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New York Life Annuities Review


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)
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New York Life is one of the largest life insurance companies in the United States. It offers a variety of life insurance policies as well as fixed-deferred, variable and equity indexed annuities, plus long-term care insurance and other investment products. The company is based in New York City and has been in business since 1845.
 
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How Do We Rate New York Life?

Breakdown

4.5/5
Policy Features
5.0/5
Fees and Commissions
4.3/5
Reputation and Financial Strength

Our Overall Rating: 4.6 / 5 (Excellent)

New York Life offers a competitive array of annuities and has one of the strongest financial reputations of any insurance provider in the country, which should lend peace of mind to anyone who's concerned about their underwriter's ability to pay out. As with most annuity providers, you must contact New York Life to learn about the specifics it offers, but this can be useful, particularly if you're new to annuities, because you can get assistance choosing the right product for your needs.

New York Life Annuity Features

Policy Features - 4.5 / 5

New York Life has offered fixed-deferred and variable annuities for many years, but in response to the rising popularity of equity-indexed annuities, it's launching a new IndexFlex Variable Annuity in January 2021 for customers who are interested in these. You won't find a ton of information about its annuity products on the company's website, but as annuities can seem complicated to the average person, you probably won't mind having to talk to a representative. They can answer any questions you have and help you decide whether an annuity is the best financial solution for you and figure out which kinds of riders you should add.
Annuity Type
Fixed-Deferred
Variable-Deferred
Equity Indexed
Purchasing Options
Insurance Companies
Annuity Riders
Guaranteed Minimum Accumulation Benefit
Unemployment Rider

New York Life Fees and Commissions

Fees and Commissions - 5 / 5

New York Life doesn't disclose its fees on its website, so you must ask about these when you contact the company to see whether an annuity is right for you. The exact amount you'll pay will depend on several factors, including which type of annuity you choose and which riders you add. Compare the costs of several different annuities before deciding which one is best for you.

New York Life Reputation and Financial Strength

Reputation and Financial Strength - 4.3 / 5

New York Life has some of the strongest financial strength ratings you'll find with any insurance provider. That's great news for customers interested in an annuity because it means the company shouldn't have any trouble paying out when necessary. It's also received pretty favorable customer reviews, which have earned it an A+ rating from the Better Business Bureau. Plus, the company's over 150-year heritage suggests that most who choose to work with New York Life are happy with the products and service they receive.
Year Founded
1845
Standard & Poor's Financial Rating
AA+
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++
BBB Rating
A+
Trust Pilot Rating
3.7 out of 5
Live Help 24/7
No
Live Help 24/7
No
Customer Support Hours
9 am to 7 pm ET, Monday through Friday
Contact Methods
Phone
Email
Social Media

Company Profile

Full Name
New York Life Annuities
Company Website
https://www.newyorklife.com/
Headquarters
51 Madison Ave., New York City, NY, 10010

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Our Partner
  • Fixed-deferred, variable and indexed annuities
  • Financially strong company
  • Variety of options for any budget
  • Good customer reviews
  • Get help choosing the right option for you

 

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