Not resolved

According to the St of WA Office of Insurance Commissioner Mike Kreidler:

Even though the NYL policy did not provide a minimum guaranteed fixed interest rate, it is perfectly acceptable for them to state in the Policy: "Minimum Guaranteed Fixed Interest Rate: 3%." The policy holder should have known that this was an Option explained elsewhere.

According to the Office of Mike Kreidler:

It is perfectly acceptable for the Guaranteed Death Benefit feature and its costs to be excluded from the NYL Policy because it is covered in the Prospectus. The consumer should have known that this feature and its costs were part of what was purchased by reading about them in the Prospectus.

According to the Office of Mike Kreidler: It is perfectly acceptable that the "Free Look Provision" (the 10 days you have to cancel with no penalty) only refers to the reviewing the policy and does not inform the consumer that the policy is not a complete or exclusive description of the products purchased and their related costs. The consumer should know that key information is only contained in the Prospectus.


When an Agent meets with a customer, they review the parts of the prospectus that apply to the annuity(ies) and features they are recommending. However, the customer is asked to sign a Client Profile that states, "I/We have read and understood the prospectus and above disclosure ….." This will be used against the consumer if there is a problem and it is used by unethical agents to mislead.

Product or Service Mentioned: New York Life Insurance Life Insurance.

Do You Have Something To Say ?
Write a review


Terms of Service
Post Comment

You demonstrated the disgusting NYL practice by needing to provide a large paragraph filling in all the blanks, and in the process, completely missed the point. CONTRACTS should have the terms clearly stated.

Did you see ANYTHING telling the policy holder where the money was? or that there were two avenues? No! and in this case the money was NOT put where expected.

Charges for features should be CLEARLY stated. These contracts are used by NYL to support dishonest practices by dishonest agents, supported by corrupt politicians bought & paid for by crony capitalism.


There is a 3% guaranteed minimum FIXED interest rate - that is if you have the money in the FIXED account. When you have money invested in the market there is usually never a guarantee.

That is investing 101. People should know the basics and difference between being in the market and being in a fixed account BEFORE they ever place their money anywhere besides a money market account. You can't play dumb and pass the blame, which is what most people prefer to do these days. It is the agent's job to explain the product yes, and they should absolutely do that.

However, the consumer needs to take some responsibility for their own lives and actions and they should know the basics of any field before they take action. There are fees and risk in the market regardless of what company you are with!!!! Fixed products usually pay a fixed rate and provide safety for the principal. Lower risk, possible lower return.

Higher risk, possible higher return. Anyone that puts their money in the market and doesn't think it can go down OR will be pissed when it does, should not be in the market in the first place.

You can not accept the gains without accepting the risks.


I had an interview with New York Life a week ago in Northern California area and a Chinese Managing guy pissed me off... why..

take a look. I am ok if he asks my job qualification relative questions but he asked my parents' occupations and I refused to answer then he said how about tell me what field they are working for? then he asked what my College GPA point was? I graduated more than 10 yrs ago and how the *** he wants that?

Then he asked where did you work previously and I answered he said I'd never heard of it of course you never because he only reads Chinese stuffs and my previous company was one of 100 companies in fortune magazine.

He only cares about money, status, and looking down people if you don’t have money. I refused to work this company who hired a guy life because I am a way better than this guy.

to Jon Louisville, Kentucky, United States #1032692

New York Life has 2 fortune 100 companies and there are people that haven't heard of that company. Not just Chinese people either.

You are making derogatory comments about this gentleman while at the same time complaining that he allegedly did that to you.

So it's alright if YOU do it???

to Jon Medford, New Jersey, United States #1213417

You went to an interview but didn't want to be asked any questions? You sound like a genius.

I would have kicked you out of the office 30 seconds into the interview. What a ***.

You May Also Like