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New York Life Online Insurance Reviews

Company Name: New York Life
Year Founded: 1845
Address: 51 Madison Avenue
City: New York
State/Province: NY
Postal Code: 10010
Country: United States
Website: www.newyorklife.com
3.2 
Overall average rating of 3.2 out of 5, and the percentage of positive recommendations 37 %
Service and reliability, great customer service and attention to detail. Handled all the issues I have had in a quick and expedient way with not a lot of out of pocket costs.
Always answers questions quickly; responds to all inquiries in a timely manner. The agents are friendly and knowledgeable. They have insurance plans for all levels.
I have been with my life insurance co for about 15 years. The rates are reasonable. You can get a discount if you have automatic withdrawals done to pay the premiums. If you want to make changes or have questions, the representatives will go out of their way to help you and make suggestions for you to consider. You can choose the date or change the date you're off the premium due date.
I really like it because if something ever happened to me everything would be paid for. I also got it for my son so if something happened to me then he'll be taken care of because that little boy means a lot to me.
My husband died suddenly over 4 months ago. I received life insurance money from 2 policies he had with other companies within 2-3 weeks. I'm still trying to get the money from New York Life that is to go to our children. I feel like I have jumped through hoops with them to no avail. Not once have they called me to tell me they need more paperwork but when I call them to check on the status, they tell me they need something else. After dealing with them for 4 months, I turned it over to a lawyer. He filed it with the courts and sent them the paperwork a week ago. Today, after not hearing from them again, I called and was told there was more paperwork needed and it was being reviewed by their legal team. This is all over wording in my husband's will that has been reviewed by my lawyer and State Farm agent and shouldn't even be an issue. My local New York Life agent has had very little contact with me and has been no help at all. I wouldn't recommend this company to anyone and will be cancelling all our policies with them. No one should have to go through what they put you through after losing their loved one.
I have not any problems except agent are leaving and I am not informed of the replacement. I got this policy through my work, but I have left there many years ago. When they increase my payment and have not heard anything from the New York Life. I am trying to get more information, but I have not received.
Anytime I need help or have an issue they are there. They are very pleasant and helpful. Several times I needed help paying my premium and had to borrow from the insurance to do it. It was very simple and uncomplicated. Representatives are very helpful and it took only a matter of minutes. Also were very helpful in helping me to adjust my insurance to make it more affordable for me.
I was told when I signed up for a Life Insurance Policy in February from AARP through New York Life that my policy would have cash value if I needed it at a later time or decided to do away with the policy. Since that time, I have had money taken out of my account on a monthly basis and have not received, but only received my initial mailings with forms. Today I canceled and was told that it has NO CASH value and to "HAVE A WONDERFUL DAY." After reading other reviews today, I'm personally glad that I'm canceling at this time instead of later. I have now lost over $500 with no chance of getting it back instead of thousands like other people. I'll never deal with New York Life. Again.
My husband had a Life Insurance Policy for years and years, I know it wasn't a lot of money and it was suppose to have interest added on to it and it had the capability of being worth more than the $15,000. When he passed away, the New York Life rep was not a very nice person, he was arrogant and was totally not a good rep. He was a smart mouth and I just wanted the money and he acted like it was coming out of his pocket, I also had a policy and it started out at $15,000 and before it was done with it was only worth $4,500. I would never recommend NYL to anyone.
Has been a great company to work with. Rates are reasonable. We do auto draft each month which makes paying very easy and worry free. I would recommend this company to anyone looking for life insurance.
What a joke!!! New York Life routinely misplaces documents that can't get death benefits paid out and everyone has an excuse. We have been trying to get money from them for two months and there is a failure at every level. Everyone should file complaints with their state insurance boards to hold someone responsible!!!
Almost a decade ago, a professional acquaintance (NYL agent at the time) approached us to enroll in life insurance. We weren't familiar with life insurance options, so trusted the agent to guide us in our best interests. The agent had us sign up for Whole Life. Several years ago, we contacted the agent because we were concerned with the high monthly premiums that kept increasing yearly. The agent tried to deter our request for a lower coverage, then later just simply ignored our requests. Previous to that, our yearly meetings would end up in us paying more. Then, we simply ignored NYL thereafter, but never cancelled our auto-paying premiums that kept increasing yearly. We have paid an average of $280 per month for whole life.Now, since enrolling in Financial Peace University, we see that Whole Life is not the way to go - it is unnecessary, costs way too much, and the cash value portion gives little return. Buying term insurance allows you to then invest the remaining that you would've paid on whole insurance in a mutual fund, IRA, etc. We've also been disappointed with the lack of online resources - like online chat - to take care of our NYL needs. We would prefer to not meet with another agent who'll simply try to persuade us to buy more insurance and not listen to us. In going through brokers for insurance quotes, they supply non-biased quotes, and none of those quotes are from NYL. This, as well as our experience with NYL thus far, are reasons we are looking to leave NYL. Recommending all life insurance consumers to get educated. Whole life is not the way to go. Agents make commissions on whole life - thus pushing consumers to enroll in it.
We bought our life insurance policies over 40 years ago. We really have not had to do anything. We make our premium payments and it grows. It's affordable insurance and we have peace of mind knowing that we have it.
I have been a policy holder since I was 14 years old. I like New York Life because it is an established company and they allow their policy holders yearly to vote on their officers, and they are the only company that I know of that offers a yearly anniversary benefit check to its policy holders.
Excellent experience. NY life has been around for a long time. I have spoken to professionals and knowledgeable people at New York life, and have been with this company for many years. NY Life keeps me up to date and notifies me. Keeps me informed of changes and other benefits that may help.
I bought whole life policy when I was about 18 years old. I paid $42.00 per month for nearly 30 years and was told every year after the original 'maturity' date that the promised cash value had not 'popped' and would not. The value was supposed to be about $80k to my recollection. I was told it was only about $4k and chose to cash it out as after dozens of phone calls, I was just given the runaround. The reason I am doing this review is a young person approached me selling one of these policies from another company. He said it would be a great investment. That I would put money in and if I didn't use the life portion, I would virtually receive my initial investment back (no interest of course). I lost tens of thousands of dollars from New York Life and would never recommend a whole life policy. Put you money in other investments and buy a term life policy. New York Life stole my money.
I had a great New York Life Insurance agent who helped me choose the life insurance I have now. The insurance he recommended meets my needs. It was easy to apply for the insurance and easy to state my beneficiaries. I was very satisfied with the process and can rely on this insurance to help my children and partner when I pass away.
Their website doesn't work. First their "go green" banner froze so I could not proceed nor log out. Once I found a way around it and submitted my payment I got an error message that their computer was not working. I called but they keep banker's hours when it comes to answering the phone. There's no chat option. This is my definition of terrible service. I wish I had never bought a product from them.
We have had policies with this company for over 30 years. They are always helpful and I trust them completely. We have all of our insurance policies with them.
We have had New York Life for our life insurance for many years. They are very personable and polite to do business with. They do not push products that we do not need and work with us to find the best policies in our budget. They also allowed me to get life insurance for myself at a decent price, which I did not think I could get because I am a smoker and diabetic. So now I am ensured my family will have nothing to worry about when I pass. They give great advice and offer many different products. In fact we recently got mutual funds through them to help save up for retirement.
A friend of mine who was an agent for NYL advised me to open both a term policy and whole life policy about a year and a half ago. When I unexpectedly got laid off this year, I was unable to make my very high premium payments on the whole life policy, so I worked with my agent for over a month on the surrender of the policy. He informed me that I would get a check for approximately 20% of what I'd put into the policy thus far. When the check finally arrived (2 months after I surrendered the policy) it was less than 1% of the value that I had put into the policy up to this point. Furthermore, I randomly get calls from varying agents about my term policy... It seems there is no coordination and certainly no honesty associated with this company. So basically, if you want to just donate money to major corporation with any unlikely payout at the end, stick with NYL. If not, I'd recommend avoiding this scam altogether.
Great customer service, easy online access, able to pay bills online right from my checking account. Always have access to my account. They have a guaranteed rate on my policy and are constantly offering special offerings.
When the insurance was taken we went through a friend of the family. I wasn't happy about when he left the company to pursue something else and the new agent never came to introduce himself to us. There was really no follow up from the agent, but the insurance itself was pretty ok.
I had questions when I first was looking for life insurance between term and whole life and when I called customer service they were very good at explaining the differences and very patient with me. I was extremely happy with the service I got from them. Would recommend them to everybody.
I'm new, but from talking to them on the phone was great! They explained what life insurance was all about and the different kinds of life insurance, which made it easy for me to make my decision. They also sent me written information. I bought life insurance for my daughter so she wouldn't have such a hard time when I pass away.
For a company that has over a Billion Dollars in assets, you would think they have the decency and respect for their policyholders to have more than one or two people answering the phone for the entire United States. When you call New York Life Insurance company for any reason at all. You will wait a bare minimum of one hour to speak to a human being, no matter why you are calling. This is totally unacceptable.
We stop our policy in November 2017. It was a business policy and NYL would not allow us to close after we closed it. They said if we no longer owned the business the policy would stand. (even though the bank account was ours.) The CSR we spoke to had us fill out paperwork, fax it in and go from there. The online form would not allow us to use it since we didn't own the business. See a pattern here? NYL sets you up for failure and makes it impossible to drop your policy. So the CSR said the other "best bet" was to cancel the bank draft. We did with our bank but somewhere the bank didn't cancel both auto drafts, just one. So we found that our account was still getting auto drafted and now we are out $2,200 and no recourse to recover the money because NYL says they had access granted to do it, by us. Ok. Maybe so, but funny how they only canceled a policy for me at $29.59 and not the other policy for $191.00. Our eyes are now open NYL is a SCAM, they don't care about their customers and they will STEAL from you. DO NOT WORK WITH NEW YORK LIFE! It will not serve you well.
Great company. I would tell all my family and friends about this insurance company. I have been with this company for over three years now and have had excellent service.
Not much to say. Bought, pay monthly good till I die. NYL as good as any on the market. I bought whole life and have had the ability to borrow against it, with low interest repay. I believe the amount of insurance I have will help my wife if I pass before she does.
I have had an insurance policy with New York Life for a number of years and are satisfied with the policy. This policy has provided myself and my family for years. It also has provided security for a loan in our early years of our marriage.
I am experiencing very bad behavior from one of your Agent. We met about 3-4 years before, His name is Deepak **, from Edison NJ Area. His Number is **. He calls me every year, push me some insurance policy to buy, first he starts talking nice and when I speak about numbers he doesn't have much to speak. He doesn't try to understand my requirements first of all when I try to explain. He always wants to sell me whole life policy and I never want to buy it, I keep explaining same thing. But when he still tried to push I told him to send some numbers via email. He never wants to send me an email (not sure why). He then start asking me to come and meet personally. When insisted to first send numbers and if it looks fine will meet. I didn't want to spoil both of our time.Then the real story starts. He started cursing me with so much negative attitude. He told "I don't know why I called you..." and then he told me "I don't know why I put my leg on you". This is really not acceptable, I am victim of this negative attitude 3 times, last 2 times also he spoke to me. He gets very angry on the phone, speak few bad sentences and disconnects phone and doesn't listen to me. This made me think that entire New York Life Insurance Company itself is like this. Please make sure he never calls me again. I tried to reach Kevin ** compliance head NYL - **, it always goes in his voice mail. Never returned call till now.
I love my insurance company. They are always available to assist me in any questions I may have regarding my coverages. They are a very reputable company and I feel confident that they will meets my needs in case something arises. I have two policies with them. The monthly premiums are low enough for me to be able to afford. My insurance company is always offering me additional great deals on more policies. They answer and make me fully understand any concerns or questions I may have.
GEBA and New York Life Insurance Company “BEWARE”. If you are looking for life insurance stay away from GEBA and New York Life!!! They will change the conditions of the insurance on you and there is nothing you can do about it except “lose a lot of money”. I purchased a “life insurance policy” thru GEBA in May 1994. Three years ago when I turned 65 the policy benefit was cut in half, at which time I called GEBA and talked to someone who explained the reduction schedule to me in great detail. I was thinking about cancelling when I called, but I had already invested so much money in the policy. When I was told that the reduction would stop at $20,000.00 at age 80 I decided to keep it so the family would at least get something for the money I had spent up to that point (of course I had to continue to pay premiums, which I did).The premiums were over $200.00 quarterly ($247.00 in 2010) averaging around $1,000 a year. Since I called and was going to cancel 3 years ago they have collected another $3,000 from me. If they hadn’t guaranteed me that at age 80, as long as I continued to pay the premiums my family would get $20,000.00. I would have cancelled them right then and there. My Dad was almost 80 and mother is 90 so I hoping to reach 80. Last month GEBA sent me a letter stating that they were going to “TERMINATE COVERAGE” at age 80. So totally unfair to change a policy on someone who has paid all these years, if you want to make changes it should affect the new policyholders and they should be told up front what the policy is. I feel like I have been lied to and mislead and it has cost me thousands of dollars.
I have had this insurance for many years and have had no problems with them. I would recommend this company to anyone that would asked. They provide me with everything that I need in an insurance company and I trust them completely.
I have not purchased any insurance yet, but it is because of what my mother is going through that I don't know if I will. I know there is no exams and it is so easy to get a plan, and as long as you pay your monthly premium diligently you are covered. That's all great, but try to collect when you need to and deserve to. All these years I have heard my mother say "your father and I are covered so well, there will be no problems." It was good to see her at such peace about the decision she had made about their coverages. It has totally turned out different for her. You see my father has passed away in 9/2015. She still has not been able to collect. One lady says she is not the beneficiary on it. Mom sent a copy, doesn't matter they don't see it. Now they need the trust information. They never had the trust when they opened this account. All this is causing more stress and wearing her down, and it is for something she paid for with her money. Never missed a payment! Your company won't pay out, it is because of honest people like my parents that have made you so big, it saddens me that she has to go through more pain, like her husband's death wasn't enough.
New York Life insurance agents that I have dealt with are very knowledgeable in their business and if they don't know answers they search to someone who does. My insurance agent is so awesome. She also helped with retirement fund and give very good financial advise.
It’s great, low payments a month. I believe they can help others in near future - for kids, adults, your car. I would recommend them to everyone in the world. I would not change from their service.
My husband had New York Life insurance since he was 20. Now he is 71 years old. He had 10,000 to 15,000 saved up with them, and then suddenly he received a letter from them saying his payments had gone up so high that they had to use his saved up money to pay the premiums for 3 or 4 years. No one alerted him to this before that. Now they keep raising his monthly rate for no reason. I know they are just trying to get rid of him because of his age and he has diabetes.
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