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.
Underwriter: New York Life Insurance Company
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 & Term||Protective Life (A+ Superior)||AIG (A Excellent)||MetLife (A+ Superior)||New York Life (A++ Superior)|
$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
New York Life Insurance Review