New York Life Life Insurance Ratings
Product
Life
Overall
80.35
out of 100
| Product |
HOW WE WEIGH OUR SCORE
Price
50%
Customer service
40%
Website and app
5%
Recommend
5% | Customer Service | Value for Price | Website and Apps | % Who Would Recommend to a Friend | 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. October 31, 2019 |
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AM Best Financial Strength RatingsOctober 31, 2019
A++
Other Companies to Consider:
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Reasons for Buying from New York Life
Customers of New York Life originally decided to purchase from the company for these reasons:
| Offered best price | 21% |
| Reputation | 20% |
| Recommended by friend or family member | 14% |
| Other | 13% |
| Was the company my parents had | 9% |
| Saw TV commercial | 8% |
| Financial Strength rating | 5% |
| Saw online ad | 5% |
| I had other insurance with this company | 4% |
| The company website and mobile apps are easy to use and helpful | 1% |
How likely are you to recommend this company to a friend, coworker or family member?
What kind of insurance do you have?
Website and Apps
How easy to use and how helpful they are
29%
Satisfied - Fulfills my needs okay
27%
Completely satisfied - Gives me what I want and more
23%
Neutral - No good or bad feelings on this
19%
Never visited or used website or mobile app
2%
Very unsatisfied - Their digital offerings are not good at all or nonexistent
0%
Not Satisfied - Is not a good website or app
How You Prefer to Deal with Insurers
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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 2020: How New York Life Insurance Compares
In the 2020 Best Life Insurance Survey, New York Life obtained 15th place with a score of 80.35. New York Life also ranked 15th for all the individual rating factors of price, customer service and ease of use of website and apps. Even with the rankings that weren’t so hot, a lot of those surveyed, 71%, 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 New York Life'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
Feedback of Surveyed Policyholders
Our survey asked policyholders to share experiences or give feedback that they would like to share with others looking to potentially buy from their current insurance company. Here's what they had to say:
"It is very important to have a company that will take care of us when we are no longer"
-Age 18-36, California
"They are easy to reach"
-Age 18-36, California
"Trustworthy, well known people."
-Age 18-36, Delaware
"I would love them to know all the attention they give their customers"
-Age 18-36, Florida
"Offers quality services to its clients"
-Age 18-36, Florida
"The agent I work with is amazing. He's friendly and you can tell he really cares."
-Age 18-36, Hawaii
"This insurer is very effective with its users, that's why I love it."
-Age 18-36, New Jersey
"I've had the best experience."
-Age 18-36, New York
"Coverage, customer service, experience overall has been great"
-Age 18-36, New York
"Excellent policies, quickly respond to the call of any emergency and covers most expenses"
-Age 18-36, New York
"Excellent, I have no complaints"
-Age 18-36, New York
"Good experience so far"
-Age 18-36, New York
"Good program and system"
-Age 18-36, New York
"Great and unique company of insurance"
-Age 18-36, New York
"Insurance companies must have a good deal and a timely response to their customers' questions"
-Age 18-36, New York
"It gives me confidence, security, immediate attention and quality, in addition to presenting good prices."
-Age 18-36, New York
"It has an excellent customer service very attentive and fast and good plans very consistent for all"
-Age 18-36, New York
"It has quality, excellent value for my money and super comprehensive."
-Age 18-36, New York
"It is very good, it is really a reliable company!"
-Age 18-36, New York
"It is widely accepted throughout the country and its quality in the service is excellent. I recommend it."
-Age 18-36, New York
"It's a great company and the employees"
-Age 18-36, New York
"Offers excellent insurance service to its customers"
-Age 18-36, New York
"It sends me by mail quarterly all the detailed relationship with an informative note which serves us for operational control that I like about this company"
-Age 18-36, New York
"All good experiences and this is a fully secure company."
-Age 18-36, New York
"This company is considered the best of the market because it have a lot of good reputation online"
-Age 18-36, New York
"Offers quality service"
-Age 18-36, New York
"Fast efficient service. I demand this of all insurers."
-Age 18-36, Texas
"Good service and a must have for the family"
-Age 37-52, California
"Easy to reach them out"
-Age 37-52, Delaware
"Great prices and coverages."
-Age 37-52, Florida
"Is very good"
-Age 37-52, Florida
"Is very unique and very well though of with its reputation"
-Age 37-52, Florida
"I think they are a good company."
-Age 37-52, Georgia
"It's a great company with an awesome reputation."
-Age 37-52, Kentucky
"I wanted to increase my life insurance and make a few changes, they were there every step of the way with advice and care, thay made me feel very appreciated"
-Age 37-52, Maryland
"This is an A plus company"
-Age 37-52, Maryland
"Always answers my questions to my satisfaction and is easy to reach!"
-Age 37-52, Michigan
"Very customer friendly and attenitive to needs"
-Age 37-52, Michigan
"Good rates"
-Age 37-52, Minnesota
"Good company, it's something you can't live without"
-Age 37-52, Minnesota
"It is basic for my needs"
-Age 37-52, New Hampshire
"Efficiency and quality of services"
-Age 37-52, New York
"The good values"
-Age 37-52, New York
"The consumer service period were very kind"
-Age 37-52, New York
"It is an excellent company that meets the expectations of many"
-Age 37-52, New York
"Good company"
-Age 37-52, North Carolina
"They make sure you have the right coverage for your entire life so when you get older you have enough money to help you when you retire."
-Age 37-52, Ohio
"Customer service is great and has been the whole time I've been with them"
-Age 37-52, Oklahoma
"They are great helping you, deal with claims immediately. Offer great prices and are willing to work with you"
-Age 37-52, Pennsylvania
"They work hard to match your financial situation"
-Age 37-52, South Carolina
"They provide a good service."
-Age 37-52, Texas
"I called and they do everything on the phone"
-Age 37-52, Virginia
"They are good, they meet my life insurance needs"
-Age 53+, Arizona
"Very easy to do business with"
-Age 53+, Arkansas
"Buy it and forget till you die, everything is taken care of for you by this steller company"
-Age 53+, California
"Web site easy to use."
-Age 53+, California
"They are a reliable company and sometimes I get surprised with a divided check"
-Age 53+, Connecticut
"They care about their clients"
-Age 53+, Illinois
"I couldn't find a better price anywhere, and I looked around quite a bit."
-Age 53+, Indiana
"I have a fairly good experience with New York Life insurance. However, the agent does not contact me at all."
-Age 53+, Maine
"Had a claim with great result."
-Age 53+, Minnesota
"Excellent"
-Age 53+, Mississippi
"Affordable coverage"
-Age 53+, New York
"Easy to deal with and you can always get ansers to your questions"
-Age 53+, New York
"Great products for your own personal needs"
-Age 53+, New York
"Good price for my needs"
-Age 53+, North Carolina
"I have always had confidence in my insurers company and never had an issue with them"
-Age 53+, North Carolina
"I would want others to know that this is a great company"
-Age 53+, North Carolina
"Best rates and good coverage"
-Age 53+, Ohio
"Good services"
-Age 53+, Ohio
"Simple process. I recommend"
-Age 53+, Ohio
"Easy to do business with, listens to you, reasonable rates."
-Age 53+, Pennsylvania
"I feel safe and secure with this company"
-Age 53+, Pennsylvania
"They really care about your needs"
-Age 53+, Tennessee
"Price hasn't gone up and am insured for what I want."
-Age 53+, Texas
"A real person answers my questions."
-Age 53+, Washington
"Easy to apply, reasonable price for my age bracket, customer service is good"
-Age 53+, Washington
"Ther website is easy to use, I pay my monthly premium with a click of a button.."
-Age 53+, Washington
"They are great and meet your needs"
-Age 53+, Washington
"Great product for the price."
-Age 53+, West Virginia
"Don't sign up with them! New York Life is not a good company!!"
-Age 18-36, Maryland
"Hope they are good as we are all going to die some day and it is necessary to have a life insurance as backup"
-Age 18-36, Missouri
"I just got this insurance coverage so I do not really feel that I have had it long enough to evaluate it."
-Age 37-52, California
"Fortunately, haven't had to contact them much"
-Age 37-52, Florida
"Would like more coverage for the price, but that is with any policy"
-Age 37-52, Florida
"They are not very organized and complete when a change needs to be done to a policy or making a second policy then adding the first policy into the second one as a form of a rider or add-on. It took me 3 attempts to cancel my first accidental death policy when the failed to merge my policy of term life and the accidental death into one. For 2 months I was billed for 2 separate policies until they finally found my cancellation of the separate first policy and finally cancelled that one then did they finally write in both policies as one policy with an accidental death rider."
-Age 37-52, Pennsylvania
"I never hear from them except bills and coverage increases"
-Age 37-52, Texas
"I do not have anything to share at this time because I have only been with them 5 months and have not used or needed any customer service yet."
-Age 37-52, Virginia
"Frequently raises price"
-Age 53+, California
"This company is alright in my opinion."
-Age 53+, Georgia
"I have no experience, I just mail in my premiums"
-Age 53+, Kansas
"You better be a young person to get any type of decent price. People who have had it for many, many years have trouble with paying by website."
-Age 53+, Maryland
"No agent, no follow up -- no real service from this company period."
-Age 53+, Washington