Life Insurance Reviews Advertiser Disclosure

New York Life Insurance

3.2 out of 5 stars
9 Reviews

From Policyholders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4.5 out of 5 stars

Customer Service

4 out of 5 stars

3 5
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Most Helpful Positive Review

Sep 28, 2016
Great policy to have- peace of mind
Anonymous Policyholder

It will help you in the long run & take care of you & your family

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Most Helpful Negative Review

Aug 09, 2016
Was supposed to be Whole Life Insurance
Anonymous Policyholder

I paid $75 per month for 30 years for a $250,000 life insurance policy that was presented to me by my employer as whole life insurance.  I just retired and now New York Life insurance company is telling me that what I had been paying on all these years was Universal Life insurance, and they want me to pay several hunderd dollars per month to turn it into a whole life policy. What's more, the premium on the Universal Life is no longer valid, even though I was told it would never go up.  The agent claims that the company is not making the same amount of money from their investments that they managed years ago, and they can no longer offer the same product.  In other words, they want their long time customers to make up the difference even though they made money off of our premiums all those years.  I would not recommend New York Life Insurance to ANYONE!

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These reviews were written by current and former policyholders in the last year.

Sep 28, 2016
Great policy to have- peace of mind
Anonymous Policyholder

It will help you in the long run & take care of you & your family

more ...
Sep 20, 2016
Poor Representation from Insurance Agent
Anonymous Policyholder

The agents are paid on commission and incentivized to upsell you product while represnting themselves as advisors trying to help your financial situation. They do not clearly state that they sell insurance but take you through a long process of going through finances in detail and the only solution they present is life insurance. 

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Aug 09, 2016
Was supposed to be Whole Life Insurance
Anonymous Policyholder

I paid $75 per month for 30 years for a $250,000 life insurance policy that was presented to me by my employer as whole life insurance.  I just retired and now New York Life insurance company is telling me that what I had been paying on all these years was Universal Life insurance, and they want me to pay several hunderd dollars per month to turn it into a whole life policy. What's more, the premium on the Universal Life is no longer valid, even though I was told it would never go up.  The agent claims that the company is not making the same amount of money from their investments that they managed years ago, and they can no longer offer the same product.  In other words, they want their long time customers to make up the difference even though they made money off of our premiums all those years.  I would not recommend New York Life Insurance to ANYONE!

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Jul 31, 2016
Outstanding!
Gitrdun40 Policyholder

Had and still have a policy since I was 19 . Now I'm 48. Always been excellent service when I needed. Even when borrowed against it. I don't see how they could do any better. 

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Jul 24, 2016
I was not told about term life insurance
Savage8604 Policyholder

I was not told about term life insurance we are older.I can't afford the term. I hope we die before 80 after that no life insurance.

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May 13, 2016
COUPONKING00 Policyholder

this policy is great. it takes care of my love ones and pays all my expenses at the end. i would recomend

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May 10, 2016
Beautiful
Anonymous Policyholder

I have this insurance for about 3 years and glad to have it,

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Apr 06, 2016
Anonymous Policyholder

I have this since I was 21 been paying on it since I was 18

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Feb 26, 2016
Buy term and invest what you will save
Anonymous Policyholder

I had a variable life policy sold to me thirty years ago and after hearing what I could have made after buying term and investing the difference in premium I realize how much I lost by giving $160 month times 384 months. I have paid over 61,000 to NYL for 100,000 of life insurance with the so called retirement investment added in. To date the payout will be about 12,000 when I retire. I could have bought term insurance for $50 a month and invested the $110 savings. Even without earning a penny of interest I would have pocketed another 30,000. Imagine what it could have been built up to over 32 years with even 5% average return. 

In a nutshell, buy good term insurance and invest the difference. I wish I would have! 

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