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Our take
New York Life’s customers rank it high for customer satisfaction and its policy offerings.
The company earned 4.2 out of a possible 5 stars and ranks second on Insure.com’s list of the best life insurance companies. It scores high in multiple categories and received strong third-party ratings. Almost 95% of the customers we surveyed said they planned to renew their New York Life policy.
Below is Insure.com’s review of the company. It’s based on third-party metrics and an in-depth survey of insurance customers. Find the full methodology here, including an explanation of our survey scores.
Pros and Cons
- A majority of customers surveyed rate the company as trustworthy
- High renewal rate
- Rates are cheaper than the industry average
- Other competitors scored higher for policy offerings
- In the middle of the pack among ranked companies for ease of service
How New York Life scores on customer satisfaction
New York Life received a score of 82% in this category. It ranked higher than several other companies here, although a few insurers scored higher. State Farm led this category. The company’s J.D. Power score was a tick above the 774 average.
| Insurance company | Percent of customers that are satisfied | J.D. Power overall satisfaction score (out of 1,000) |
|---|---|---|
| New York Life | 82% | 775 |
| Prudential | 81% | 773 |
| State Farm | 91% | 839 |
How much does New York Life cost?
Term life insurance is usually the most simple and affordable life insurance product. Insure.com used premiums collected by data provider CompuLife to evaluate New York Life’s term life offerings.
New York Life’s life insurance’s term life insurance rates are comparable to most other insurers evaluated in the Insure.com survey. Most insurers provided coverage for under $500 a year for 35-year-old non-smokers purchasing $500,000 in coverage for a 20-year-term. New York Life’s average annual premium is cheaper, at $465.
New York Life’s rates are 3% lower than the industry average premium of $481, according to Insure.com’s 2022 data.
| Insurance company | Average annual premium |
|---|---|
| New York Life | $465 |
| AAA | $473 |
| Northwestern Mutual | $501 |
How New York Life scores on ease of service
Policyholders want an insurer that makes it easy to use a policy. New York Life’s score of 84% put it in the middle of the ranked insurers in this category. State Farm customers scored it the highest.
| Insurance company | Percent of respondents that are satisfied with ease of service |
|---|---|
| New York Life | 84% |
| State Farm | 91% |
| AIG | 77% |
How New York Life scores on policy offerings
A wide range of policy offerings makes it easier for consumers to find the coverage they need.
The percentage of those satisfied with New York Life’s policy offerings is 82%. A few competitors scored higher. State Farm led this category.
| Insurance company | Percent of respondents satisfied with the company’s policy offerings |
|---|---|
| New York Life | 82% |
| State Farm | 89% |
| AAA | 78% |
How trustworthy is New York Life?
Trust is at the heart of the relationship between an insurer and its customers. New York Life had one of the highest scores in this category, with 76% of the customers we surveyed saying they trust the company. State Farm was the most trusted life insurer.
| Insurance company | Percent of survey respondents who find the company trustworthy |
|---|---|
| New York Life | 76% |
| AAA | 73% |
| State Farm | 86% |
Do New York Life customers plan to renew?
Consumers who are loyal to a company offer testimony about the insurer’s performance.
About 94% of customers plan to stick with New York Life. A good score, but 100% of Prudential customers said they would renew.
| Insurance company | Percent of survey respondents who find the company best for renewing a policy |
|---|---|
| New York Life | 94% |
| State Farm | 99% |
| Prudential | 100% |
New York Life life product details
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
Other services offered
- Individual disability insurance
- Long-term care insurance
- Annuities
- Investment vehicles
States where New York Life offers coverage
Company background
New York Life is one of the biggest mutual life insurance companies in the U.S. The insurer also has some of the highest financial ratings when compared to its peers. The company anticipates a dividend payout of more than $2 billion in 2023.
New York Life’s history stretches back to 1841, when its predecessor – the Nautilus Insurance Company – was founded. Today, New York Life is one of the oldest and largest mutual insurance companies in the United States.
Policyholders share in the ownership and have received dividends based on the company’s investment performance every year since 1854. In 2020, the company paid out $1.9 billion in dividends to eligible policyholders.
Resources & Methodology
Sources:
New York Life. “Over 12,000 agents. One who will be there for you.” Accessed December 2022.
New York Life. “Five things to know about the founding of New York Life.” Accessed December 2022.
New York Life. “Over 175 years of helping people act on their love.” Accessed December 2022.
J.D. Power. “Individual Life Insurance Study.” Accessed December 2022.
