Best Whole Life Insurance: New York Life

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  • For a life insurance policy with premiums that stay the same, you may want to consider a whole life policy. New York Life is one of the best options available.

The most common form of permanent life insurance, whole life insurance offers lifelong coverage along with consistent premiums over your lifetime. Policies often include a cash value account as an investment component with guaranteed returns on the policy’s cash value, unlike other types of life insurance.

Whole life insurance policies are typically more expensive than term life, though this makes them a great fit for individuals looking for coverage that lasts a lifetime and offers a guaranteed return on the policy’s cash value.

New York life offers some of the best available whole life insurance policies. They’re one of the most highly rated insurance companies, and they’re the number one mutual insurer in the United States, meaning the company is owned by policyholders. Because of this, New York Life pays out dividends to eligible customers. These customers can also vote in board elections.

Interesting Information About New York Life Insurance

New York Life has been in business for over 175 years. They sell their insurance plans through agents, and they have an A- rating with the Better Business Bureau. As you might imagine, the company is headquartered in New York, but their insurance policies are available in all 50 states.

What Products and Services Does New York Life Insurance Provide?

New York Life offers both term and whole life insurance policies. If you happen to have a term life policy with the company, you can convert your policy to whole life within a specific time period. Its two-term life policies are:

  • A convertible policy renewed yearly. The premiums start low and increase every year, and the price changes if you convert your plan to whole life coverage.
  • A level-premium policy that you purchase in 10- or 20-year terms. The premiums remain the same throughout the terms, and when the term ends, the premiums increase. Prices also change if you convert your plan to a whole life policy.

New York Life offers three plans for whole life insurance plans, including a customizable plan. The company’s whole life plans are one of the few plans you can get that consistently pay dividends. While paid dividends aren’t guaranteed, they’ve consistently paid them for 166 consecutive years, dating back to 1854. In 2020 alone, New York Life paid out just under 2 billion dollars in dividends.

Value Whole Life Insurance

New York Life’s Value Whole Life Insurance is geared toward people closer to retirement age. It helps those near retirement ages get adequate life insurance protection that fits into a more manageable budget. The premiums match a guaranteed death benefit but don’t offer the same guarantees of cash that other whole life policies do.

  • The minimum death benefit starts at $25,000.

Whole Life Insurance

The Whole Life Insurance plan is New York Life’s standard plan. As a step up from the Value plan, it allows you to balance your death benefit with cash value accumulation. It’s a good option for people who want to take full advantage of a whole life plan and lock in prices without worrying about premium increases. It also provides loan options later on.

  • The minimum death benefit starts at $25,000.

Custom Whole Life Insurance

Usually referred to as limited-pay, the Custom Whole Life plan gives people the option to pay premiums for a limited amount of time. You can pay off your policy in five and receive coverage for life. This option is similar to the Whole Life plan, though it’s paid sooner and begins building cash value much quicker.

  • The minimum death benefit starts at $50,000.

The Pros and Cons of New York Life Insurance

Pros

 

  • Plans offer accelerated death benefits and critical illness options
  • Level premium guarantees
  • Plans available with guaranteed cash value growth
  • Money-back options on some plans
  • Consistently pays dividends to policyholders

Cons

 

  • Doesn’t offer online quoting
  • No information about age limitations on New York Life’s website
  • Premiums may increase after set terms

What Are People Saying About New York Life Insurance?

New York Life scores very well on the National Association of Insurance Commissioner’s National Complaint Index report. 

For J.D. Power’s Life Insurance Study, New York Life ranked six out of 25 other insurance companies in 2020. This study ranks insurance companies on customer experience and satisfaction. In J.D. Power’s Annuity category, New York Life tied for first place.

Who Would New York Life Insurance Be Good For?

If you’re looking for a top-rated whole life insurance plan that potentially pays dividends, New York Life is one of the best options available. The company has been in business since 1845, and they’re highly rated for financial strength. Their plans are convertible and customizable and offer a complete range of life insurance policy types and riders.

New York Life is a great choice for those interested in permanent, whole life insurance options that offer guarantees and flexibility that fit into any budget. If you’re still looking at quotes, you’d benefit yourself greatly by getting one from New York Life.