New York Life Insurance Company Review

by Jeff Rose on May 21, 2012 · 1 comment

Although consumers have many insurance companies that they can choose from when it comes to purchasing a life insurance policy, New York Life should certainly be near the top of the best life insurance companies. New York Life has been in the insurance industry for 170 years. This insurer began back in 1845 when it sold its very first policy with a coverage amount of $5,000.

Today, New York Life holds more than $425 billion in assets under management – and it has set many financial records throughout the past several years – even given the state of the volatile stock market and unsettled economy.

New York Life has extremely strong ratings from the insurer ratings agencies. For instance, New York Life has received an A++ from A.M. Best, an AA+ from Standard & Poor’s, a AAA from Fitch Ratings, and an Aaa from Moody’s. What this shows is that New York Life Insurance Company is very strong and stable when it comes to both meeting its current and its future financial obligations such as paying out its policy holder’s claims.

Make sure to obtain quotes from several companies, such as Americo Insurance, Banner Insurance or Fidelity Life Association Insurance Company, before making your final life insurance purchase decision.

Types of Policies Offered by New York Life

The company offers a wide array of different insurance products – including all of the primary types of life insurance coverage. This is inclusive of term, whole, universal, and variable universal life insurance. Also, a nice variety of riders are also provided so that policyholders can essentially “customize” their coverage to better fit their unique and individual needs.

Term Life Insurance

In the line of term life insurance, New York Life offers a level premium convertible option with 10 to 20-year level premiums. The company also offers a yearly convertible term policy, as well as a one-year non-renewable policy. These plans are designed to fit those who have more “temporary” life insurance coverage needs.

Whole Life Insurance

Whole life insurance that is offered through New York Life allows policyholders to have death benefit protection along with cash value build up that is allowed to grow on a tax deferred basis over time.

New York Life offers a Chronic Care rider on its whole life insurance policies. This rider allows additional protection in two ways. First, it helps the policyholder to manage the cost of chronic illness by offering tax-free acceleration of a part of the death benefit funds should the insured attain a covered chronic illness. Yet, if the insured does not ever need this benefit, they will still maintain the protection of the death benefit on the policy, along with the funds that are in the cash value component of the plan. Here, he or she can supplement their retirement income, pay off debts, or use the funds for any other need that they see fit.

For those whole life insurance policyholders who have eligible policies, there is also the option of using dividends to help in paying some or all of the premium. This can reduce the need for paying the premium with out-of-pocket funds. In this case, the policyholder can elect to use the Premium Offset Plan or POP.

Another whole life option, Custom Survivorship Whole Life, can also provide an advantage. These second-to-die life insurance policies will pay out the proceeds following the second of two insureds to pass away. This option not only allows two individuals to be insured on the same whole life insurance policy, but it also typically has a lower amount of overall premium cost than will purchasing two separate life insurance policies of corresponding value.

These particular plans can also be used in a business situation with two employees or business partners. Oftentimes, when a company would not be able to withstand the loss of two key executives, the second-to-die life insurance option can be a good plan for ensuring that there are funds available to the business for keeping the company afloat while a replacement is being sought, or the company is in the process of finding a potential purchaser.

Worksite Life Insurance

New York Life Insurance Company offers worksite life insurance products whereby employees pay premiums for coverage via a voluntary payroll deduction. This means that the premiums are paid directly through their paychecks. This can provide a great way for individuals to purchase life insurance protection – often at a discounted group price.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance coverage that is considered to be more flexible than whole life. This is because with these particular policies, the policyholder is able to essentially choose how much of his or her premium payment will go towards the death benefit portion of the policy and how much will go into the cash value component. They may also be able to adjust the timing of the premium payment as well.

New York Life Insurance Company offers several options for purchasing universal life policies, including the New York Life Universal Life (NYL UL), the New York Life Survivorship Life (NYL SUL), and the New York Life Custom Universal Life Guarantee (NYL UL-CG). The company also offers a customizable survivorship plan, the New York Life Custom Survivorship Universal Life Guarantee (NYL SUL-CG).

Variable Universal Life

Variable universal life insurance is a type of coverage that is also permanent. This coverage provides death benefit protection, as well as an underlying investment component that can fluctuate in conjunction with the movement of the market. Because of this, investors need to be aware of the underlying investment risks and objectives, as there is the chance that they could either gain or lose funds that are within their investment component.

New York Life Insurance Company offers the New York Life VUL Accumulation Series variable universal life policy, as well as the New York Life Legacy Creator Single Premium Variable Universal Life. With the single premium policy, just one single premium payment will be immediately leveraged into the life insurance benefit. The applicant is often approved quickly by answering just a simple questionnaire, and there is no medical exam required for the underwriting process.

Finding the Best Premium Quotes for Life Insurance Coverage

When seeking premium quotes on New York Life Insurance products – or for any life insurance coverage – it is typically best to work with an agency or a company that has access to more than just one single life insurance carrier. This is because in doing so, you will be much better able to compare the differences between the policies, the benefits, and the premium prices of multiple insurers – and to then make a determination about which one is the best for you, your coverage needs, and your budget.

If you are in need of life insurance coverage and you would like to begin comparing insurers’ policies, then we can certainly help. We work with many of the top life insurance companies in the marketplace today, and we can assist you with obtaining all of the important details that you will need for making a more informed purchasing decision.

We can do so for you very quickly, easily, and conveniently – and we can do so without you having to meet in person with an insurance agent. This information can be obtained for you via the computer from your home or office. When you are ready to begin the information process, fill out and submit the form on this page.

Should you realize that you have any questions regarding New York Life Insurance Company – or questions regarding any of the possible life insurance companies that offer the protection that you may need – please feel free to contact us. We can be reached directly, toll-free, by calling 888-836-7071.

Our experts can assist you with additional information regarding life insurance companies, as well as provide you with more details about the proper amount of life insurance coverage, the type of policy that may be best, and which of the many life insurers in the marketplace may be best for you. So, contact us today – we’re here to help.

{ 1 comment… read it below or add one }

Sherry September 2, 2012 at 6:33 pm

Hi Jeff,
I like your website very much. I just wanted to commend you for pointing out how important the financial strength ratings can be in choosing a life insurance company. I have been a CPA for 20 years and joined New York Life about 3 years ago because I needed more job flexibility due to family responsibilities. I’m also a registered rep now and will be sitting for the CFP exam in November. The continual training from NYL is extensive. There is a constant focus on compliance and communications to agents that products are to be recommended only if they add value to the clients. I just went through a situation whereby I met with a prospect who wanted permanent life insurance and they were in their 60’s. UL made the most sense, but I questioned the real need and it was legacy given his kids were grown and self-sufficient. He wanted to leave $100k after he passed to his family. He was a low income earner (about $25k/year) and about to retire looking at even less income to cover his basic expenses . I told him my concerns about taking on what would be a relatively large premium given his age and asked him to think about a smaller final expenses policy before proceeding. When I called him back, 2 agents with a much lower rated company sold him something with a $200/month premium. I now wonder if I ultimately hurt him because the soundness and performance of his purchase would likely have been much better through New York Life. I definitely hurt myself by trying to do the right thing by them. As you know, this is a tough business, and I am the sole support for my family with a severly disabled husband and 2 kids. But I sincerely want to give people sound advice even if it means no commission result for my time. In the future, I will be sure to ask that the prospect not do anything without us talking further so I’m learning…
All the best to you,
Sherry

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