Since New York Life is the most established insurance provider we have researched, you may rest assured that its future is secure. Financial strength is reflected in AM Best's highest possible rating of A++ (outstanding). Annual payouts are potential with a whole life plan from New York Life, but they are not guaranteed. Its 168-year dividend-paying run is the second longest among the 91 companies we considered.

New York Life has you covered if you need a specific type of rider added to your policy. It's also the only major life insurance company we work with that provides a disability income rider to help replace income in the case of a covered disability. We recommend them as the best riders for full life insurance.

Policyholders who are 90 years old can select from the following options: New York Life is one of only six insurers out of the 91 we looked into that will consider customers 85 and above for specific plans. For this reason, it was ranked first among the best companies providing life insurance to seniors.

The Cases Against

There is a lack of clear organisation on the website, making it difficult to find specific pieces of data. The New York Life website lacked details about the company's offerings. In contrast to whole life insurance, term life insurance has no fixed coverage restrictions. When we called customer service, we were instructed to speak with a local agent.

If you're looking for life insurance from New York Life, you should know that the company caps the term duration of its policies at 20 years. From what we can tell, the finest providers of term life insurance offer plans with maturities of 30 or 40 years.

You cannot get a term life insurance quote via the internet. No term life insurance quote calculator is available on the New York Life website. Many competitors, including Nationwide and State Farm, now provide online price quotes.

If you'd like the convenience of managing your insurance policy from the palm of your hand with a mobile app that allows you to pay your premium and make other adjustments, New York Life isn't the best choice for you. Not having a mobile app puts them behind competitors like MassMutual and others in the sector.

Number of Raves/Total Number of Reviews

New York Life's complaint rate was substantially lower than similarly sized insurance companies. They have the fewest customer complaints out of all the 91 insurance providers we studied, putting them in the top 25%.

And the proof of this is... The number of complaints from policyholders was compared to the size of each insurance company using the NAIC Complaint Index. With a complaint index of 1, an insurer has received the average number of complaints relative to the total number of policies it has issued. In general, if the complaint score is higher than 1, more complaints have been received than expected, and if it is lower than 1, fewer complaints have been received than expected.

Over the past three years, New York Life has had an average NAIC Complaint Index for individual life insurance of 0.183. A company of that magnitude should have much more complaints than that; therefore, that's a good indicator.

Analyses Conducted Separately

New York Life has been rated an A++ by AM Best, the industry's preeminent credit rating agency. AM Best provides ratings for companies based on their debt levels, profits, and overall financial stability.

The rating agency gave only nine of the 91 insurers we considered an A+, and New York Life was one of those. In addition, New York Life has a slightly above-average customer satisfaction rating, as reported by J.D. Power's Individual Life Insurance Study 2021.

Compared to the industry average, it was rated slightly higher at 777 out of 1,000 points. New York Life is the ninth best insurance company out of the top 21.

Periodic Convertible Payments

Your policy renewal option is always open. This may be a good option if you need insurance soon but aren't ready to commit to a long-term plan. An annual convertible term policy has the lowest initial cost but the highest annual premium increases.

Tenth Year at a Million Dollars or More

This policy is designed for consumers who want a substantial safety net, providing $1,000,000 in coverage. If you choose to renew your coverage beyond the initial ten years, your premium will increase yearly. You can convert your term insurance to a permanent one during the first five years of coverage.

Guaranteed, Permanent Insurance

Whole life insurance provides coverage that remains in effect for the rest of the policyholder's life. With a complete life policy, your beneficiary will receive a fixed death benefit regardless of how long the policy lasts. These policies accumulate a cash value that can be borrowed against or cashed out if necessary.