Looking for life insurance from a company with a rock-solid history? New York Life has been around since 1845.
In this review, we’ll walk you through the company’s life insurance products, underwriting strengths, and what to compare before you buy.
Company Overview
New York Life Insurance Company is one of the oldest mutual life insurers in the U.S. That means policyholders, not shareholders, own it, so profits are returned as dividends or reinvested.
As of 2024:
- Over $1.2 trillion of life insurance in force
- $771 billion in assets under management
With nearly 180 years of experience, NY Life continues to be a top choice for those who value long-term stability.
Financial Strength
New York Life is among the most financially secure companies in the industry.
- AM Best: A++
- Fitch: AAA
- Moody’s: Aaa
- S&P Global: AA+
These ratings place NY Life at the top, indicating strong claims-paying ability and financial health.
New York Life offers term life insurance, universal life insurance, and whole life insurance products to meet your needs.
NYL Term Life Insurance
New York Life is never going to have the cheapest term life insurance rates, and they are perfectly fine with that as the company focuses on permanent life insurance.
Term life insurance highlights:
- 10, 15, and 20-year level term
- Yearly Renewable Term (YRT)
- Convertible term with extension options
- Riders:
- Accelerated Death Benefit
- Spouse’s Paid-Up Purchase Option
- Waiver of Premium
- Children’s Insurance
- Chronic Care Purchase Option
How Do New York Life Rates Compare?
Sample Rates: Male, Age 40, Best Rate Class – $500k 20-year term
- New York Life – $411/year
- Principal – $335
- Protective Life – $348
- Guardian – $365
- MassMutual – $415
Other companies to consider for term life include Banner Life, Corebridge Financial, and Prudential.
Whole Life Insurance from New York Life
Whole life has always been a flagship product for New York Life. They offer several options, including:
- Level Pay (to age 100)
- Limited Pay (e.g., 10-Pay, 20-Pay, Paid-Up at 65)
- Secure Wealth Plus – their accelerated underwriting whole life option
These policies are participating, meaning they may pay dividends. In 2024, NY Life announced $2.5 billion in dividends, continuing a 171-year streak.
- Dividend Use Options:
- Purchase paid-up additions
- Accumulate interest
- Reduce premiums
- Take cash
Secure Wealth Plus Highlights:
- Whole life with accelerated underwriting
- Approval in 24–48 hours for healthy applicants
- Offers early cash value accumulation
If you want whole life, MassMutual, Guardian, Northwestern Mutual, and Penn Mutual are the top companies to compare New York Life to.
NYL Universal Life
NY Life offers both accumulation and guaranteed death benefit universal life (UL) options. Recent additions include:
- Custom Universal Life – designed for cash value growth
- Survivorship Universal Life – Ideal for estate planning.
Other companies that offer these types of UL policies include:
There’s no shortage of Universal Life products available to compare to NY Life.
New York Life Riders
Several riders are available to help you customize your coverage. The availability depends on factors like your age, the product purchased, your state of residence, your health, etc.
Disability Waiver of Premium – Waives premiums for insureds with total disability for 6 months or longer. Available to insureds up to age 59.
Accidental Death Benefit – Provides an additional death benefit if death is due to an accident. The rider terminates when the insured reaches age 70.
Chronic Care Rider – Allows you to accelerate a portion of the death benefit for long-term care if you become chronically ill and are unable to perform 2 of 6 activities of daily living.
Policy Purchase Option Rider (PPO) – This is a unique rider that allows you to purchase additional life insurance in the future without evidence of insurability. The amount available is the lesser of $150,000 or 5x your initial policy coverage amount.
Juvenile Insurance – Provides coverage for your children.
Underwriting
New York Life offers both phone and digital applications to make it easy for you to apply for coverage:
- eApp – Complete the application online instead of by hand.
- TeleApp – This is a phone interview to complete the medical section of the application (Part 2)
- Self-Completion Part 2 – Complete your health history online.
- Accelerated Underwriting – Available with Secure Wealth Plus
Important note – New York Life is more strict than other companies, requiring a paramedical exam at lower face amounts ($100,000+) than other companies.
If you have a high-risk medical condition, New York Life offers a quick-quote process to get preliminary feedback based on your health history.
Underwriting Guidelines
Each life insurance company has general underwriting guidelines to help determine the rate class you will receive.
All companies are strict with their best rate class, and New York Life is no different. Some comparisons of the Select Preferred rate:
| Description | Select Preferred | Competitor |
|---|---|---|
| No Nicotine | 5 Years | 3 Years |
| Cholesterol | Maximum of 275 | 300 – multiple companies |
| Blood Pressure | No Medications | Medication ok |
| Family History – Cardiovascular | No disease or death | Allowed |
| Family History – Cancer | Not a factor | Not a factor |
Bottom Line – Remember that each company has its underwriting guidelines, and you may qualify for the best rate at another company. We’ll help you determine which companies are best.
Customer Service
- Phone: 800-225-5695
- Online: here
- Address: 51 Madison Avenue – New York, NY 10010
FAQ
Yes, it’s one of the most financially stable insurers in the United States, with over 175 years of business experience and top-tier financial ratings.
Yes—through Secure Wealth Plus for whole life. However, their term life insurance usually requires a medical exam above $100,000.
Not for term insurance. However, for participating whole life or survivorship options, they remain one of the top mutual insurance companies.
Final Thoughts
New York Life is a strong choice for individuals seeking comprehensive coverage beyond basic protection. With a focus on whole-life, dividends, and financial security, it’s designed for long-term planning.
But if you’re just shopping for cheap term insurance or you want a no-exam policy, you’ll likely find better options elsewhere.
Want help comparing quotes? Let us show you how New York Life stacks up against other top-rated insurers based on your unique situation.
