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. Because of their strong history of financial stability and solid insurance offerings, New York Life continues to remain one of our top 10 life insurance companies in the United States.
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.
Our New York Life Insurance Company review showcases one of the most elite, long-standing life insurance carriers in the nation.
That being said, if you’re looking for a reputable insurance provider that’s stood the test of time, New York Life is an excellent option for you.
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 $381 billion in assets which are under its management.
The company maintains in excess of $19 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.
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.
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.
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 diverse 8,500+ employees, of which many are women and minorities.
The company conducts business in all 50 states, as well as across the globe.
Insurance Product Line
In addition to its whole life insurance policies, the company offers many other life insurance products, such as mutual funds, income annuities, variable annuities, long-term care insurance, and other financial products under its Investment Management (NYLIM) division.
NYL 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, just this year New York Life 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.
New York Life 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 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. AARP is one of the more trusted, go-to organizations for seniors and the elderly across the nation.
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.
The Bottom Line
If you value strength, stability, and security in an insurance provider, look no further than New York Life Insurance Company.
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.
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