New York Life

Incorporated more than 175 years ago is New York Life. It has been paying dividends to policyholders for more than 160 years straight, operates as a mutual company today, and has its headquarters in New York City.

New York Life, one of the biggest providers of life insurance, offers flexible plans across the country. Most of them offer a death benefit given to your beneficiaries that is tax-free. You'll have to speak with an agent in order to obtain a New York Life policy. The company's website does not offer a way to get a price or apply for insurance. The company offers both term policies, which end after a specified period of time, and permanent insurance, which follows you for the rest of your life or as long as you keep paying your premiums. Whole life and universal life are the two sorts of permanent policies available. While whole life offers a predictable premium and death benefit, universal life insurance give you flexibility. If you want to change your term insurance policy to a permanent one, there is a charge.

The type of policy affects the coverage limits. For instance, the Protection Up to Age 90 policy starts at $1 million. However, for the majority of policies, you'll need to speak with an agent to find out what kinds of coverage are offered. There are no age restrictions indicated and policies are available in all 50 states, so that might be something to bring up with your agent.

For people all around the United States, New York Life Insurance offers term and permanent life insurance. Policies come with a customizable death benefit that is tax-free. There isn't much information on the website, so you'll need to speak with an agent to get an estimate or buy a policy.

Pros:

• A broad range of term, whole life, and universal life policy options
• Policies can be customized with riders
• Tax-free death benefits for all policies

Cons:

• No online quotes or applications
• Conversion fee to switch from term to permanent

Founded: 1845

Revenue: US$44.117 billion (2019)
Website: https://www.newyorklife.com/

U.S. News Rating: 3.7/5.0