New York Life Insurance Company Review

New York Life Insurance Company has been a staple in the insurance and annuity industry for one hundred and sixty years. Further, they have led the insurance world by taking a number of first steps in the financial services to Americans. For example, New York Life Insurance paid the first cash dividend to policy owners in the United States. They were also the first company to issue life insurance to women at the same rates as men.

The company has a strong financial position and as of September 2009 reported nearly $120 Billion in assets and $117 Billion in liabilities. Rating agencies back up strong claims, with Moody’s rating the company ‘Aaa’ and both Fitch and Standard and Poor’s gave an ‘AAA’ rating in 2009. AM Best rates their claim paying ability as ‘A++’ for their ability to meet obligations to policyholders.

» Get Life Insurance Quotes

Term Life Insurance Offerings

New York Life Insurance offers traditional term life insurance as well as a few unique policies. Traditional term life insurance choices include a twenty year term and a five year term policy. These policies may be renewed or converted to permanent policies at the end of each term.

The first unique offering is called ‘Family Protection Life Insurance’. This type of insurance covers the entire family, two adults, but does so with only one policy. Premiums for this protection are guaranteed level for ten years and increase annually after that. Dual income families will find this type of policy an affordable and simple option for protecting both persons.Another policy that provides pure insurance and is ideal for lower budgets is ‘Increasing Premium Term’. This is essentially an annual renewable term life insurance policy. What this means is that each year a one year term is renewed, increasing in price as the insured ages. This type of insurance can save the policy holder money while they are young, but the risk of becoming uninsurable is present.

New York Life Insurance also offers a ‘Term to age 90 Life Insurance’, which they claim is affordable protection until the policy owner reaches age ninety. Premiums are guaranteed to remain level for ten years, then increasing annually. In the event that protection is needed to that age, this policy will offer the insurance. Though insurability is guaranteed to age ninety, the policy may become cost prohibitive during later years.

Whole Life Insurance Options

There are three options for whole life insurance, the first of which is traditional ‘Whole Life Insurance’. This policy offers lifetime protection, cash value accumulation, as well as premiums that are guaranteed to remain level for the policy owner’s life.

‘Custom Whole Life Insurance’ is a policy that allows the structure of premiums payments to be customized. For example, the policy can be set up so the owner pays premiums during working years and ceases making payments at retirement age. The idea is to pay premiums while there is earned income  and free up the cash flow after retirement, all while maintaining a lifetime of protection.

A version of custom whole life is ‘Modified Premium Whole Life Insurance’, which offers the same guarantees of traditional whole life. The difference is that this policy is designed with lower premiums initially, which will increase in later policy years. This policy is well suited for those families on a tight budget but anticipate a healthier financial position later in life.

Universal and Variable Universal Life Insurance Choices

New York Life Insurance has a number of choices when it comes to UL and VUL policies. The types of insurance fall into three functional groups, each designed with a purpose in mind. There are multiple options for wealth preservation, survivorship focus, as well as flexible universal life insurance.

For maximizing flexibility NYL offers the ‘Accumulator’ series of VUL, the ‘VUL 2000’, and the ‘NYL Universal Life’ policies. These offerings are designed to provide full flexibility with premiums and the amount of coverage, the primary advantages of universal coverage. Variable policies offer the standard array of more than a dozen fund and investment choices.

Insurance Focused on Survivorship

If high coverage amounts and lower insurance costs are needed, New York Life has policies suited to provide such coverage. The ‘NYL Protector’ is a universal life policy with maximum emphasis on death benefit. They seek to provide the lowest cost of insurance and policy expenses, thus providing higher levels of coverage for the premium dollars.

‘NYL Survivorship UL’ is a similar policy; however it is available with a ‘Lifetime Guarantee’. What this offers is built in no-lapse protection so long as policy conditions are met and premiums are paid. This protects the owner against losing the protection or any unforeseen taxable events that may occur upon the lapse of a life insurance policy. Lifetime guarantee protection is also available with the NYL UL policy.

These types of UL policies are also well suited for business needs and estate planning. Also, this type of insurance can be used to provide long term financial care for dependents with special needs and are frequently used in special needs trusts.

Designed for Wealth Preservation and Protection

New York Life has two single premium policies designed to provide a legacy to beneficiaries, the first of which is ‘Instant Legacy’. It is named appropriately as it has a unique and simple qualification process. The applicant is not subjected to medical exams or blood testing; they simply fill a one page questionnaire and get a same day decision on their approval and coverage amount. The policy does have surrender charges, though there are options for partial surrender after year one.

The second such policy is ‘NYL Asset Preserver’, which is designed to preserve assets in the event of a long term medical care need to the owner. This policy provides access to the death benefit to cover monthly long term care expenses. The accelerated benefit may be used to pay for home care, assisted living, or even nursing home expenses. This single premium policy also offers a lifetime money back guarantee, returning the greater of premiums paid or the cash surrender value.

To find the best life insurance products request a free, comprehensive quote comparision. Secure your future today, Get Started Now.