However, as with all the companies we review, we recommend that you receive a quote from New York Life and the other top companies and choose the best one for you. As far as financial strength and stability New York Life (and Northwestern Mutual Life Insurance Company) are literally the best in the country. The rates for New York Life Insurance Company are often much higher than what is available from other Superior rated life insurance companies. New York Life offers term, universal and whole life insurance. New York Life is the largest mutual life insurance and the third largest life insurance company in America. In fact, NY Life has a 100 Comdex score, giving them the highest financial ratings from the four main rating agencies. (NY Life does offer a level term policy as well.)īottom Line: New York Life Insurance Company has been in business for over 175 years and has an A++ Superior financial rating from A.M. This rate increases every year and gets expensive as one gets older. Also, NY Life offers a yearly convertible term life insurance policy. Many clients, especially younger families prefer: 30, 35 or 40 year terms. Term Insurance Length– The longest term life insurance length is 20 years. Stricter underwriting– NY Life’s underwriting can be more strict than other top companies such as Banner Life, Prudential Life, Protective Life, Lincoln Financial, etc. In 2021, many top companies offer term and universal life but not whole life insurance.Ĭons: Expensive– New York Life Insurance Company’s rates tend to be much more expensive than other ‘Superior’ rated companies (See rates below). Permanent Life Insurance– New York Life offers whole life insurance with dividends and universal life insurance. Also, New York Life is ranked #73 on the ‘Fortune 500’ list. Power’s Life Insurance Study for overall customer satisfaction survey index ranking. Awards– New York Life achieved one of the highest ratings from J.D. NY Life Insurance Company is the largest mutual life insurance in America in 2021. Size & History– New York has been in business for 175 years, since 1845 and is the third largest life insurance company in the United States. Only Northwestern Mutual Life Insurance company has received this perfect ratings achievement. They have over $330 billion in assets which assisted in their perfect financial ratings. Best (highest of 16 possible ratings) and a perfect 100 Comdex score (average rating from the 4 major rating agencies). Pros: Financial strength– New York Life Insurance Company has a perfect A++ rating by A.M.
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