New York Life Insurance is a Fortune 100 Company that is considered to be the largest mutual life insurance company of the United States. It offers a variety of services that includes life insurance, annuities and long term care insurance. There are also other plans of asset management and retirement plan. There are also a wide variety of products and services, such as the institutional and retail mutual funds. Most of these insurance products are marketed through out Asia and Latin America.
More About New York Life
It is more than 160 years that New York Life Insurance Company has been providing consistent strength and different investment strategies in order to provide financial protection to the clients. This company became the first company to pay cash dividends to the different policyholders, and continued to enhance the product lines. Thereby creating new financial products for our clients and families. The life agents of the company are one of the best agents that are available in the nation, in order to accommodate the different financial needs of the clients. The mutual insurance company is a company that is not publicly traded. There is no stock that is required to be brought by the company, but it is observed that the policyholders share the ownership of the company. We can say that this company is a partner in terms of long term planning of the company. We have $160 billion as assets in the company and the company holds a stable and diversified portfolio that constantly receives some of the highest ratings. The company has made huge efforts to earn these earnings. The capital position of the company is said to be the strongest in the industry.
New York Life Insurance Ratings
The company has always received some of the highest ratings of the industry, from some of the best insurance rating agencies.
A.M. Best (A++)
Standard & Poor’s (AA+)
We have a conservative balance sheet that that lays the foundation of balance sheet management. The investment portfolio of our company is diversified as well as stable and most of the assets f the company are n the form of fixed income securities, and most of these securities have been provided with investment grade ratings. There is a feature of expense control that is reflected in the financial assets of the company, in the form of low expense ratio. It was a testimony to the sound financial position of the company. The participating policyholders of the company are allowed to make a share in the investments of the company, as they receive the dividends that are declared by the shareholders of the company. It was the mid 1800s that New York Life had paid more than $ 35 billion in terns of dividends to the policyholders. It was in the year 2004 that the company paid an amount of $ 1.4 billion to the participating policyholders. When the company declares an amount as dividend, the policyholders are provided with many options, like they can utilize the amount of dividend, for the existing policyholders, to purchase the new life insurance policy. In case you are making constant payments as premium for a number of years, then it is possible that you can make future payments from the current and accumulated dividends.
The company is highly committed towards its core values, and in the years there has been a lot of charitable contributions made, when the company helped the victims of yellow fever when there was an outbreak of the disease in New Orleans. It was in the year 1951 that the company established the first formal contribution budget. It was in the year 1998, there was an implementation of an initiative that was known as Nurturing the Children
The worst company ever. It goes for customer service and products.
The worst company ever. It goes for customer service and products.
I paid my annual premium and then lost my job. I called to get a partial refund and they refunded my entire premium! When I get a new job, I am definitely going back and buying New York Life!
Happy Long Time Insured
I bought life insurance to protect my family and it served its purpose. Sadly last year my wife died and I had to process a claim. I tried for the longest time not to touch the proceeds, but it finally came a time I had to. I am pleased with the company although not very excited about my current agent. I bought more insurance with NYL for my son and daughter because I realize the roles will soon be reversed and I will have to depend upon them as I age and god forbid something were to happen to them I would like to know I have the funds to retire with grace. After 7 or 8 years of paying a couple of the whole life policies I didn\'t have to make payments because they used cash values to do so. Looking back the only thing I didn\'t wrong is not get more, however something is a lot better then nothing.
Lost Over $950
In three months I LOST over $950 in penalties when I surrendered the policy. All the things they don't tell you at the time of purchase. Keep you money under your pillow. Brokers will only make you BROKER. This company did not even return my calls.
My loved one died over 6 months ago and I'm still waiting!!! We did what we were suppose to, but anytime you call they blow you off.
Masters of Obfuscation!
Have had a 1/2 million whole life policy for over 20 years and they can't get the premium/dividend mix right. When I try to talk with them, I get so much "insurance talk" that my head spins. What I need is so simple that I could explain it to a first grader, but they continue to feign lack of understanding. I have paid THOUSANDS in premium that I did not need to pay because of their playing dumb. When I finally wrote them a details letter, their response was even worse - so much technical jargon that I defy anyone not in their business to translate it. And throughout all, they keep telling me how dedicated they are to customer service - sure, you are. Finally figured out that all this is their way of avoiding what I want and getting more premium. And with a whole life policy, you're a captive.
I bought my first policy from New York Life in 1987 and let it lapse during a divorce 3 years ago that I am still kicking myself for. Bought myself a new policy with them in 09/07; the 1st one and the new policy are both Whole Life, I prefer the benefits of a permanent policy. If you could get a Rolls Royce for the price of a Chevrolet or Kia you would and with New York Life you can do just that and you're a fool to buy your insurance with anyone else. When you buy life insurance, what you are really buying is a promise (the promise that they will be there and will pay the claim promptly when you die), and that promise is only as good as the company making the promise (get it) !!!
can't beat it!
Over the past 2 years we have consolidated most of our insurance and investment portfolio with New York Life. Outstanding agents who have top-notch training... combined with great products. What's not to like?
When my husband and I started looking at life insurance rates, we fortunately called New York Life. Theri, our agent, met with us, and took time to learn what was important to us, so a proper plan could be set in place.