New York Life Insurance (NYL) is one of the oldest life insurers in the United States. Founded in 1845, NYL is a mutual company owned by policyholders rather than shareholders. 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. However, they do underwrite for AARP’s life insurance options, which includes a $30,000 policy with no medical exam or health questions.
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 agents sell term, whole, and universal life. There aren’t any online quotes, so you’ll have to speak to an agent.
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 is a staple in the New York City skyline.
Since then, NYL has become the largest mutual life insurance company in the United States by revenue, owned entirely by its policyholders, instead of a board of shareholders. They have over 23,000 employees and agents in over 120 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-, 15, or 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
New York Life does not sell burial insurance policies through its agents. However, they do underwrite for AARP’s Life Insurance Program. These are commonly used for final expenses, but you must be an AARP member to apply.
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.
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 paid-up 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
AARP’s Life Insurance policies are underwritten by the New York Life Insurance Company. However, you will need an AARP membership to apply, and it’s important to note that AARP 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 holds 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. An index of 1.00 is a national baseline for number of complaints and resolutions, so a company should ideally rank lower.
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 0.71, indicating a below-average complaint rate for the company.
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
Stacey E
1/5
My uncle had a heart attack at work and follow up diagnosis of lung cancer. Long term disability has taken 6 months and is still dragging their feet on payment. My uncle has since passed and now we are denied the life insurance because he wasn’t actively working nor were we offered a conversion to address him not working. My family is struggling to cover my uncle’s end of life costs and I spend at least 3 hours on the phone trying to get answers. This is absolute neglect and fraud.
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.
Jody L
1/5
there customer service absolutely sucks!!!!!!!! i had to change payment form due to no fault of my own and the run around i got from them was rediculous.. and they wont speak to me about the payment on my husband s account to change it so i guess they just dont care and i will transfer to a different company ….. will never do business again with them
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 the same as AARP life insurance?
No, but they are connected. AARP Life Insurance policies are underwritten by New York Life Insurance Company. New York Life pays AARP for the use of its name.
You will need to be an AARP member to purchase an AARP policy, and you don’t need to purchase directly from New York Life.
Does New York Life offer final expense insurance?
Yes, but they only sell it through AARP Life Insurance. Their Guaranteed Acceptance policy offers $30,000 with no medical exam or health questions for members 50 to 85 with limited benefits for the first two-years.
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.