According to the National Association of Insurance Commissioners (NAIC), the company’s complaint index in 2022 was 0.27, showing that it received very few complaints from customers. New York Life received an A++ AM Best rating in 2022, indicating that it’s the best for financial stability. It is the largest mutual life insurance provider headquartered in New York City. Read the rest of our review to understand what New York Life offers before deciding on the policy type to purchase.Ī Fortune 100 company founded in 1845, New York Life Insurance Company offers life insurance, investments, long-term care protection and retirement income to its customers. We recommend purchasing life insurance from Bestow if you need a 100% online application process and no medical exam. Also, while the company offers some good coverage options and riders for senior buyers, it lacks an exclusive option for final expense coverage. New York Life may not be the best provider if you want to compare quotes and buy your policy online. ![]() The company is also ideal if you need customized term life insurance, intending to convert it to lifetime coverage later. You can benefit from the New York Life dividend payments if your target is to leverage investment opportunities on permanent life insurance. As such, buyers have a wide selection to consider from this provider. The company has three types of term life insurance whole life and universal life insurance policies, too. I’m so frustrated at the sheer ignorance, stupidity, and the word games for them defending the wrong dates that my doctor didn’t even write for when it was faxed back to the company.According to our research, New York Life Insurance Company is great if you need a term or life-long insurance policy and want to choose from several coverage options. I’m on FMLA leave without being eligible for short term disability at the moment because I am in a contingent position working full time hours. Now I’m in the position where I am needing to have my leave extended and I have to have my doctor fill out all their paperwork AGAIN with him needing to make sure he follows their word games to ensure I am able to keep my job until I am able to go back. With that date being given the company is counting the 8 weeks from the day after my last day worked, not 8 weeks of the injury or even 8 weeks from the start my doctor put as a starting date for the leave (5/10), which 7/5 does equate to 8 weeks and that’s what he put! They said the doctor contradicted himself because he said 8 weeks to be off, but wrote a specific date to return to work 9weeks after injury. ![]() They approved my leave from 5/6 until 6/30, because they said my doctor said I needed to be off for approx 8 weeks and completely disregarded the leave dates he gave. My doctor wrote I needed to be off for approx 8 wks with a date to be off from 5/10-7/5, which I was fine with because I wasn’t due back to work until 5/11. Spouse’s paid-up option: In case of your death, a spouse can use the value from your policy to receive New York Life insurance without a medical exam.Living benefits: Use a portion of your death benefit to cover treatment and care if you are diagnosed with mental illness.Accidental death benefit: If you die suddenly because of an accident, this option provides an extra death benefit to your beneficiaries.Guaranteed minimum accumulation benefit: For those accumulating a cash balance, this rider protects investments should the market fall.Waiver of specified premium: If you’re unable to pay premiums for whatever reason, this option temporarily covers payments. ![]() Monthly deduction waiver: This rider waives certain life insurance-related fees.Money-back option: This rider allows customers to receive a cancellation refund during certain periods. ![]()
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