February, 26 2017

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Life insurance reviews, news and prices from the top companies

New York Life Insurance Review

New York Life Insurance Review

Author
  • Price
  • Underwriting
  • Financial Strength

New York Life Insurance Review 2016

Pros:  Financial strength- New York Life has a perfect  A++ rating by A.M. Best (highest of 16 possible ratings) and a perfect 100 Comdex score (average rating from the 4 major rating agencies).  They were even one of the top insures who did not need to accept bail out money during the financial crisis in 2008-2009.  New York Life is the largest mutual life insurance company in the country and a symbol of stability as they’ve been around over 150 years.

Cons:  New York Life’s prices are often much higher than many other top life insurers with a similar financial rating for term life insurance. (See table below)

Bottom Line:  New York Life is one of the largest and most recognized life insurance companies in America.  They have a perfect financial rating across the board which is very rare.  However, their prices aren’t the cheapest and you will typically pay more for their rating and brand name.  Overall you can’t go wrong in choosing to purchase your policy with New York Life, just don’t expect them to have the lowest price. 

 

About

Type: Mutual

Underwriter: New York Life Insurance Company

Founded: 1845

Website: newyorklife.com

Phone: (212) 576-7000

Address: 51 Madison Avenue New York, NY 10010

A.M Best Rating 2016: A++ (Superior) Highest of 16 possible ratings

Comdex Ranking: 100 out of 100

BBB Rating: B+

Competition: MetLife, Northwestern Mutual, Mass Mutual, John Hancock, Principal, State Farm, Allstate, AIG, Ohio National Life, SBLI, Banner Life, Protective Life, Primerica, State Farm, USAA, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica.

 

Price Comparison Term Life

Sample rates for a 40-year old male at each company’s best rating class:

Amount & TermProtective Life (A+ Superior)AIG (A Excellent)MetLife (A+ Superior)New York Life (A++ Superior)
$500,000-20 Year$30$32$37$50

$1,000,000 10-year level term is $30.26 for Protective Life

$1,000,000 20-year level term is $54.96 for Protective Life

 

 

 We want to hear about your experience with New York Life.  Tell others if you would recommend them to your friends and family.  Please leave a comment and rating below.

New York Life Insurance Review