New York Life Insurance Review 2026

New York Life’s exceptional financial strength and wide array of life insurance policies, riders and payment options mean there’s something for everyone, but the company is an especially good choice for older adults.

New York Life earned 4.9 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Based on its star rating, New York Life is one of our best life insurance companies. The company also earned spots on our 2026 lists in the following categories:

• Best term life insurance.

• Best whole life insurance.

• Best life insurance for seniors.

• Best mutual life insurance companies.

• Best for veterans.

Where New York Life stands out

New York Life offers a huge number of policy, rider and even payment options to life insurance shoppers who are drawn to the company’s excellent financials and low complaint ratio. The insurer is one of the oldest mutual life insurance companies in the U.S and is set to pay out a record $2.78 billion in dividends to policyholders in 2026.[1]

Where New York Life falls short

While New York Life offers a lot of policy options, you can’t get quotes for any of them online. Instead you’ll have to work with an agent to learn more or purchase a policy. And except for those issued in partnership with AARP, most of New York Life’s policies require a medical exam.

Term life insurance. The company offers two types of term life, both of which can be converted to permanent life insurance before a deadline.

• Yearly Renewable Term can be renewed each year. Premiums start low and increase each year. 

• Level Premium Term is available in 10-, 15- or 20-year terms. Premiums stay the same throughout the entire term, so you know exactly how much you’ll pay for coverage.

Whole life insurance. New York Life has a few whole life insurance policies, including Custom Whole Life, which allows you to choose your payment schedule. Other policies, like Secure Wealth Plus, can be paid off in the span of 10 years.

Universal life insurance. You can choose between two types of universal life insurance policies with New York Life.

• Universal Life lets you adjust your premiums and benefit amount while the policy is active.

• Variable universal life (VUL). The cash value of New York Life’s variable universal life insurance policy is tied to market performance. You can choose your own investments or use existing models created by experts. The insurer offers two VUL policies: Variable Universal Life Accumulator II and Market Wealth Plus, both of which are available in all states.

New York Life insurance riders

Depending on the type of coverage you choose, you may be able to add some of the following life insurance riders to your policy.

• Spouse’s paid-up rider. Gives your spouse the option to purchase their own coverage using the payout from your policy without taking a medical exam.

• Disability waiver of premium. Pauses premiums if you become disabled.

• Accelerated death benefit. Allows you to withdraw cash from your policy’s death benefit if you’re diagnosed with a terminal illness.

• Long-term care. Lets you put part of your death benefit toward care for a chronic illness while you’re still alive.

• Paid-up additions. Enables you to make extra payments to build cash value more quickly and raise your policy’s death benefit.

• Accidental death benefit. Pays an additional death benefit if you die as a result of an accident.

• Extended term insurance. Adds extra coverage to your permanent policy for a set period of time.

• Child’s protection benefit. Waives payments for your child’s life insurance policy until they turn 25 if the parent or guardian paying the premium dies or becomes disabled.

• Insurance exchange. Lets you transfer your coverage to someone else, as long as they’re in good health.

• 5-year term. Adds term coverage to your existing policy for five years at a time. 

» MORE: Compare life insurance quotes

Below are monthly rates for a 20-year, $500,000 term life insurance policy from New York Life. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.

A strong sign of consumer satisfaction is how many people complain about their insurance company to state agencies. Over three years, New York Life has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

New York Life ranked No. 8 out of 22 companies for customer satisfaction in J.D. Power's 2025 U.S. Individual Life Insurance Study[2].

• What Reddit users say about New York Life

  Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like life insurance, so we sifted through Reddit forums to get a pulse check on how users feel about insurers. People post anonymously, so we cannot confirm their individual experiences or circumstances.

  Reddit threads that mention New York Life insurance are generally positive, with people commenting on the value the insurer provides through financial stability and good customer service. Some Reddit users also mentioned the convenience of having investments and insurance managed in one place. Others praised the mutual company’s history of paying dividends.

  Complaints about New York Life on Reddit usually focused on cost, although many acknowledged that insurers with cheaper rates usually offered less financial stability.

How New York Life’s customer experience stacks up

New York Life’s site is detailed, educational and easy to navigate. There’s a clear “What we offer” dropdown with the types of life insurance you can choose from.

Screenshot captured by our editorial team on October 27, 2025.

When you click into an option, like term life insurance, you’ll find information about how the policy works, available riders and frequently asked questions. You’ll also see a table comparing key features of New York Life’s policies, which is a nice visual reference.

Screenshot captured by our editorial team on October 27, 2025.

When we called the insurer, an auto-responder immediately asked for a policy number, Social Security number and reason for our call. We did not hand over this information. We were speaking with a representative a few minutes later, though she said she couldn’t answer coverage-specific questions and would connect us to an agent. We were on hold for five minutes before being transferred to the wrong department.

When we tried calling again, we were on the phone with a live representative within a couple of minutes. We said we were interested in learning more about life insurance, and she confirmed the call center representatives can’t answer policy questions. She explained how to reach out to one of New York Life’s agents instead.

What it’s like to apply for a policy with New York Life

New York Life doesn’t offer online applications. It works with a network of life insurance agents across the country, and there are buttons throughout the site directing users to connect with one.

If you’re ready to apply or simply looking for more information about life insurance policies, you’ll need to fill out a form with your contact details. New York Life will then pair you with a local financial professional.

This process applies to the company’s suite of financial products, including life insurance, investing and estate planning.

Screenshot captured by our editorial team on October 27, 2025.

» MORE: Life insurance application

New York Life offers other financial products and services, including:

• Annuities.

• Long-term care insurance.

• Mutual funds.

• Estate planning.

• Disability insurance.

New York Life can be reached by:

• Phone: Call 1-800-225-5695 on weekdays from 8 a.m. to 7 p.m. ET. 

• Email: No customer service email available.

• Live chat: Not available.