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New York Life Life Insurance Ratings

Customer Satisfaction Ratings (based on 115 survey results)
ProductOverall
HOW WE WEIGH OUR SCORE
Customer ServiceValue for PriceWebsite and Apps% Who Would Recommend to a FriendA.M. Best
Financial
Strength
Ratings
Effective as of:
WHAT IS THIS RATING?

A.M. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.

A.M. Best's rating is NOT used to calculate the overall score but it is important information to consider when choosing an insurance company.

Life
87.33
out of 100
89
87
84
83%
A++
May 29, 2019
Other Companies to Consider:

Reasons for Buying from New York Life

Customers of New York Life originally decided to purchase from the company for these reasons:
Reputation27%
Recommended by friend or family member24%
Offered best price17%
Financial Strength rating8%
Other7%
Saw online ad6%
Saw TV commercial4%
I had other insurance with this company3%
Was the company my parents had3%
The company website and mobile apps are easy to use and helpful0%

How likely are you to recommend this company to a friend, coworker or family member?

I would definitely recommend this company. 56%
I probably would recommend this company. 28%
Neutral 13%
I probably would not recommend this company. 2%
I would not recommend this company. 2%

What kind of insurance do you have?

Whole 39%
Term 37%
Both 22%
Other - fill in 3%

How much do you pay annually for your life insurance policy

$251 - $500 19%
less than $250 18%
$501-$750 17%
$751-$1,000 17%
$1,001-$1,500 14%
$1,501-$2,000 10%
More than $2,501 3%
$2,001-$2,500 2%

Website and Apps

How easy to use and how helpful they are
43%Excellent - Gives me what I need and more
34%Good - Fulfills my needs
13%Never visited/used website or mobile app
9%Just okay - Fulfills some but not all of my needs
2%Unsatisfactory - Doesn?t fulfill my needs, website/app is severely lacking

How You Prefer to Deal with Insurers

40%Phone
37%In person
13%Interactive website
8%Email
2%Smartphone app
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About New York Life

Life insurance policies offered

  • Term life
  • Whole life
  • Universal life
  • Variable Universal life
  • Long-term care insurance

Best Life Insurance Companies: How New York Life Stacks Up

In this year’s Best Life Insurance Survey, New York Life obtained 8th place with a score of 87.73. New York Life‘s best showing was 4th place for customer service. A lot of those surveyed, 84%, said they would recommend New York Life.

Gauging an insurance company

Before buying with a company it is wise to check on a company's financial strength and complaint record. The A.M. Best rating listed above gives you an idea of Allstate's financial strength to pay claims. A complaint ratio can be found on the National Association of Insurance Commissioners (NAIC) site. The median complaint ratio from the NAIC is always 1.00. This means half of the insurers have a complaint ratio of under 1.00 and half have a ratio above. Basically, numbers lower than 1.00 are better with fewer complaints than the median and a number higher than 1.00 has more complaints than the median. For life insurance, New York Life (NAIC# 66915) had a complaint ratio of 0.14 for individual life and 0.32 for group life for 2018. 2019 complaint numbers will be available in 2020.

Company Background

170 years of financial experience and strength

Founded in 1845, New York Life is the oldest mutual life insurance company in America. It is present in all 50 states and is headquartered in New York. The company boasts numerous awards such as Fortune Magazine’s List of World’s Most Admired Companies and over twenty years on the Fortune 500 list. The company also offers several other products, including retirement services, investments, and insurance for businesses.

Contact information

Corporate headquarters

New York Life
51 Madison Avenue, Suite 3200
New York, NY 10010
Telephone: 1-800-225-5695

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