Most helpful review

Dissatisfaction

I took out long term care insurance over 12 years ago. I was assured that it was unlikely that my premiums would increase much later on. Well, not long after I turned 66 guest what? My premiums nearly doubled! Perfect example of bait and switch. They claim to have made a mistake on their actuarial analysis. Even if that were true, why should I pay for their mistake? I wouldn't have signed on in the first place if they had been competent or honest. \

User's recommendation: If it looks too good to be true ("low premiums"), it probably is. Unless you know you are going to need extensive nursing care do not fall into this trap. The agents act like your friend, but they are only looking out for their bottom line.

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ID
#2599928 Review #2599928 is a subjective opinion of poster.
Location
Milwaukee, Wisconsin
New Reviewer

Website always diffucult

Once again signed in to my account, finally got the site to accept the generated code then keeps taking me to a page that says forbidden server and will not take the payment.

User's recommendation: more user-friendly site like normal companies. Too many screens to send in payments.

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ID
#2457585 Review #2457585 is a subjective opinion of poster.
Preferred solution
Let the company propose a solution
New Reviewer

Best company and I can prove it...

After meeting with an agent in the Santa Rosa Ca. office in August 2019. My husband and I decided to purchase 750k each of Custom Whole Life. Nine months later my husband passed due to a brain aneurysm. I thought for sure they would fight me on the claim. They are fantastic... seven days after I filed the claim, my agent delivered the life-saving funds personally. They saved my family. So stop bashing them, they will always have my recommendation and support. From one who knows.

User's recommendation: Don’t be stupid meet with someone no one lives forever.

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ID
#2263861 Review #2263861 is a subjective opinion of poster.
Location
Windsor, California
Pros
  • Professional
  • Development and supportive
  • Best decision ever made

SLOW PAYMENT

Wife died, filled claim 3 weeks ago, got more papers in the mail today to fill out, NYL is dragging its feet to hold onto the money as long as pos, they suck. The other policy s, THe other incs paid in 7 days

User's recommendation: Run away advoiud them.

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ID
#2173605 Review #2173605 is a subjective opinion of poster.
Location
Missoula, Montana
New Reviewer

Scamming seniors with a bogus policy

I looked into my 74 year old mother's new policy. She was paying approx.$10.00 a month for $5000 policy for 20 years. WTF mom??? January 2019 they raised her premium to $21. For a brand new $3000. Policy.. Told her she is out of all that money, and telling her she has no cash vested in any of her life insurance policies. The agent con her into a new policy in January so what happened to the $5000 policy the agent said she can't have no cash back it's not cash vested??? $10. a month for 20 years how much money is really invested. She spent all that on a $5000. Policy??? I'm mad at my mom for not doing the math. Now this new policy of $3000 that now cost her$21.00 a month, how long are they going to scam her now. What can I do? Any one else?
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1 comment
#1817995

From all the information you've given I'll try to explain what it looks like. Your 74 year old mother bought a 20 Year Term Life Insurance policy.

Benefits of Term LI, much much cheaper & affordable life insurance, like you explained $10 a month & if a policyholder, i.e. your mother, dies then the beneficiary, i.e. spouse/children/pet?, would receive tax-free $5000 from the insurance company. Downside, it is for a term, between 1 Year Term up to 5-30+ Year Term.

Another downside is the premiums, cash, paid into the Term LI policy do NOT grow and stay inside the policy. This is a simplified but I hope informative info about TERM LIFE INSURANCE. There are others such as Universal Life and Whole Life but since that isn't relevant, I hope this is ok. Before you think your mother was ripped off, lets do some math and think about what your mother was thinking, hopefully she knew full well what she was signing up for because $10 a month is on the low side.

$10 (a month) premiums x 12 months = $120 Annual Premiums Paid $120 (a year) x 20 years = $2,400 Total Premiums Paid DB (Death Benefit) = $5000 That means your mother at age 54 signed up for a "guaranteed premium" of $10 a month, $120 a year and in the 20 YEARS since then, a total $2,400 for a $5000 Death Benefit in case she were to pass away. Netflix is like $9 a month right? Since premiums, the amount paid, are categorized on things like your age and health. Your mother who is now older, 74, than she was when she initially bought a term insurance, 54, has premiums that will be higher because her risk of passing away is getting higher with age, as is everyone her age.

If you want to keep the policy intact or to gain a new policy it seems you have to now may $21.00 a month, to keep her insured but for a lower DB of $3000 but never stated for how long this policy is for. With all the info you've given this is all the info I can get and hope it helps you to understand the situation as I don't believe her agent was out to do harm because with the 20 Year Term policy structured like your mother had, she was insured for $5000 for 20 years in case the worst were to happen to her which did not and she paid less than half of that, $2400, over 20 years.

ID
#1717135 Review #1717135 is a subjective opinion of poster.
Service
New York Life Insurance Life Insurance
Cons
  • Scam my elderly
  • Insurance fraud
Reason of review
Insurance scam elderly woman
Loss
$10000
Preferred solution
Let the company propose a solution

Target Life

New York life target life was designed for annuity payouts. The interest is compounded daily. Some policies were to pay out weekly annuities according to the pay scale... 40 years ago people bought into the idea of becoming millionaires without having to die.
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ID
#1686851 Review #1686851 is a subjective opinion of poster.
Location
Sacramento, California

Lousy customer service

All one gets is a runaround the country with different call centers and promises to resolve a problem but no resolutions. The company like most is not really in the insurance business.. it's a financial institution like a commercial lending bank Insurance is just a vehicle to produce a revenue stream to to accrue capital in support of financing operations. that is true for all large insurance companies. Policyholders are simply a nuisance to NY life and other insurance companies. A policy holder is a "necessary evil" the downside of their core business which is financial operations. All large companies now have implemented the same busoiness model: "For every customer we lose, we get 5 new ones so why bother with customer retention"
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ID
#1622987 Review #1622987 is a subjective opinion of poster.
Location
Lynchburg, Virginia
Service
New York Life Insurance Annuity

Not given full details

I am over 60 and sought financial guidance when I was laid off. New York Life insurance was promoted by AARP, so I went with them. I was sold a life annuity policy without being told full details, although I mentioned I would probably be moving out of state eventually. She told me 'don't worry, there are ways". Its been a little over a year and the need to move came sooner than expected and frankly I'm screwed. Thats right, there is no way to get money out or a loan or anything. I cannot believe I have been so stupid, but I trusted her.
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ID
#1614803 Review #1614803 is a subjective opinion of poster.
Location
Orlando, Florida
Service
New York Life Insurance Annuity
Reason of review
I was not given full disclosure
Loss
$86
Preferred solution
Let the company propose a solution

Consumers are a party to their own decisions

Reading the complaints here is a sad commentary on the American public. People deserve good service, and to have their "best interest" served, always. But c'mon people. Read your own posts. It is obvious that most of the people complaining here do not read the material you are given, and take no active part in your own personal financial business decisions. I have worked in this industry for 35 years and represent many companies. The consumer bears some responsibility to ensure they understand what they are buying. In this highly regulated industry today, all the details of all these products are all disclosed in writing, unless there is outright fraud. I doubt there is very much outright fraud. I dont see outright fraud being posted here.
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3 comments
#1891776

ny life insurance co turn my whole life into term policy because non payment of premium without your knowledge and they start policy then using your cash value to pay for term policy . your policy face value will be reduce and with term insurance no cash value and money run out from cash value policy will be cancelled for no value.

so see this insurance company gimmick.

consumer be careful think twice before who you deal with insurance agent to make money on you once you take policy. agent get pay every time you pay premium

#1675879

Remember this all started a long time ago. In the 90s when most of these ppl were kids their president went on a campaign of denial.

They learned that it’s NEVER THEIR FAULT!!! You can see it in practically every post on this site. It’s ALWAYS someone else’s fault or responsibility. Even if they may admit they did something wrong it’s ALWAYS subverted by someone doing them wrong.

It’s this lack of responsibility that has pervasive effects on everyone. It makes supposedly educated adults into simpering *** who lack the most basic skill of common sense. My family taught me to read what I’m signing. In my family we don’t let others dictate terms we dont agree with.

We fight any contract clause that we find to be one sided in favor of the opposing party. Our rule of thumb is if they give you a premade contract prepare to fight. This should be common knowledge but you would be surprised how many complaints here show that people dont read.

They don’t protect themselves and take no responsibility for not doing so. No it’s always going to be someone else’s fault because they are foolish and ignorant.

#1675779

Interesting, and valid observation. However, in a society populated with a majority who only care about sports, movie and telly stars and who are functionally illiterate with little common sense you get the kind of problems and complaints you see here all the time.

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ID
#1518558 Review #1518558 is a subjective opinion of poster.
Service
New York Life Insurance Life Insurance

Annuities

they have my wife in multiple ira annuities "the same things" just to get more of her money. they have her in two products they will not tell what they are but say they are annuities which are taxable and we get 1099INT's on which we pay taxes.
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ID
#1487291 Review #1487291 is a subjective opinion of poster.
Service
New York Life Insurance Annuity
Reason of review
Problems with payment

Tax Forms

Hi, I have not received yet my 2018 Tax Form. Can you please send it to me?
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ID
#1460579 Review #1460579 is a subjective opinion of poster.
Location
Tujunga, California

You can do better, Agents only want the highest commission. Be smart and aware!

I was sold a life insurance policy that tripled and was way over priced to start with. Also rolled an IRA and was eaten alive by commissions and terrible returns during banner years. I was nieve and uneducated to the products and services, do your homework and get smart. Don't, DON'T trust the commission driven agent. After being milked for tens of thousand the Agent would return my calls or emails when I wanted to pull out. Had to call the corporate office to close out my accounts. Run away, fast!
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ID
#1432937 Review #1432937 is a subjective opinion of poster.
Location
Bethesda, Maryland
Service
New York Life Insurance Life Insurance
Reason of review
Poor customer service

Customer Service Agents Clueless

Its like dealing with the Harlem Globe Trotters. Get the ball spin it, pass the ball, flip it round and round, pass the ball, start ovet
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ID
#1430294 Review #1430294 is a subjective opinion of poster.
Location
Sayreville, New Jersey
Service
New York Life Insurance Annuity

Insurance Expert Talks

Exposed: Types of Insurance Scams and Fails

Mar 7, 2021

In this video interview, Charles R. Gallagher, an attorney, explains what sort of insurance fraud happens with consumers. Find out more about insurance fraud, the worst cases discovered, and how to protect yourself from insurance scam.

Charles
Charles

Charles R. Gallagher, an attorney and managing partner with Gallagher & Associates. His practice focuses on insurance litigation, foreclosure defense and consumer law.

What happened to them

I have full legal guardianship of my mother. I took care of all her funeral costs long ago. She still has a balance on her mortgage. I went to NYL to surrender her 50 year old whole life insurance for cash in order to pay it off. In that time cash value only grew by $5,000. The agent made a big deal, as if 5,000 in 50 years, was something great??? Since I am also the only beneficiary on that insurance I didn't think it would be a problem. The agent acted like he knew it was not enough but pretended to be confused about it. A few weeks later I get the letter back saying that I needed a court order, my legal guardianship was not enough? So I got one and sent it. I'm waiting on that still.... will follow up. He obviously wasted my time by not making sure and keeping the money longer. Then since my husband has a loan with NYL, he gets billed yearly for the interest. This year, I scheduled 3 payments before it was due. Well, apparently you can't do that. After only the first payment, they wrote saying they increased the loan balance in order to pay the rest of the interest. It wasn't even all due yet. Why, why did they not call before doing that? I would have just saved it aside and made that huge payment. Clearly, they are just about making every last dime from interest and never paying out. They once were a good company, 30 years ago. Now, *** no. We cancelled that policy. DO NOT KEEP.
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ID
#1371660 Review #1371660 is a subjective opinion of poster.
Location
Seattle, Washington
Service
New York Life Insurance Life Insurance

Rip off

I purchased a whole life insurance policy 40 years ago and my insurance agent said that I needed more insurance ( I was not told that the policy was a term life policy). He signed me up for Target Life which when paid for disappears at retirement and forty years of payments to the company are pocketed and I am left with nothing. A complaint was filed and New York Life had a Class Action Lawsuit charged against them for misleading customers. An ADL was added to my policy which is given back to the company at the conclusion of the policy This is the worst fleecing I have ever received and I am totally disgusted with the company. Buyer beware of this awful company.
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1 comment
#1671327

You mean you bought a policy without reading the contract? why is it NYLife at fault or the agent? Is it the original agent from 40 yrs ago?

ID
#1359205 Review #1359205 is a subjective opinion of poster.
Service
New York Life Insurance Life Insurance

Worst company

worst company ever, they are a lie, they lie to their clients, and when the client change the policy they sent a letter stating that you probably got a worst policy, they are a completely lie, do not go to that company, they will try to convince you and the when they sell the policy you will never get a customer service from them {{Redacted}}
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ID
#1308028 Review #1308028 is a subjective opinion of poster.
Service
New York Life Insurance Customer Care
Reason of review
Poor customer service

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