-20 policy
  • Available with $1 million or more of coverage for 10 years for the Million Plus Level Term 10 policy
  • Guaranteed to have level monthly premiums for the Level Premium Convertible policy and annually increasing premiums for the Yearly Convertible policy
  • Available through New York Life agents

In addition:

  • Term life insurance policies can be converted to permanent policies for a fee.
  • Death benefits can be paid in a tax-free lump sum.
  • The following policy riders are offered: disability waiver of premium, spouse’s paid-up, living benefits option, and policy purchase option.

Visit What Is Term Life Insurance? for more information.

Whole Life Insurance Options From New York Life

For whole life policies, New York Life’s options are Whole Life and Custom Whole Life. These whole life insurance policies are:

  • Guaranteed to have level monthly premiums for the Whole Life policy and flexible premiums for the Custom Whole Life policy
  • Available through New York Life agents
  • Offered with lifetime coverage periods

In addition:

  • The Custom Whole Life policy offers flexibility in premium amounts, premium frequency, and coverage, with the option to pay premiums for a minimum of five years.
  • Policies provide a tax-deferred cash value that can be accessed during the policyholder’s lifetime.
  • A Whole Life policy has a lifetime premium payment period, and the Custom Whole Life policy has a custom premium payment period.
  • Death benefits can be paid in a lump sum.
  • The following riders are offered: disability waiver of premium, option to purchase paid-up additions, living benefits option, accidental death benefit option, and chronic care option.
  • Online tools include a coverage calculator and customer service.
  • Financial benefits include a tax-free death benefit, tax-deferred cash value that can be accessed during the insured’s lifetime, and eligibility for dividends.

Visit our guide What Is Whole Life Insurance? for more information.

Universal Life Insurance Options From New York Life

For universal life policies, New York Life’s options are:

  • Universal Life Basic
  • Custom Universal Life Guarantee
  • Protection Up to Age 90
  • Variable Universal Life Insurance

New York Life’s universal life insurance policies are:

  • Offered with lifetime coverage periods
  • Guaranteed to have level monthly premiums for the Universal Life: Custom Guarantee and Variable Universal Life Insurance policies
  • Available through New York Life agents

In addition:

  • The Universal Life Basic policy has customizable premiums.
  • These universal life insurance policies provide a tax-free death benefit.
  • Death benefits can be paid in a lump sum, or beneficiaries can use the benefit to purchase an annuity for payments in installments.
  • The Universal Life: Universal Life (Basic) and Custom Guarantee policies offer riders for a money back option and chronic care option. The Variable Universal Life Insurance policy offers riders for a monthly deduction waiver option, waiver of specified premium option, and guaranteed minimum accumulation benefit.
  • Online tools include a coverage calculator, customer service, and document processing.

Visit our guide What Is Universal Life Insurance? for more information.

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