New York Life insurance review 2025
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At a glance
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Bankrate's take
Policyholders seeking a variety of policy options, reliable customer service and top-tier financial stability might consider New York Life Insurance as their company of choice.
- Offers four different types of life insurance products
- New York Life also offers long-term care and disability insurance
- Asset Flex allows customers to combine long-term care with life insurance, providing a death benefit and cash value
- 12,000+ agents throughout the U.S.
New
In March 2025, New York Life announced that 2024 had been a record-setting year for the company. The year saw $1.9 billion in insurance sales and $808 billion in assets under management. The company also posted record results of $33.3 billion in surplus, $3.5 billion in operating earnings, $17.6 billion in policy owner benefits and dividends paid and $1.2 trillion in individual life insurance in force. These results, in addition to the company's A++ rating from AM Best, suggest that the company's finances are well-managed and that it will have little difficulty in paying out on life insurance claims in 2025.
New York Life insurance review
New York Life, headquartered in New York City, extends four distinct life insurance policy types: term life, whole life, universal life and variable universal life. New York Life's life insurance products are considerably robust when compared to other providers, providing prospective policyholders various options to find a policy type that aligns with their personal and financial needs.
Working with a licensed agent can help you navigate your options and help you determine how much life insurance you need.
- Term: New York Life's term life insurance offerings cater to those seeking financial protection with flexible terms. Its policies — available in 10-, 15- or 20-year terms — feature the ability to lock in consistent premiums for the selected period and a guaranteed death benefit. Policies can convert from term to permanent coverage, and New York Life includes distinct riders like the Spouse Paid-Up Purchase Option and Disability Waiver of Premium, enhancing the policy's value.
- Permanent: Permanent life insurance is tailored for individuals seeking lifelong coverage coupled with financial growth opportunities. These policies ensure a death benefit for beneficiaries and include a tax-deferred cash value account that may be borrowed against for various needs. However, it's crucial to note that any borrowed amounts from your cash value will usually diminish the death benefit unless it is paid back. New York Life also presents multiple permanent policy options for varied needs:
- Whole: Whole life insurance is the most common type of permanent policy. It guarantees level premiums with a portion contributing to your cash value account. New York Life offers three distinct whole life policy choices: its standard Whole Life Policy, the Custom Whole Life Policy — which allows policyholders the flexibility to either enhance cash value growth or opt for higher premiums within a defined shorter duration — and the Secure Wealth Plus. The last addition offers life insurance protection coupled with an expedited underwriting process and guaranteed accumulation of cash value, with accumulation set up to increase most during the policy's initial years.
- Universal: A universal life insurance policy from New York Life is similar to a whole life option, as the policy builds cash value. With a universal policy, you have greater flexibility and can adjust the death benefit throughout the life of the policy. Adjusting the death benefit will impact the cash value component, but still gives you options depending on what your financial priorities are at a given time.
- Variable universal life: This option is similar to a universal life policy, but the cash value component can be invested freely across a variety of investment options that fit your individual goals and risk tolerance.
Pros and cons of New York Life insurance
Pros
- Several types of life insurance policies and investment services available
- Positive customer satisfaction ratings
- High financial strength rating from AM Best
Cons
- Limit of 20 years for term insurance
- Requires a medical exam for underwriting
- Annual-renewable term insurance policy premiums increase from year to year
New York Life insurance riders
Riders allow you to personalize a life insurance policy to your needs. Here are a few of New York Life insurance riders:
- Disability waiver of premium option: If you become disabled and can no longer pay your premiums, New York Life can cover the cost of premiums with this waiver. This is available on New York Life term and whole life insurance policies.
- Spouse’s paid-up insurance purchase option: This rider allows your spouse to purchase insurance without a medical exam if you pass away. This is available on New York Life term insurance policies.
- Living benefits option: This rider allows you to use a portion of your death benefit to pay for treatment or care for a terminal illness. This is available on New York Life term and whole life insurance policies.
- Return of premium rider: Available on New York Life’s universal life insurance policy, this endorsement gives a changing death benefit that equals the face amount of the life insurance policy as well as adjusted total premiums paid into the policy.
- Chronic illness rider: Designed to offer a "living benefit," this rider allows you to accelerate a portion of your death benefit tax-free if diagnosed with a chronic illness. You might use up to 50 percent of the policy's face amount to address the financial challenges a chronic condition may pose. The funds are paid directly to you and can be used at your discretion, offering a layer of financial security during difficult times.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare New York Life with other insurers
New York Life offers numerous benefits to policyholders, but life insurance is a significant personal financial planning choice. Whether you’re looking for affordable life insurance, or the best family life insurance, it’s best to research what options are available. Many financial and insurance experts recommend comparing multiple providers and obtaining more than one life insurance quote to find the right fit. If you’re looking for comparable companies, below are some other options to consider.
New York Life vs. Mutual of Omaha
Like New York Life, Mutual of Omaha offers strong customer satisfaction ratings and an A+ (Superior) AM Best rating for financial strength. Mutual of Omaha also offers flexibility across whole, term and universal life insurance policies, including a variety of term lengths and benefit options. In 2025, the company received a Bankrate Award as Best Guaranteed Issue Life Insurer.
Learn more: Mutual of Omaha Insurance review
New York Life vs. State Farm
State Farm is a household name for auto and home insurance, but it also offers several life insurance options, including whole, term, universal and variable policies. In 2025, it was named Best Term Life Insurer in the Bankrate Awards. You can opt to start the life insurance quote process online, which is not available with some other life insurance providers.
Learn more: State Farm Insurance review
New York Life vs. Northwestern Mutual
Northwestern Mutual offers whole, term and universal policy options for a wide demographic, including older individuals and smokers. Northwestern Mutual also provides flexible conversion options if you decide you need to update your policy throughout your lifetime.
Learn more: Northwestern Mutual Insurance review
The insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
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Is New York Life a good insurance company?
Our New York Life Insurance review determined that New York Life could be a good option for many individuals shopping for life insurance companies, as it has extensive life insurance offerings, fewer complaints than average with the NAIC and stellar financial strength ratings from organizations like AM Best, Moody’s, Fitch and S&P (Standard & Poor’s).
While New York Life offers a range of life insurance products, potential policyholders should note that medical exams are typically required. Furthermore, life insurance premiums may vary more regularly based on health changes for those who opt for an annual-renewable term policy.
With available term lengths capping at 20 years, the company’s term options might not align with everyone’s coverage needs. However, New York Life could still be a top consideration for those seeking a company offering robust riders and a history of reliable financial strength.
What are real-life customers saying about New York Life?
Gathering authentic customer feedback on life insurance companies like New York Life can be a challenging task. Unlike other consumer services, life insurance interactions are deeply personal and often involve few direct engagements with the company, especially concerning claims and policy payouts. Given the nature of life insurance, many policyholders may never directly experience the claims process, leading to fewer public reviews and testimonials. However, to provide a well-rounded view of New York Life, we've sourced customer insights from Trustpilot, acknowledging the unique context in which they're given.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
It's essential to approach these individual accounts with the understanding that they represent a spectrum of experiences with New York Life. While positive experiences can reflect the company's strengths in customer service and financial planning, challenges, especially with more complex products like whole life insurance, highlight areas where the company can strive for improvement. Remember, experiences with insurance companies can be highly individualized and may not necessarily reflect the typical customer journey.
New York Life company details
If you need to reach New York Life or file a claim, below are the company details:
- Customer service: 1-800-225-5695, Monday through Friday from 9 a.m to 7 p.m., ET
- Claims: Claims can be started online or by mail
- Company website: https://www.newyorklife.com
- Company address: 51 Madison Ave. New York, NY 10010
State availability
New York Life Insurance offers its policies and services in all 50 states and Washington, D.C.
New York Life tools and benefits
New York Life offers many other products in addition to life insurance. All are centered around financial planning to help prepare for the future. Some of these include:
- Supplemental insurance: This includes individual disability and long-term care insurance.
- Investment products: New York Life offers annuities, mutual funds, ETFs and 529 plans.
- Additional services: Some options for more financial planning include planning for small businesses, estate planning and wealth management.
- Financial guidance: The company can help connect policyholders with financial experts to help plan for their future.
- Planning tools: New York Life’s website is packed full of informative guides on what life insurance is, as well as calculators to help determine how much you need for retirement and life insurance.
Frequently asked questions about New York Life
Methodology
Life Bankrate Score
Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s financial strength, product and rider offerings, availability, customer experience and corporate sustainability. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
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Ratings 40%
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Coverage options 40%
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Accessibility & process 20%
- Tier 1 (Ratings): To determine a life insurance company’s financial health and reliability, we assessed several industry-standard ratings, such as J.D. Power, AM Best, Comdex, the National Association of Insurance Commissioners (NAIC), and credit agencies like Moody’s, Fitch and S&P.
- Tier 2 (Coverage options): We assessed companies’ coverage options, availability and policy features to help policyholders find a provider that best meets their needs. We examined each company’s life insurance product lines, including term, whole and universal life options.
- Tier 3 (Accessibility & process): To assess the ease and transparency of applying for coverage, we reviewed the simplicity of obtaining a quote and insurers' underwriting processes — including eligibility requirements. We also considered insurers’ community engagement.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.
