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 that had 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.
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, including 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 benefit at death along with cash value build up that is allowed to grow on a tax deferred basis over time. They offer the best life insurance for seniors.
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 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 cash growth. 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 policies are considered to be more flexible than whole life while also being permanent. This is because with these particular policies, the policyholder is able to essentially decide if they want more of an investment or larger death benefit. They may also be able to adjust when monthly payments are made.
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 style of coverage that is also permanent. This coverage provides protection for the death benefit, and an underlying investment option 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 variable universal life policy, also the New York Life Legacy Creator Single Premium Variable policy. With the single premium policy, just one single premium payment will be immediately leveraged into the life coverage 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 insurance or investment – you need to reach out to a multi-appointed agent. Also known as, independent agents, we are helpful because of our work with multiple carriers and can better compare the differences between the policies, the benefits, and the premium prices of many 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. Our focus is to research, provide, and inform. We can do so for you fast and conveniently – and we can do so without you having to leave your house or meet face to face. 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.
Have questions about 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, and provides 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.