June, 24 2017

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New York Life Insurance Review 2016

New York Life Insurance Review 2016

Author
  • Price
  • Underwriting
  • Financial Strength

New York Life Insurance Review 2016

Pros:  Financial Strength– New York Life (NY Life Insurance) has the best financial rating in the country in 2016 with A++ Superior rating by A.M. Best (highest of 16 possible ratings) and a perfect 100 Comdex score (average rating from the 4 major rating agencies). There are only a few other life insurance companies in America that have a perfect financial rating (Northwestern Mutual, Knights of Columbus and Berkshire Hathaway).  New York Life has been financially strong throughout it’s history as evident they accept need bail out money during the financial crisis in 2008-2009.  History and Size– New York Life is one of the largest mutual life insurance companies in the country and has been in business since 1845.

Cons:  New York Life’s prices are often much higher than many of the large life insurers insurance companies in America. (See sample rates below) Also their underwriting can be more strict than other carriers.

Bottom Line:  New York Life Insurance Company (NY Life Insurance) is one of the largest and most recognized life insurance companies in America in 2016.  They have a perfect financial rating from every major rating agency meaning their ability to payout future claims is superior.  There is no doubt that if you have a policy you can rest assured your family is in good hands.  However, New York’s life insurance prices are not the lowest.  Also, since they are a mutual company their underwriting can be more strict than other leading insurers. As with all the companies we review, we recommend you receive a quote from New York Life but also from the other top companies as well and choose the best one for you.

 

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 2015: 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.

 

New York Life Term Life Insurance Rates 2016 vs. The Competition

Sample monthly prices for $500,000 20 year term life insurance policy for a 40-year old male (D.O.B. 6/15/1975) at the best health class:

 

Company Price Rating

Pacific Life: $32.51 A+

Mutual of Omaha: $33.47 A+

Protective Life: $33.03 A+

AIG: $33.65 A

SBLI: $35.58 A+

Banner Life: $36.30 A+

MetLife: $36.81 A+

TIAA-CREF Life: $38.15 A++

Voya: $39.38 A

Nationwide: $40.05 A+

Transamerica: $40.86 A+

AXA Equitable: $41.06 A+

Lincoln National: $41.13 A+

Guardian: $43.34 A++

Prudential: $43.65 A+

State Farm: $45.70 A++

MassMutual: $46.11 A++

Primerica: $47.98 A+

New York Life: $53.84 A++

 

 

 We want to hear about your experience with New York Life.  Tell others if you would recommend them to your friends and family in 2016.  Please leave a comment and rating below.