New York Life: Life Insurance Review

Table of Contents

Best For Senior-Friendly Insurance Plans

New York Life offers nine different life insurance plans, and its plans are particularly senior-friendly. The company has partnered with the AARP and has some plans with simplified underwriting. In addition, New York Life’s Easy Acceptance plan has relaxed eligibility criteria, so only those with serious medical conditions are likely to struggle to get accepted. This makes the company’s plans an appealing option to older adults and those who have preexisting but relatively minor medical conditions that might make them ineligible for cover with most other companies. The wide variety of plans available lets seniors tailor their coverage based on their budget and coverage needs.

Pros and Cons of New York Life

Pros:

Nine different plans to choose from
Easy acceptance plan options are available
Some plans are eligible for dividends
AARP partnerships make the company senior-friendly

Cons:

Online account management features are limited
Some riders and policies are limited in certain states
The pricing structure is not particularly transparent

Overview of New York Life’s Insurance

New York Life is a senior-friendly life insurance company with a large selection of policies to choose from. Death benefits start at $25,000 and go up to $250,000, and there are options for higher death benefits available upon request. Many of the policies are senior-friendly, with flexible acceptance criteria, making the company a likely choice for those who might otherwise struggle to get accepted for life insurance.

Company

Overall Score (1-5 Scale)

Senior Friendliness

Ratings and Reviews

Financial Options

Riders and Customizations

Online Services

New York Life

4.2

8.6

3.3

How Much Does New York Life’s Life Insurance Cost?

New York Life does not provide a lot of information about the pricing structure of its insurance policies. The company encourages individuals to get in touch for a personalized quote for term life insurance. For whole life insurance, it provides an example of a $250,000 policy for a 35-year-old costing $273.56 per month. Insurance costs will vary dramatically depending on the policyholder’s age, the level of coverage they’re looking for and their general health. Someone who has preexisting medical conditions or is classified as high-risk due to their occupation or lifestyle may pay more than a person assessed as lower risk.

Eligibility, Plan Details, & Other Information

New York Life is one of the most senior-friendly life insurance companies due to its range of plans. Unlike some providers with complex eligibility requirements that focus on insuring younger customers, New York Life offers nine different plans, meaning seniors should be able to find one that suits their needs.

Some plans offer relatively small death benefits, going as low as $25,000. However, these plans are quite affordable and may be a good option for a senior who simply wants to make sure funeral expenses and their loved one’s short-term outgoings are covered. The company restricts its term life policies to those aged 75 or younger. However, it offers other policies open to those aged up to 90 years old. This is a much higher limit than many rival insurance providers.

Those With Medical Conditions May Still Qualify

New York Life offers an Easy Acceptance plan that accepts all but the most gravely ill. This plan is a good option for seniors turned down by other insurance providers due to their advanced age or because they have an existing medical condition.

Some Plans Have Simplified Underwriting

This life insurance provider has partnered with the AARP and has several plans designed with seniors in mind. These plans have simplified underwriting, making them more accessible to older adults.

Seniors under age 70 can choose a plan with an accidental death benefit. This benefit means if the policyholder dies due to an accident, their beneficiaries will receive an additional payment. However, the accidental death benefit is not available to those over age 70.

Who Should Consider New York Life?

Seniors Aged 70 or Over

Seniors aged 70 or older may find New York Life to be a good option for their life insurance coverage. The company offers whole life policies for older seniors and accepts those up to the age of 90.

Those With Preexisting Medical Conditions

New York Life’s Easy Acceptance plan has more relaxed acceptance criteria than many other policies. Seniors turned down for life insurance from other providers may find they are eligible for coverage from New York Life.

What Are People Saying About New York Life?

Reviews praise New York Life for its longstanding reputation as an insurance provider and because its whole life plans pay dividends. They speak positively of the company for offering generous whole life coverage, including coverage for those who are older or who have preexisting health conditions.

Reviews of the company’s term life policies are less positive,, and they criticize the company for its online services being less modern than that of many rivals. However, for those who are happy with a more traditional company and primarily phone-based customer service, the whole life insurance policies offered by New York Life could be an affordable option.

Frequently Asked Questions

What is Term Life Insurance?

Term life insurance is a policy that lasts for a set period. These policies cost less per month than whole life but expire when the term runs out.