Term life insurance provides coverage for a specific number of years. Here are the types of life insurance available, and the specific policies you can purchase. New York Life sells a handful of life insurance products. All our best life insurance companies have at least an A rating. ![]() AM Best assesses a company's ability to pay its claims on a graded scale, with A++ being the highest. The NAIC complaint index indicates how many complaints a company receives relative to its size. Our ratings take into account NAIC complaint index scores and AM Best ratings. In the table below, we compared New York Life to two other large insurance carriers, comparable in offerings and size (based on market share and annual premiums). New York Life ranked ninth on the list of 21 insurance companies.īefore choosing a life insurance company, it’s a good idea to compare several different carriers. It earned a score of 777 out of 1,000, which is one point higher than the industry average rating of 776 out of 1,000. Power's 2021 Individual Life Insurance Study. In addition, New York Life is rated slightly above average for overall customer satisfaction in J.D. New York Life is one of nine companies out of the 91 carriers we reviewed that earned the highest letter grade from the rating agency. AM Best rates companies based on their balance sheet, debt, and operating performance. New York Life also has the highest possible financial strength score (A++) from AM Best, the leading credit rating organization for life insurance companies. That means it got well below the number of complaints expected for a company of its size. Over a three-year period, New York Life’s average NAIC Complaint Index was 0.183 for individual life insurance. Companies with a complaint score above 1.0 have more complaints than expected, and companies with a complaint score under 1.0 have fewer complaints than expected. An index of 1 indicates that an insurer received exactly how many complaints would be expected, given the amount of policies it underwrites. How do we know that? We looked at the National Association of Insurance Commissioners (NAIC) Complaint Index, which measures an insurance company’s customer complaints relative to its size. In fact, it ranked among the top quarter of the 91 insurance companies we reviewed, with fewer complaints than some other popular providers, like Mutual of Omaha and Transamerica. New York Life received far fewer complaints than expected compared to other insurance companies of the same size. It does not offer a mobile app, which competitors such as MassMutual have. Does not have a mobile app: If you want the convenience of paying your premium and managing your policy on the go, New York Life may not be the best choice.Many competitors, such as Nationwide and State Farm, offer online quotes. ![]()
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