In uncertain times, nothing is more reassuring than the strong foundation built by a pioneering insurance provider, such as New York Life Insurance Company.
Over the years the company has grown and thrived over and over again when others have fallen.
Our New York Life Insurance Company review showcases one of the most elite, long-standing life insurance carriers in the nation.
If you’re looking for a reputable insurance provider that values humanity, integrity, and financial strength, New York Life is an excellent option for you.
That said, they aren’t for everyone.
Like all of our other company reviews, our New York Life Insurance Review is based on our own opinions.
Our New York Life Insurance Company Review
In operation for nearly 175 years, New York Life Insurance Company is the largest mutual life insurance company in the United States.
New York Life boasts over $300 billion in assets which are under its management.
The company maintains over $24 billion in surplus cash, giving way to the highest financial ratings a financial institution can currently be awarded. Only a select few of the best life insurance companies can say the same.
New York Life’s first insurance policy was issued to Lewis Benton, who, at the time, was the company’s elected secretary.
The policy benefit was just $5,000.
In its infancy, many of its first insurance policies were actually issued on the lives of slaves for the benefit of the slave owners. Today, it is a top insurer for families, small businesses, and large companies alike.
Since those times, New York Life has been the issuing company for many other well-known figures in American history, such as Susan B. Anthony, many United States Presidents, and even Walt Disney.
Dedicated to the good of our communities, workforce, and policy owners, corporate social responsibility is of top priority for New York Life.
In 2018 alone, The New York Life Foundation contributed over $25 million to deserving national and local nonprofit organizations, while employees donated over 136,000 hours of volunteer work.
The company’s philanthropic efforts focus primarily on community and family bereavement support, middle school enrichment programs, and workforce engagement grants, among other important causes.
Disaster relief grants and family scholarships are also an important extension of The New York Life Foundation’s mission, providing peace of mind to thousands of families each year.
Top Tier Financial Ratings
These financial ratings are based on strength, solvency, and a forward outlook to the near and distant future, reflecting the likelihood of safety and security in longevity.
Established in 1845, New York Life is without a doubt one of the longest standing companies in the insurance industry.
As primarily a mutual company, New York Life is solely owned by its policyholders, not shareholders or Wall Street. New York Life is one of the few companies to remain structured like this today.
The company pays a dividend to its policyholders into the cash value of the whole life insurance policies it offers.
Because of their strong history of financial stability and solid insurance offerings, New York Life (NYL) continues to remain one of our top 10 life insurance companies in the United States.
Accolades and Awards
Currently a Fortune 500 company, the company has earned many additional accolades regarding its reputation, including having been ranked as one of the World’s Most Admired Companies in the life and health insurance sector.
New York Life also prides itself on its commitment to diversity and inclusion. Of 8,500+ employees nationwide, many are women and minorities.
In 2019, New York Life Insurance Company was designated Forbes 2019 America’s Best Employers for Diversity.
The company was also named one of the 2018 Top 70 Companies for Executive Women by The National Association for Female Executives (NAFE).
New York Life conducts business in all 50 states, as well as across the globe.
While the insurer’s core product remains whole life insurance (and its many variants), New York Life also offers clients other valuable insurance products, from basic term life coverage and complex variable life contracts to wealth management solutions and retirement planning strategies.
In addition to its whole life and universal insurance policies, the company offers a variety of financial and life insurance products, such as:
- mutual funds
- 529 plans
- income annuities
- variable annuities
- estate planning solutions
- long-term care coverage
among other competitive offerings.
New York Life has entered the game among several no-exam carriers, but hasn’t yet secured a foothold in this specific category. When compared to the giants of the no-exam industry, Haven Life Insurance is still no doubt the undisputed champion.
In fact, the insurance provider has surpassed $1 billion in income annuity payouts alone.
This is just one of many milestones New York Life Insurance Company has set precedent for, not only in its own history, but also in its unique industry.
The company hosts its own mutual fund family named Mainstay Investments, offering Investor class shares along with A, B, C, and I shares.
The company also participates in offering small businesses and corporate businesses across the nation access to retirement accounts, such as a 401(k) or a 403(b).
New York Life Insurance Company is well-known for being the standard underwriter for the nationally recognized AARP, a seniors benefit organization aimed at aiding those over 60 years of age in many different aspects, namely financially.
On New York Life’s website, clients can utilize either an Insurance Needs Calculator or Retirement Savings Calculator to help evaluate insurance needs at different stages of life.
Their Life Insurance 101 resource, also available online, is an excellent tool for first-time policy owners or those seriously wanting to determine the best life insurance strategy with New York Life.
However, no matter what coverage plan you choose or financial product you invest in, New York Life agents will evaluate relevant factors, such as your needs, budget, and specific lifestyle, to put together an ideal package for you and your loved ones.
The Bottom Line
If you value strength, stability, and security in an insurance provider, look no further than New York Life Insurance Company for many of your complex needs.
From a variety of quality financial products offered, even outside of standard life insurance, to an impressive track record, New York Life understands the ins and outs of the insurance industry so you don’t have to.
If you’re looking for cheap term life, there are other carriers who are cheaper, however, and may serve your budget better over the long haul.
No matter what insurance carrier you’re considering, it’s always ideal to conduct market research and compare rates to ensure you’re getting the best protection at the best price.
Taking care of your loved ones is priceless. Work with New York Life today to make sure your short and long-term financial goals are met for generations to come.
According to New York Life, we’re in it together, from getting married to planning for retirement.
Whenever you choose New York Life, you move forward with confidence.
|Company Name (and Subsidiaries)||New York Life Insurance Company (NYLIC)|
New York Life Insurance and Annuity Corporation (NYLIAC)
NYLIFE Insurance Company of Arizona (NYLAZ)
New York Life Investment Management (NYLIM)
|Company Ratings||A.M. Best (A++)|
Moody’s Investors Services (Aaa)
Standard & Poor’s (AA+)
|Headquarters (Address, Phone, Web)||51 Madison Ave.|
New York, NY 10100
Phone: (212) 576-7000
|Policy Types Available||Term Life|
Variable Universal Life