How Does New York Life Insurance Company Rank Compared to Other Life Insurance Companies?


Quick Answer

New York Life Insurance Group rates among the top six companies writing life insurance and annuity policies, as of 2013. The company is also lauded by publications such as Fortune, Forbes and DiversityInc. for being among the top companies in areas such as most admired, brand recognition and diversity.

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Full Answer

New York Life Group offers three types of insurance policies: whole life, term life and long-term care. In the whole life category, customers can choose between the company's standard and customized options. New York Life standard policies grow in value over time and potentially earn interest over the life of the policy. It's custom whole life policy accumulates value quicker than standard policies and includes premium payment flexibility. Customers choosing its term life policies select the level of coverage desired and are able to convert term insurance into permanent insurance.

Deciding which life insurance policy to choose depends on financial needs and budget. Permanent life insurance is designed to provide coverage over the course of a person's lifetime. This type of insurance pays a death benefit to beneficiaries. Permanent life insurance policies provide a means to build a cash value asset that can be used as loan collateral. Alternatively, short-term life insurance provides coverage for a limited time, and while it has cost benefits, it must be renewed to continue the coverage.

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