New York Life Life Insurance Review

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. The company has three types of term life insurance; whole life and universal life insurance policies, too. As such, buyers have a wide selection to consider from this provider.

You can benefit from the New York Life dividend payments if your target is to leverage investment opportunities on permanent life insurance. The company is also ideal if you need customized term life insurance, intending to convert it to lifetime coverage later.

New York Life may not be the best provider if you want to compare quotes and buy your policy online. Also, while the company offers some good coverage options and riders for senior buyers, it lacks an exclusive option for final expense coverage. We recommend purchasing life insurance from Bestow if you need a 100% online application process and no medical exam.

Read the rest of our review to understand what New York Life offers before deciding on the policy type to purchase.

Based on the Life Insurance Marketing and Research Association (LIMRA) 2022 Insurance Barometer Study, 31% of adults in the U.S. will get a life insurance policy, with the COVID-19 pandemic as a primary trigger. A comprehensive look at policies from New York Life Insurance Company will ensure you secure the best option for your needs.

Term life insurance spans a short duration and costs less than permanent life insurance. It comes with no cash value but has a guaranteed death benefit. Its premium may remain the same or increase at predefined levels.

Term life insurance from New York Life offers more than the death benefit by allowing you to convert your policy to permanent coverage, depending on how your needs change. Your policy can have various premium payment options, such as lower initial premiums that gradually increase or premium increases yearly after a set term. Term life insurance options from New York Life include:

You can get a term life policy from New York Life Insurance Company if you need a death benefit protection and no cash value. The policy is also suitable if you are on a budget or anticipate high protection needs for a short time. Term life insurance may also be good if you have other financial responsibilities that limit what you can afford to pay for life insurance. New York Life’s term policies are convertible, which is helpful if you need to change to permanent protection in the future.

Whole life insurance from New York Life provides guaranteed lifetime protection plus added benefits that help you plan for the future of your loved ones adequately. Premium amounts do not change over time, unlike the company’s term life insurance policies. The different types available include:

If you need a policy that offers cash value growth, a guaranteed death benefit and the capability to earn dividends, a whole life insurance policy may be the best choice for your needs. The cash value is a guarantee as long as you pay your premiums. Regardless of your health, the policy will still be in effect, and the premium amounts will not change.

You can choose universal life insurance if you are interested in flexible long-term protection without necessarily accumulating too much cash value. New York Life has the following policy types in this category:

Universal life insurance offers long-term protection and investment opportunities. Such policies are perfect if you need to customize your permanent protection and keep improving on its features as your needs change. You can use a universal life policy from New York Life to build your earnings through investments available in the market.

Final expense life insurance is mostly available for senior buyers and offers short-term and cheap coverage for last rites and the costs associated with it. New York Life does not have a final expense life insurance policy. However, the insurer allows you to combine long-term care insurance with your life insurance policy with Asset Flex.

Final expense insurance covers a burial and other end-of-life expenses so loved ones do not have the burden of managing the costs. If you have small coverage needs or health concerns, you may consider this coverage a worthy investment.

A life insurance rider helps you build on your policy by getting increased coverage or benefits. MoneyGeek details the different riders available with New York Life policies.

The following riders apply to the New York Life term policies.

New York Life riders for those with a whole life insurance policy include the following.

Universal life insurance can have the following riders.

In the following sections, MoneyGeek explains the essential steps to take while purchasing life insurance from New York Life and what to do if your application gets rejected.

If the outcome of your application is negative, you may consider taking the following steps.

MoneyGeek compiled a set of commonly asked questions and answers so you can understand what coverage options are available at the New York Life Insurance Company.