Other products offered by New York Life include long-term care insurance and annuities. If one dies, the other gets the death benefit. This type of policy insures both partners on the same policy. Survivorship whole life insurance is also available for couples.Through this feature, customers have the flexibility of paying off their policy as soon as they want, eliminating the premiums in later years. New York Life offers four different policies in their whole life insurance plan, including one that allows its policyholders to customize their payment schedule. New York Life Custom Whole Life Insurance You are only required to answer a few health-related questions. Additionally, it’s easy to apply for and obtain approval. It is affordable, with no medical exam or lab work necessary. New York Life also offers “simplified term life” which is a type of no medical exam life insurance. These policies can easily be converted to permanent life insurance policies. The premiums remain fixed until the term ends. Level-premium term life policies are available in 10,15, and 20-year terms. You can also convert this policy to a permanent life insurance plan during the first 10 years or renew this policy again after the term ends. Each year, the annual price increases by a guaranteed amount for 10 years. This policy can be renewed every year without providing any health information. This is an annual term life insurance policy that starts with an affordable initial premium. New York Life insurance company offers the following types of term life insurance policies: Yearly Convertible Term Life In this case, it is important to do your research on the agent before engaging. Depending on the agent you interact with, you may have a very good or a very poor support experience. Lastly, there are conflicting reviews on the customer service that you may receive. Therefore, this may not be the best solution for those seeking long-range term coverage. While it is possible to renew after the term is over, the premiums will continue to rise every year. While some competitors offer term lengths of 5, 10, 15, 20, 25, and 30 (and others offer term lengths down to the year), New York Life only offers yearly coverage or term lengths of 5, 10, and 20 years. However, you must take into account the fact that you are essentially purchasing shares of the company, becoming a part owner in New York Life, which certainly has its long-term advantages.Īdditionally, the term policy lengths are much more limited than they are with other companies. When compared side-by-side with competitors, the other options will likely seem like better alternatives due to the premiums alone. While there are plenty of benefits to be enjoyed, including regular dividend payments and shares in the company, the bottom line is that the premium payments can turn many people away. One of the major disadvantages to New York Life Insurance is the above-average premiums. This is ideal for couples, because if either one dies during the term, the other spouse receives the death benefit. In a survivorship policy, there can be more than one policyholder and each policyholder is also a beneficiary. In fact, it is the only major mutual life insurance company to increase its dividend payout every year, despite changing economic situations and low-interest rates in the U.S.Ī distinguishing factor for New York Life is its wide array of survivorship policies. Dividend payouts have been increased by 36 percent since 2012. This makes 164 consecutive years that New York Life has been paying out dividends to its policy owners. On November 16, 2017, the company announced that it expects to pay its policy owners a record dividend payout of $1.78 billion in 2018. It isn’t often that you encounter a life insurance policy that regularly pays you back, so shrewd investors may find this company worth some extras in premiums. Because it is a mutual life insurance company, the primary benefit of being a policyholder with New York Life Insurance is that you are a part owner in the company and receive regular dividends as a shareholder.
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