index.html - {keywords1}- A trusted partner in protecting clients' financial futures since 1845, New York Life can help guide the financial decisions to achieve their retirement goals.


Insurance Car Insurance

Buyers Guides

Best Car Insurance Companies How Much Car Insurance Do I Need? Compare Car Insurance Rates & Quotes The Cheapest Car Insurance Companies Best Car Insurance for Young Adults Average Cost of Car Insurance What Is Full Coverage? How Do Insurance Tracking Devices Work?

Top Auto Insurance Companies

Geico State Farm USAA Progressive Allstate AAA Geico vs. State Farm Home Insurance

Buyers Guides

Best Homeowners Insurance Companies Best Home & Auto Bundles How To Buy Homeowners Insurance How To Bundle Home & Auto Insurance What Does Homeowners Insurance Cover? Local Homeowners Insurance Companies

Top Home Insurance Companies

Amica State Farm Allstate USAA Nationwide Life Insurance

Buyers Guides

Best Life Insurance Companies Cheapest Life Insurance Companies How Does Life Insurance Work? Compare Life Insurance Quotes Term vs. Whole Life Insurance How To Buy Life Insurance Best No-Exam Life Insurance Companies Best Life Insurance Companies for Seniors Best Term Life Insurance Companies

Top Life Insurance Companies

Haven Life Banner Life Protective Mutual of Omaha Primerica Renters Insurance

Buyers Guides

Best Renters Insurance Companies How To Buy Renters Insurance Cheapest Renters Insurance Companies How Does Renters Insurance Work?

Top Renters Insurance Companies

Lemonade Liberty Mutual Farmers Pet Insurance

Buyers Guides

Best Pet Insurance Companies Cheapest Pet Insurance Companies How Much is Pet Insurance?

Top Pet Insurance Companies

Healthy Paws Trupanion Pets Best Nationwide Small Business Insurance

Buyers Guides

Best Small Business Insurance Companies Best Workers’ Compensation Insurance Companies

Top Small Business Insurance Companies

Hiscox The Hartford State Farm Insurance Glossary US Sign In

When you use our links to buy products, we may earn a fee but that in no way affects our editorial independence.

Disclaimer

New York Life Life Insurance Insurance Home New York Life Life Insurance Insurance Home

New York Life Insurance Review

By Saundra Latham | Reviewed by David C. Marlett , Ph.D., CPCU | Updated: March 28, 2024 | Save By Saundra Latham | Reviewed by David C. Marlett , Ph.D., CPCU | Updated: March 28, 2024 | Save Compare Quotes 3.6 U.S. News Rating

Offers 9 term and permanent life insurance options to customers

Policies can be customized with riders

No online quotes or applications

Conversion fee to switch from term to permanent

Why Trust U.S. News

Our ratings are unbiased. We follow strict editorial guidelines, maintain a separate business team, and have a transparent methodology.

101

Policies Evaluated

28

Companies Analyzed

10

Best Companies Selected

See our full methodology See our full methodology

New York Life

3.6 U.S. News Rating Compare Quotes

Table of Contents

About New York Life New York Life Review New York Life Cost Life Insurance Policies Available From New York Life Term Life Insurance Options Whole Life Insurance Options Universal Life Insurance Options How To Buy Life Insurance from New York Life New York Life vs. the Competition FAQ

Table of Contents

About New York Life New York Life Review New York Life Cost

More

New York Life is among the country’s oldest life insurance providers, offering customers an array of term, whole, universal, and variable universal life policies.

Key Takeaways

New York Life offers a wide range of life insurance options, plus long-term care and disability insurance, as well as investment and retirement financial products. Because New York Life specializes in life insurance, it could be a good option for customers with complex needs or who want an agent with a more in-depth knowledge of life insurance.

About New York Life

Established in 1845, New York Life provides insurance, investment, retirement, and wealth management services. It is a mutual insurance company and will pay $2.2 billion in dividends to policyholders in 2024.

New York Life Life Insurance Review

New York Life Insurance Details

3.6 U.S. News Rating #9 in  Best Life Insurance Companies  (tie) #5 in  Best Senior Life Insurance Companies  (tie) #7 in  Best Whole Life Insurance Companies  (tie) #9 in  Best Universal Life Insurance Companies  (tie) #9 in  Best Term Life Insurance Companies  (tie) Compare Quotes AM Best Rating: A++ Number of Policies: 9 No Medical Exam: Pros

Offers 9 term and permanent life insurance options to customers

Policies can be customized with riders

Cons

No online quotes or applications

Conversion fee to switch from term to permanent

New York Life Insurance Details

3.6 U.S. News Rating #9 in  Best Life Insurance Companies  (tie) #5 in  Best Senior Life Insurance Companies  (tie) #7 in  Best Whole Life Insurance Companies  (tie) #9 in  Best Universal Life Insurance Companies  (tie) #9 in  Best Term Life Insurance Companies  (tie) Compare Quotes AM Best Rating: A++ Number of Policies: 9 No Medical Exam: Pros

Offers 9 term and permanent life insurance options to customers

Policies can be customized with riders

Cons

No online quotes or applications

Conversion fee to switch from term to permanent

New York Life offers customizable policies throughout the U.S. Most include a tax-free death benefit paid to your beneficiaries when you pass. To purchase a New York Life policy, you’ll need to talk to an agent. There is no option on the company’s website to request a quote or to apply for insurance.

Policies: The company’s offerings include term life insurance, which expires after a set number of years, and permanent life insurance, which stays with you for your lifetime or as long as you continue to pay your premiums . It has two types of permanent policy: whole life and universal life. Universal life policies offer flexibility while whole life gives you a stable premium and death benefit. There is a fee if you wish to convert your term policy to permanent.

Coverage Limits: Coverage limits vary with the type of policy. The Protection Up to Age 90 policy, for example, starts at $1 million. But, for most policies, you will need to talk to an agent to know what coverage options are available.

Coverage Restrictions: Policies are available in all 50 states and there are no age limits listed, so that might be something to discuss with your agent.

Bottom Line:

New York Life Insurance features term and permanent life insurance for individuals across the U.S. Policies can be customized and offer a tax-free death benefit. The website has limited information, and you’ll need to talk to an agent to receive a quote or purchase a policy.

Popular Life Insurance Companies

Bestow

AM Best Rating: A+ Female Monthly Cost: N/A Male Monthly Cost: N/A More Details Compare Quotes

Mutual of Omaha

3.7 U.S. News Rating AM Best Rating: A+ Female Monthly Cost: $61.28 Male Monthly Cost: $74.18 More Details Compare Quotes

Amica

AM Best Rating: A+ Female Monthly Cost: N/A Male Monthly Cost: N/A More Details Compare Quotes

Bestow

AM Best Rating: A+ Female Monthly Cost: N/A Male Monthly Cost: N/A More Details Compare Quotes

Mutual of Omaha

3.7 U.S. News Rating AM Best Rating: A+ Female Monthly Cost: $61.28 Male Monthly Cost: $74.18 More Details Compare Quotes

Amica

AM Best Rating: A+ Female Monthly Cost: N/A Male Monthly Cost: N/A More Details Compare Quotes

How Much Does Life Insurance From New York Life Cost?

How much you’ll pay for life insurance depends on several factors. Generally, insurers consider your age, gender, and health history, as well as the coverage level and any riders you want. Younger individuals, non-smokers, and those without serious health conditions tend to pay less than others. Women also generally pay less for life insurance with New York Life.

You should contact New York Life or the insurance agent directly for applicable quotes.

Multipolicy or bundling discounts are not currently available. For information on inexpensive life insurance policies visit Cheapest Life Insurance Companies .

Find the best life insurance for you

Get free quotes and compare life insurance policies without your contact information.

Compare Quotes Compare Quotes Powered by

What Kinds of Life Insurance Policies Are Available From New York Life?

New York Life has nine life insurance plans across three types: term, whole life, and universal life.

Available Policy Types

Company New York Life » Term Life Whole Life Universal Life No Medical Exam Survivorship Company Pacific Life » Term Life Whole Life Universal Life No Medical Exam Survivorship Company Northwestern Mutual » Term Life Whole Life Universal Life No Medical Exam Survivorship Company Guardian Life » Term Life Whole Life Universal Life No Medical Exam Survivorship Company Protective » Term Life Whole Life Universal Life No Medical Exam Survivorship

Company

Term Life

Whole Life

Universal Life

No Medical Exam

Survivorship

New York Life » Pacific Life » Northwestern Mutual » Guardian Life » Protective » New York Life » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Pacific Life » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Northwestern Mutual » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Guardian Life » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Protective » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Lincoln Financial » Company Term Life Whole Life Universal Life No Medical Exam Survivorship MassMutual » Company Term Life Whole Life Universal Life No Medical Exam Survivorship State Farm » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Mutual of Omaha » Company Term Life Whole Life Universal Life No Medical Exam Survivorship Nationwide » Company Term Life Whole Life Universal Life No Medical Exam Survivorship

Company

Term Life

Whole Life

Universal Life

No Medical Exam

Survivorship

New York Life » Pacific Life » Northwestern Mutual » Guardian Life » Protective » Lincoln Financial » MassMutual » State Farm » Mutual of Omaha » Nationwide » Expand List

Term Life Insurance Options From New York Life

New York Life has two term policy options. The Yearly Convertible policy can be renewed annually, but premiums will increase each year. The Level Premium Convertible Term 10-20 policy provides level premiums for 10 to 20 years.

Both options feature a tax-free death benefit, and can be converted to permanent coverage, although there is a fee to do this. Optional riders include a Disability Waiver of Premium if you become disabled, a living benefits rider that allows you to use part of your death benefit if you are terminally ill, and a spouse’s paid-up insurance purchase option, which lets your spouse use the proceeds from your policy to receive paid-up insurance without a medical exam.

Like all term insurance, New York Life’s offerings don’t accrue a cash value that can be borrowed from during your lifetime. If you wish to have coverage that does include a cash value, you’ll want to look at New York Life’s permanent insurance options.

What Is Term Life Insurance?

For more information, read our term life insurance guide.

Whole Life Insurance Options From New York Life

Whole life insurance stays with you as long as you pay the premiums. In addition, it accumulates a cash value over time that can be borrowed against during the policyholder’s lifetime. You may also earn an annual dividend from your policy.

New York Life has three whole life options: Whole Life, Custom Whole Life, and Secure Wealth Plus. Regular whole life features a level premium and a cash value that accumulates over time. Custom whole life allows you to pay premiums for a specific number of years – even as few as five. The fewer the years, however, the higher the premiums.

There are several rider options for whole life policies. These include:

Disability Waiver of Premium which waives your premiums should you become disabled. Option to Purchase Paid-Up Additions , which allows you to increase your death benefit, although this may increase your premiums Chronic Care option which provides tax-free access to a portion of your death benefit if you are chronically ill. Living Benefits option which allows you to use part of your death benefit to pay for treatment or care if you are terminally ill. Accidental Death Benefit which provides an additional payout if the policyholder’s death was caused by an accident. This rider terminates at age 70 and involves a monthly charge.

What Is Whole Life Insurance?

For more information, visit our What Is Whole Life Insurance? guide.

Universal Life Insurance Options From New York Life

Universal life policies feature flexibility: you can adjust your premium rate and coverage as your financial circumstances dictate. As with whole life, universal life policies allow you to accrue a cash value and possible dividend that can be used to pay premiums or be borrowed against.

New York Life offers four options for universal life. The first is Universal Life (Basic), which allows policyholders to customize the insurance amount, length of coverage, and premiums. With the Custom Guarantee policy, you pay a set premium and have a guaranteed death benefit, but may not accrue as much cash value. In addition to the two listed above, there are two variable universal life policies: Variable Universal Life Accumulator II and Market Wealth Plus.

You have two choices with your universal life death benefit: you may choose a level death benefit that equals the face amount of your policy or a fluctuating death benefit that is the face amount plus the policy’s cash value.

There is also a rider available at an extra cost if you wish to have a fluctuating death benefit that equals the face amount plus the adjusted total premiums you paid. A Money Back Option rider returns money to you if you no longer need protection after you’ve reached a minimum premium amount.

What Is Universal Life Insurance?

For more information, read our universal life insurance guide.

How Do I Buy Life Insurance From New York Life?

To purchase a life insurance policy from New York Life, contact one of their agents to discuss your life insurance options and priorities. New York Life financial specialists are available to determine each individual’s goals and needs based on factors such as age, income, expenses, and assets. New York Life’s life insurance policies currently aren't available to purchase online.

To find a New York Life agent, you can search for agents near you or locate an agent you want to work with by name on the company's website. You also can fill out a form to have a New York Life agent contact you within 48 hours.

Find the best life insurance for you

Get free quotes and compare life insurance policies without your contact information.

Compare Quotes Compare Quotes Powered by

New York Life vs. the Competition

New York Life vs. Nationwide

Generally, you can obtain the same types of life insurance coverage from New York Life and Nationwide. Both companies offer term, whole, universal, and variable universal life insurance policies, though Nationwide offers more plans within those coverage types. Another important similarity: Both are mutual companies, meaning whole life policyholders are eligible to receive dividends.

Customers who are simply shopping around or prefer the convenience of online quotes may prefer Nationwide, which allows you to apply for and purchase term life coverage online. New York Life requires you to speak with one of its agents for all types of coverage.

New York Life Nationwide Rating 3.6 3.6 AM Best Rating A++ A+ Number of Policies 9 13 Policy Types Term, Whole, Universal Term, Whole, Universal

If you’re shopping for a level term life policy, note that Nationwide offers policies as long as 30 years, while New York Life’s policies max out at 20 years. Unlike New York Life, Nationwide also offers term life coverage for those who don’t want to take a medical exam. While these policies are typically more expensive, they can be a good option if you have a medical condition that may preclude other types of coverage.

For more information on Nationwide read our full review.

New York Life vs. State Farm

You can buy term, whole, and universal life insurance policies from both companies. As both firms are mutual companies, whole life policyholders may receive dividends. New York Life offers coverage in all 50 states, but State Farm does not write new policies in Massachusetts and Rhode Island.

New York Life doesn’t offer online quotes and applications for life insurance. However, State Farm does allow online quotes for term life policies. It also has an extensive network of 19,000 agents, meaning there is most likely one in your neighborhood. New York Life has roughly 12,000 agents.

New York Life State Farm Rating 3.6 3.7 AM Best Rating A++ A++ Number of Policies 9 10 Policy Types Term, Whole, Universal Term, Whole, Universal

If you’re looking for coverage without taking a medical exam, State Farm offers a no-exam Instant Answer Term policy. It also offers no-exam Guaranteed Issue Final Expense policies in most states, which can help with burial costs. New York Life does not offer no-exam term policies, but its Secure Wealth Plus plan provides whole life insurance without an exam.

Unlike New York Life, State Farm offers other types of insurance including home and auto, so customers may be able to bundle different policies for a discount.

For more information on State Farm read our full review.

New York Life FAQ

Is New York Life available in my state?

New York Life conducts business in all 50 states and the District of Columbia.

What does life insurance from New York Life cover?

Life insurance policies from New York Life provide a death benefit when the insured person dies. In addition, the company’s whole life, universal life, and variable universal life policies accumulate cash value, which can be accessed by the policyowner through loans and withdrawals while the insured is living. Any withdrawals must be repaid or the policy death benefit will be reduced, however.

What riders are available from New York Life?

New York Life offers numerous riders with its flagship whole life insurance policy, including:

Disability Waiver of Premium Option to Purchase Paid-Up Additions Chronic Care Option Living Benefits Option Accidental Death Benefit

Not all riders are available in every state, and some states dictate the terms of certain riders.

How long do you have to claim insurance benefits from New York Life?

New York Life does not specify if there is a time limit for claiming death benefits. However, individual state laws can determine time limits. Consult with your New York Life insurance agent or the company’s home office regarding the specifics of your policy.

Can you borrow from your life insurance policy from New York Life?

You can take loans from the cash value inside your life insurance policy with New York Life. Accessing the cash value of your policy will reduce the available cash surrender value and death benefit if not repaid.

Do life insurance policies from New York Life pay dividends?

New York Life permanent life insurance policies do pay dividends. While the company does not guarantee dividend payments in any given year, policyowners have received them every year since 1854.

What is the maximum amount of life insurance coverage available from New York Life?

The maximum amount of life insurance available from New York Life will vary by product, but can go as high as several million dollars. Based on your situation, your New York Life agent can explain how much life insurance you would be eligible to purchase.

Does New York Life’s life insurance pay for suicidal death?

Like all insurers, New York Life’s provisions for payment for suicidal death can be impacted by each state’s regulations. Generally, most insurers have a “suicide clause” or “contestability period” of two years during which the company does not pay for suicidal death.

If you are contemplating suicide, help is available. Call any time of day for free, confidential support from the 988 Suicide & Crisis Lifeline by dialing 988. Please reach out to the Lifeline if you are in crisis.

Do life insurance policies from New York Life cover a drug overdose?

In general, life insurance companies are bound by state laws regarding payment for a drug overdose. Policyholders who have held policies for more than two years are generally eligible for a claim. However, if the insured intentionally overdoses within the contestability period then it may not be covered. New York Life’s policy may vary by policy type and state, so you should contact the company or an insurance agent directly for more information.

Can you get life insurance from New York Life if you have cancer?

Having cancer does not automatically disqualify you from applying for life insurance with New York Life. The company’s underwriting department will consider the type, stage, and grade of cancer, date of onset, treatment being received, and other factors.

Other Life Insurance Companies

AAA AARP Allstate Amica Life Banner Life

Other Life Insurance Companies

AAA AARP Allstate Amica Life Banner Life Bestow Colonial Penn Corebridge Financial Ethos Fidelity Gerber Guardian Life John Hancock Lincoln Financial Group MassMutual Mutual of Omaha Nationwide New York Life Northwestern Mutual Pacific Life Primerica Principal Financial Protective Prudential State Farm Transamerica USAA READ MORE

Best Life Insurance by State

Best Life Insurance in Alabama Best Life Insurance in Arizona Best Life Insurance in California Best Life Insurance in Colorado Best Life Insurance in Delaware Best Life Insurance in Florida

Best Life Insurance by State

Best Life Insurance in Alabama Best Life Insurance in Arizona Best Life Insurance in California Best Life Insurance in Colorado Best Life Insurance in Delaware Best Life Insurance in Florida Best Life Insurance in Georgia Best Life Insurance in Illinois Best Life Insurance in Indiana Best Life Insurance in Kansas Best Life Insurance in Massachusetts Best Life Insurance in Michigan Best Life Insurance in Minnesota Best Life Insurance in New York Best Life Insurance in Ohio Best Life Insurance in Oregon Best Life Insurance in Tennessee Best Life Insurance in Texas Best Life Insurance in Virginia Best Life Insurance in Washington READ MORE

Learn More

For more information about life insurance, see the following guides:
Best Life Insurance Companies Cheapest Life Insurance Companies Best Term Life Insurance Companies Best Whole Life Insurance Companies Best Universal Life Insurance Companies Best No-Exam Life Insurance Companies

Learn More

For more information about life insurance, see the following guides:
Best Life Insurance Companies Cheapest Life Insurance Companies Best Term Life Insurance Companies Best Whole Life Insurance Companies Best Universal Life Insurance Companies Best No-Exam Life Insurance Companies Life Insurance Quotes What Is Term Life Insurance? What Is Whole Life Insurance? What Is Universal Life Insurance? What Is No Exam Life Insurance? How Does Life Insurance Work? How to Buy Life Insurance Insurance Glossary
For more information on other types of insurance, see the following guides:
Best Homeowners Insurance Companies Best Car Insurance Companies Best Motorcycle Insurance Companies Best RV Insurance Companies Best Renters Insurance Companies Best Pet Insurance Companies Best Small Business Insurance Companies READ MORE

Why You Can Trust Us: 28 Life Insurance Companies Researched

At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 28 life insurance companies and agencies and analyzed 13 third-party review sources. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.

When you use our links to buy products, we may earn a fee but that in no way affects our editorial independence.

CAR INSURANCE

Best Car Insurance Cheapest Car Insurance

Life Insurance

Cheapest Life Insurance

Home Insurance

Cheapest Homeowners Insurance

Renters Insurance

Cheapest Renters Insurance

PET INSURANCE

Cheapest Pet Insurance

SMALL BUSINESS INSURANCE

INSURANCE GLOSSARY

Insurance Premium

CAR INSURANCE

Life Insurance

Home Insurance

Renters Insurance

PET INSURANCE

SMALL BUSINESS INSURANCE

INSURANCE GLOSSARY

About U.S. News Editorial Guidelines Contact Press Advertise Newsletters Jobs Site Map Store Copyright 2024 © U.S. News & World Report L.P. Terms & Conditions / Privacy Policy / U.S. State Privacy Notice / Your Privacy Choices


Vestibulum venenatis

Fermentum nibh augue praesent a lacus at urna congue rutrum.

Etiam posuere

Praesent scelerisque

Vivamus fermentum nibh in augue praesent urna congue rutrum.

Etiam posuere

Donec dictum metus

Vivamus fermentum nibh in augue praesent urna congue rutrum.

Etiam posuere

Mauris vulputate dolor

Rutrum fermentum nibh in augue praesent urna congue rutrum.

Etiam posuere