New York Life review

New York Life is a fit for families who want an advisor to build a plan that mixes term and permanent cover. Its level term life locks in premiums for 10, 15 or 20 years, and rates typically increase if you renew after the term. Convertible term options let you switch to a permanent policy later. Two riders stand out for families: if you die, your spouse can use the payout to buy their own paid-up life insurance without a medical exam, which New York Life describes as a unique option, and if you are terminally ill you can take part of the death benefit early. Its permanent lineup includes whole life with a guaranteed death benefit and guaranteed cash value, plus permanent policies whose cash value can be invested in the market. Dividends are not guaranteed, and not all participating owners are eligible. New York Life publishes no prices on its term page, and you buy through a financial professional, so it scores lower on experience and value here.

Who it is for

families who want an advisor and permanent options

Price

See vendor pricing (USD check pending).

US price check pending. See the vendor pricing page.

Key features

• Level term with fixed premiums for 10, 15 or 20 years
• Convertible term options can switch to a permanent policy
• Spouse can use the payout to buy paid-up cover without a medical exam
• Accelerated death benefit for terminal illness
• Whole life with guaranteed cash value and dividends (not guaranteed)

Strengths and weaknesses

• Strength: Spousal paid-up insurance purchase option, which New York Life calls unique
• Strength: Permanent options include whole life with guaranteed cash value
• Strength: Riders to customize the term policy
• Weakness: No published prices on its term page
• Weakness: Level term terms listed are 10, 15 or 20 years
• Weakness: Bought through a financial professional, not fully online

Key facts

• Level term lengths: 10, 15 or 20 years
• Conversion: To a permanent policy
• Purchase: Through a financial professional
• Published price: None

Where it ranks

New York Life is No. 8 in our Best Life Insurance Companies verdict.