In uncertain times, nothing is more reassuring than the foundation built by an insurance company like New York Life has done. It has thrived when others have fallen, and continues to remain one of our top 10 life insurance companies in America.
Our New York Life Insurance Company Review
New York Life Insurance Company is the largest mutual life insurance company in the United States and boasts $381B in assets which are under its management. It maintains in excess of $19B in surplus cash, giving way to the highest financial ratings a financial institution can currently be awarded, and only a select few of the best life insurance companies can say the same.
Top Tier Ratings
It holds the top ratings from all four major rating agencies, including A.M. Best, Fitch, Moody’s, and Standard & Poor’s. The ratings are based on strength, solvency, and a forward outlook to the near and distant future to reflect the likelihood of safety and security in longevity.
Getting its start 169 years ago, it can also say it’s one of the longest standing companies in the industry. As a mutual company, it is solely owned by its policy holders, and not by shareholders, and one of the few companies to remain structured like this today. It pays a dividend to its policy holders into the cash value of the whole life insurance policies it offers.
The first 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 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 many additional accolades to its reputation, including having been ranked as one of the World’s Most Admired Companies in the life and health insurance sector. It also prides itself strongly on its 8,500+ employees, of which many are women and minorities. New York Life does business in all 50 states, as well internationally.
In addition to its whole life insurance policies, the company offers many other life insurance products, 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 gotten a foothold in this category.
In fact, just this year, New York Life surpassed $1B in income annuity payouts. This is just one of many milestones New York Life Insurance Company has set precedent for, not only in its own history, but in its industry.
New York Life hosts its own mutual fund family named Mainstay Investments, offering Investor class shares as well as A, B, C and I shares. It also participates in offering small businesses and corporate businesses across the nation access to retirement accounts, such as a 401(k) or 403(b).
New York Life Insurance Company is also well known for being the underwriter for the nationally recognized AARP, a seniors benefit organization aimed at aiding those over 60 in many different aspects, namely financially. AARP is one of the more trusted and go-to organizations for seniors and the elderly across the nation.
|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