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New York Life Life Insurance Ratings

Customer Satisfaction Ratings (based on 100 survey results)
Product
life-icon Life
info iconOverall
80.35 out of 100
Productinfo icon
HOW WE WEIGH OUR SCORE
Overall
Customer ServiceValue for PriceWebsite and Apps% Who Would Recommend to a Friendinfo-icon
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.

AM Best Financial Strength Ratings

October 31, 2019

life-icon Life 80.35 out of 100 Customer Service 81.60 Value for
Price
79.40
Website and Apps 79.51 % Who Would Recommend to a Friend 71% A++
info icon
AM Best Financial Strength RatingsOctober 31, 2019
A++
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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 price21%
Reputation20%
Recommended by friend or family member14%
Other13%
Was the company my parents had9%
Saw TV commercial8%
Financial Strength rating5%
Saw online ad5%
I had other insurance with this company4%
The company website and mobile apps are easy to use and helpful1%

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

I would definitely recommend this company. 36%
I probably would recommend this company. 35%
Neutral 25%
I probably would not recommend this company. 4%
I would not recommend this company. 0%

What kind of insurance do you have?

Permanent, including whole life 47%
Term 38%
Both 14%
Other 1%

How much do you pay annually for your life insurance policy

$250 - $499
23%
Less than $250
21%
$500-$749
19%
$750-$999
9%
$1,000 - $1,249
8%
$1,250 - $1,499
6%
$2,750-$2,999
4%
$1,500 - $1,749
3%
$1,750-$1,999
2%
$2,000 - $2,249
1%
$2,250 - $2,499
1%
$2,500-$2,749
1%
$3,000-$3,249
1%
$3,500-$3,999
1%
$3,250 - $3,499
0%
$4,000 or more
0%

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

50%
Phone
25%
Interactive website
13%
In person
9%
Email
3%
Mobile App
User Review
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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