New York Life Insurance (NYL) is one of the oldest and most popular life insurers in the United States. They offer a wide range of great financial products, but their life insurance may not be the best for seniors.
Though they do offer term life, whole life, and universal life insurance, NYL unfortunately does not provide burial insurance. This is disappointing for a company with so many options, and can leave seniors without quality, affordable coverage.
At Final Expense Benefits, we help seniors find reliable life insurance at any budget. Burial insurance is our specialty, but we offer solutions for anyone looking for quality coverage.
To learn more about life insurance, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized pricing estimate.
Key takeaways
New York Life is a respected, historic insurer, founded in 1845.
NYL has a broad range of life insurance and financial products, but they do not offer burial insurance.
NYL has strong third-party financial ratings, though their customer service has many negative reviews.
Though their life insurance options are strong for younger applicants, we don’t recommend New York Life to seniors.
What Is New York Life Insurance?
Founded in New York City in 1845, the New York Life Insurance Company boasts a long, storied history. They quickly became one of the first major insurers in the United States, covering famous historical Americans like women’s rights pioneer Susan B. Anthony.
New York Life’s iconic headquarters were built in 1929 and remain a staple in the New York City skyline.
Since then, NYL has become the largest mutual life insurance company in the United States, owned entirely by its policyholders, instead of a board of shareholders. They have over 23,000 employees and agents in over 100 offices across the US.
New York Life has an accomplished history, but is their life insurance as impressive?
New York Life Insurance Coverage Options
New York Life offers several types of life insurance, but they don’t provide burial insurance with seniors in mind. Here’s what they have:
1
New York Life Term Life Insurance
New York Life treats term life insurance as their specialty. Typically used by young adults and workers as income replacement in case of death, term life insurance provides coverage for a set duration. Most term life providers offer 10 to 30-year terms, but NYL term life insurance is only available in 10 to 20-year terms. When the term ends, you’ll have to renew coverage, typically at a higher rate, and many companies offer policies with longer terms priced similarly to NYL term options.
Term life insurance typically has large death benefits and low premiums for young adults in good health, but health requirements may not be as friendly to seniors. Because of term life insurance medical underwriting, seniors may have to pay high rates or may even be completely ineligible for coverage. Plus, seniors risk outliving their coverage, and rates usually rise after policy renewal.
While New York Life’s term life policies are solid, we typically don’t recommend that seniors purchase term life insurance.
2
New York Life Whole Life Insurance
Offering lifelong coverage, premium rates locked at the policy’s start, and cash value growth, whole life insurance is typically a better choice for seniors. However, traditional high-value whole life policies often have high premiums and strict health requirements, which is why we generally guide seniors toward burial insurance.
Unfortunately, New York Life doesn’t have a burial insurance policy designed with seniors in mind and doesn’t share rates or underwriting requirements. It’s difficult to tell what rates seniors would be eligible for, particularly with any pre-existing health conditions.
New York Life rates and eligibility are hidden behind a call with an agent and an application. However, Final Expense Benefits is proud to work with over 20 of the best life insurance companies in the U.S., and we provide a free online quoting tool for quick, easy reference.
3
New York Life Burial Insurance
Also called final expense insurance, burial insurance is a type of whole life insurance with simplified health requirements, low rates, and benefit payouts specialized to cover seniors’ needs. Though benefits are typically limited to around $5,000 to $50,000, these payouts are plenty to cover funeral and burial plot costs and other end-of-life expenses.
Unfortunately, New York Life doesn’t offer a burial insurance policy. While they do offer a traditional whole life insurance plan, eligibility for these types of policies is stricter than for burial insurance, leaving seniors without specialized coverage.
If you’re interested in burial insurance, contact Final Expense Benefits. We’re experts in the burial insurance market and can connect you to a great plan that fits any need and budget.
4
New York Life Universal Life Insurance
Similar to whole life insurance, universal life insurance offers lifelong coverage, as long as premiums are paid. However, universal policies have an additional upside: cash value can grow based on investment performance.
New York Life offers several types of universal life insurance, offering cash value that grows through different investment products they manage. That cash value can be used to purchase additional coverage or benefits that you can receive during your lifetime, such as annuity payments.
Unfortunately for seniors, universal life insurance is better suited to young adults and other younger, healthier applicants. Seniors typically seek more guaranteed returns on their cash, and universal policies can lose cash value if investments perform poorly. In addition, universal policies usually have strict health requirements and often exclude seniors from coverage.
5
New York Life Insurance Riders
Life insurance riders add extra, optional coverage to life insurance policies. Some riders are included in policies at no additional cost, but most increase premium payment rates. New York Life offers several policy riders, including:
- Spouse purchase option:
Allows a spouse to buy a second term policy without a medical exam using the original policy’s death benefit if the policyholder dies. Exclusive to New York Life term life insurance. - Disability waiver of premium:
Waives premium payments if the policyholder is diagnosed with a disability. Available with term and whole life policies. - Living benefit:
Allows early access to the death benefit if the policyholder is diagnosed with a terminal illness. Available with term and whole life policies. - Chronic care payout:
If the policyholder is diagnosed with a chronic illness, it gives them access to the payout for treatment. Available with the whole life policy. - Paid-up additions:
Policyholders can make extra premium payments to increase their plan’s cash value and death benefit. Available with the whole life policy. - Accidental death benefit:
Provides an additional death benefit if the policyholder dies in an accident before age 70. Available with the whole life policy.
AARP New York Life Insurance
New York Life Insurance partners with AARP to offer exclusive life insurance to AARP members, including term life, whole life, and NYL’s only burial insurance policy. Unfortunately, all AARP New York Life policies are group policies.
Group plans are usually less flexible and stable than individual policies, and rates or coverage can change without your knowledge or consent. They’re less reliable than individual policies; we recommend seniors avoid AARP life insurance.
How Much Does New York Life Insurance Cost?
New York Life Insurance rates are hidden behind an application, offering no samples for seniors still shopping for coverage. This means you’ll have to speak with a sales representative before getting access to rates.
New York Life normally works only with “captive” agents, meaning they can only offer New York Life products. This structure can limit choice and sales agents may steer applicants toward policies that may not provide the best rates or coverage.
Final Expense Benefits is proud to partner with over 20 of the top life insurance companies. We are happy to share rates and offer a free online quoting tool so you can shop before committing.
Contact Final Expense Benefits to find the policy that best fits your needs from our extensive list of options, or check our free funeral cost calculator to see how much coverage you need for your final expenses.
New York Life Pros & Cons
Pros
- High financial stability ratings
As one of the oldest life insurance companies in America, New York Life enjoys significant financial stability. They are one of two American life insurers to have the highest possible rating from the AM Best rating service, A++.
- Online application
Some providers require a mail-in application, but NYL provides an online application for those interested. - Informative website
New York Life’s website offers thorough information about their life insurance.
Cons
- Captive agents
Most of New York Life’s policies are sold through captive agents, limiting options. - No burial insurance
Though New York Life offers whole life insurance, they don’t provide a senior-focused burial insurance policy. - Unclear premium rates
New York Life doesn’t share sample rates on their website, making it much more difficult to compare their policies to other providers. - Mixed customer service feedback
Though New York Life customer service has high ratings overall, many customer reviews complain about issues with payouts and policy eligibility. - Unclear underwriting practices
Medical underwriting, the process insurers use to determine applicant eligibility and rates, is one of the most important steps of the life insurance application process. Because NYL doesn’t share rates or any additional policy information, it’s difficult to tell if their underwriting practices are favorable to seniors or applicants with pre-existing conditions.
New York Life Insurance Reviews: Third-Party Rating Services
New York Life AM Best Rating
1
AM Best is a rating service that assesses life insurance companies’ credit, their ability to meet financial obligations, and pay benefits on time. New York Life is one of two American insurers to hold an A++ AM Best Rating, indicating top-tier financial stability and reliability.
New York Life NAIC Rating
2
The National Association of Insurance Commissioners (NAIC) tracks customer complaints against life insurance companies and rates them on their yearly complaint index. Ratings range from 0 to 10, and insurers should aim to be rated below the 1 average.
The NAIC rates New York Life Insurance 0.27, indicating strong, reliable service. NYL’s group life insurance division, which handles their AARP life insurance options, is rated 1.52, indicating an above-average number of complaints.
New York Life BBB Rating
3
The Better Business Bureau (BBB) helps customers find trustworthy businesses by tracking customer complaints and offering complaint resolution services. Their rating scale ranges from F to A+.
NYL’s current BBB rating is A+, but they aren’t BBB-accredited, indicating strong but imperfect customer relations abilities. However, NYL’s BBB customer ratings are overwhelmingly negative, scoring 1.08 out of 5, and customers have filed over 300 complaints against NYL with the BBB in the past three years.
New York Life Insurance Reviews: Customer Ratings
Ryan M
1/5
We are a funeral home that routinely helps families process life insurance claims with a variety of insurers, including New York Life (NYL). I am the owner of the funeral home. I can definitively say that NYL is one of the most difficult life insurance companies to work with and routinely treats policyholders with a rude, hateful, and uncooperative attitude.
Perhaps worse yet, the families of deceased policyholders are often spoken to in an authoritative and condescending manner. We worked with a “customer service” agent today in trying to determine if beneficiaries of a life policy might be deceased. Rather than be helpful, she indicated she would rather see policy proceeds be remitted to the State of Illinois as unclaimed assets. She was amongst the most vile of the folks we have worked with. Our funeral warns all people to stay away from New York Life and work with other companies that we have seen firsthand will service your policy in a professional and caring manner.
Elvina W
1/5
I had their term life for years then I turned it over to whole, the premium was so high I had to cancel. I tried to reapply for term, now I’m uninsurable. If that’s the case, give me all I gave you previously. Scam alert.
Susan C
1/5
My father bought a $75,000 life insurance policy through New York Life insurance in 1987. He never missed a payment and his payments were never late. Now, at the age of 86, it has been cancelled because he didn’t pay his $100 premium by end of year 2024. He is 86 and tried to pay on the phone once he figured it out. Unfortunately, he was confused during the automated phone call and thought he made a payment.
He alerted me to the issue when he recognized the problem (I am his daughter) and I called multiple times and sent an email to the only email address I could locate. Nothing. They wouldn’t work with me. They wouldn’t work with my father. Thirty-nine years of paying and literally nothing. While I understand that people must make on time payments, aging can bring about all kinds of memory issues.
But if your track record is 38 to 1, doesn’t that mean anything? This company has not a shred of human decency; he will get nothing. And, not that they care, I will spend the remainder of my life telling anyone who will listen that New York life is a predatory, nasty company that does not care about doing anything right as long as they get their money. Last year, their CEO raked in nearly five times as much as my father ever made in a year in his career as a professor. The irony of it all is that their tag-line is: More than a policy. An act of love. What a joke.
Burial Insurance: The Best Choice for Seniors
Burial insurance is great for seniors looking for dependable, affordable coverage. Most seniors qualify for policies without waiting periods, even with minor pre-existing health conditions. Guaranteed burial insurance is an option for seniors with major conditions like cancer, dementia, or terminal illness.
Burial insurance is so affordable and accessible because benefits are limited to around $5,000 to $50,000, plenty to cover end-of-life expenses like funerals, cremation, and burial plot costs.
Plus, these policies are all whole life insurance, so rates are locked at the policy’s start, cash value grows over time, and benefit payouts will never decrease.
Below are burial insurance sample rates from some of our top providers for a benchmark $10,000 policy using a non-smoking applicant with no pre-existing medical conditions:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our great life insurance partners, call Final Expense Benefits at (866) 786-0725 or check our free online quoting tool for a personalized pricing estimate.
Final Thoughts
New York Life is a respected insurance provider with a long, proven history and strong financial ratings. However, they are held back by a lack of transparency in the application process and don’t provide burial insurance.
New York Life has some interesting options for younger applicants, but we recommend seniors seeking affordable and reliable final expense coverage look elsewhere.
Final Expense Benefits can help you find a great policy. To learn more, call our expert agents at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quote tool for a pricing estimate.
FAQ
Is New York Life a pyramid scheme?
Though their closed, captive sales structure typically isn’t a beneficial way to handle life insurance sales, New York Life is not a pyramid scheme. They’re a legitimate and longstanding mutual life insurance company.
Is New York Life a good company?
Overall, New York Life is a good life insurance company with significant financial strength, though their life insurance lineup is sorely lacking burial insurance.
Is New York Life legit?
NYL is a legitimate life insurance provider that has been in business since 1845 and holds high scores from major third-party rating agencies.
Where is New York Life Insurance located?
New York Life is headquartered in New York City, occupying a historic building constructed in 1929.
Who owns New York Life Insurance Company?
New York Life is a mutual life insurance company, meaning ownership shares are split between policyholders.
What is burial insurance?
Burial insurance is a low-cost type of whole life insurance designed to offer seniors accessible, affordable coverage. Average benefit payouts range from around $5,000 to $50,000 and are typically used to cover costs for funerals, cremations, burial plots, and other end-of-life expenses.
How much does a funeral cost?
In 2025, average funeral costs in the U.S. are around $10,000, which is why most sample burial insurance quotes are for $10,000 policies.
