New York Life At a Glance: Rates, Products and Reviews

New York Life Insurance Company, established in 1845, is one of the oldest and most trusted life insurance companies in the U.S. The company manages over $725 billion in assets, divided between its life insurance and asset management subsidiaries, and employs more than 12,000 agents and advisors nationwide.

New York Life offers a wide range of financial solutions, including insurance, annuities, mutual funds, exchange-traded funds and college savings plans. As part of its commitment to financial stability, New York Life maintains surplus asset reserves of $31.9 billion, according to the 2023 policy owner report published in early 2024.

New York Life offers three distinct types of annuities for customers to choose from. Each offers different benefits to meet various consumer needs.

Variable annuities offer tax-deferred market-based investment growth with optional contract riders that can offer additional guarantees for income, withdrawals, death benefits and more.

Income annuities offer the benefit of guaranteed lifetime income with a start date now or in the future.

Annuities are considered purchased once the customer completes and signs the policy and pays the premium. All annuities include a free-look period, which varies by state. The annuity’s premiums are invested according to the policy terms and underlying investments, depending on the type of annuity.

Withdrawals, guaranteed payouts and policy terms are determined by the contract and riders agreed upon at the time of purchase. Some riders must be selected when purchasing the annuity, while others may be triggered by certain anniversary dates or qualifying events. Be sure to carefully review the terms and conditions of your annuity contract before signing. If you have questions or need additional assistance, consult a third-party advisor.

New York Life products are designed to be reliable and straightforward. While they may not offer the highest rates or the most bells and whistles, customers choose New York Life for its long-standing history, financial strength and tradition of client success.

New York Life is a strong and highly rated financial services brand, offering a wide variety of services and solutions for investors of all ages. The primary benefits of working with New York Life are its size, quality products and financial stability. Before choosing New York Life, consider these benefits and other comparable product options.

As a mutual insurance company, New York Life is owned by its policyholders rather than being publicly traded. This structure allows the company to focus on clients and policyholders rather than quarterly results for shareholders.

One measure of client satisfaction is the National Association of Insurance Commissioners’ (NAIC) Complaint Index. This annual report reviews all insurers and compares the number of complaints a given insurer receives to the entire industry.

The National Complaint Index is standardized at 1.0. A score of 2.0 is twice the industry average, while a score of 0.5 is half the industry average.

A second important measure of an insurer’s strength and quality is the scores provided by professional rating agencies. New York Life consistently records excellent ratings.

New York Life is over 175 years old, and in some ways, it still operates with a traditional approach. Consumers who prefer to do all their research online may find limited information, as New York Life emphasizes the agent-client relationship. The company does not offer rate quotes or detailed product information online, prioritizing personalized service instead.

To purchase any New York Life product—whether life insurance or an annuity—you must work directly with a licensed agent. While this approach differs from the more online-focused practices of many insurers, New York Life customers benefit from working with dedicated agents who are specialized in educating and serving their clients.

If you already know which product you’re interested in, you can connect with a New York Life agent through their website or use the “Find an Agent” tool to locate a local representative.

When purchasing an annuity, minimum funding requirements may apply, depending on the product type. The most common way to fund an annuity is by transferring assets from a brokerage or retirement account into the contract. You can also fund an annuity by transferring funds from an existing annuity or a cash balance in a life insurance policy.

Editor Norah Layne contributed to this article.