When it comes to whole life insurance, one of the premier names in the industry is New York Life. Year after year, New York Life makes our list for the top dividend paying whole life insurance companies, with a record $2.5 billion in dividends scheduled for policyholders in 2025.
NY Life has dominated the advanced markets arena for years and boasts some of the top producers in the industry, year in and year out. In this comprehensive New York Life review, we’ll focus on the company’s history, strong ratings, cash value insurance options, and the latest product updates for 2024-2025.
Table of Contents
About New York Life
Company Highlights
- Founded in 1845 (over 175 years in business)
- Largest Fortune 500 mutual insurance company
- Set to pay out a record $2.5 billion in dividends to eligible policyholders in 2025
- Over $538 billion in assets under management
- Perfect 100 out of 100 Comdex ranking
New York Life was founded in 1845, making the company one of the oldest and most established insurance providers in the United States. As a mutual company, New York Life is not owned by shareholders but rather by the participating policyholders, who share in the ownership rights of the company and take part in the company’s profits through dividends.
What is a mutual insurance company?
Mutual insurance companies are not owned by shareholders but rather by the participating policyholders, who share in the ownership rights of the company, as well as take part in the company’s profits through dividends.* Mutual companies are privately held and operate for the sole benefit of policyholders, rather than for the benefit of stockholders.
New York Life was the first company to pay a cash dividend to policyholders and has maintained a strong dividend history for over 100 years.
*Dividends are paid to participating policy owners.
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New York Life Ratings & Financial Strength
New York Life is one of the most financially secure companies available, as is reflected in its perfect 100 out of 100 Comdex ranking. New York Life receives these high marks due to its commitment to limiting risk, its competitive advantage in the marketplace, and its large capital reserves.
NY Life’s current ratings:
- A.M. Best rating: A++ (highest rating)
- Fitch rating: AAA (highest rating)
- Moody’s Investor Service rating: Aaa (highest rating)
- Standard and Poor’s rating: AA+ (second highest rating)
- Comdex Ranking: 100 (perfect score)
Additionally, New York Life Insurance Company has an A+ rating with the BBB, which demonstrates the company’s commitment to serving its customers and resolving issues.
The company also scored above the industry average in the J.D. Power Individual Life Insurance Study, reflecting strong customer satisfaction, and has a low complaint volume relative to its size.
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2025 Product Updates
Latest Developments at New York Life
New York Life continues to enhance its product offerings, with significant updates to both whole life and universal life products in 2024-2025. These updates focus on improved flexibility, accelerated cash value growth, and easier policy management.
Secure Wealth Plus Whole Life
New York Life’s Secure Wealth Plus policy is among their newest offerings, providing expedited underwriting and guaranteed accelerated cash value accumulation, especially in the early years. This is in addition to their standard Whole Life and Custom Whole Life policies, which allow for flexible premium payments and potential for higher early cash value growth.
The Secure Wealth Plus policy is specifically designed for those who prioritize early cash value growth, making it an excellent option for those looking to utilize the infinite banking concept or for business applications where early cash value access is important.
New Universal Life Product (August 2024)
In August 2024, New York Life launched a new, easier-to-manage Universal Life policy. This product emphasizes long-term protection, flexible policy management, and aims to provide more peace of mind for policyholders at no additional cost. The new management tools are designed to help keep coverage aligned with changing financial goals, making it more user-friendly for those seeking both protection and cash value growth.
While our primary focus is on whole life insurance, this universal life option provides an alternative for those seeking more premium flexibility while still building cash value.
Record Dividends for 2025
As a mutual company, New York Life is set to pay out a record $2.5 billion in dividends to eligible policyholders in 2025, reflecting strong financial performance and the value of participating whole life policies. This continues New York Life’s long-standing tradition of sharing profits with policyholders and demonstrates the company’s financial strength even in challenging economic conditions.
New York Life Products
New York Life offers a comprehensive range of financial products, including:
- Life Insurance (Term and Permanent)
- Long Term Care Insurance
- Annuities (Fixed, Variable, and Income)
- Mutual Funds and Investments
For this review, we’ll focus primarily on their cash value life insurance offerings, especially whole life insurance.
Custom Whole Life Insurance
New York Life’s Custom Whole Life Insurance provides many flexible options, including ordinary coverage to age 100 as well as limited pay whole life. Custom designed whole life insurance from New York Life lasts your entire life and offers specific guarantees, including:
- Guaranteed death benefit
- Guaranteed cash accumulation
- Guaranteed level premiums
Additional cash value growth is available through dividends. Although not guaranteed, New York Life has paid dividends to participating policyholders for over 100 years.
Dividends Can Be Used To:
- Purchase paid-up additions – increasing both cash value and death benefit
- Pay premiums – reducing out-of-pocket costs
- Earn interest with the company – accumulating additional value
- Take as cash – providing supplemental income
Cash Value Features & Growth
The cash value component is one of the most attractive features of New York Life’s whole life insurance policies. Key points about NY Life’s cash value include:
- Cash value growth is guaranteed after the second policy anniversary
- Immediate value is possible if paid-up additions are purchased
- Growth occurs tax-deferred and can be accessed through policy loans or withdrawals
- Cash value can be used to pay premiums, supplement retirement income, or address other financial needs
It’s important to note that accessing cash value through loans or withdrawals reduces both the surrender value and the death benefit. However, with proper planning, this can be managed effectively as part of a comprehensive financial strategy.
Term Life Insurance
Term life insurance allows you to have a large guaranteed death benefit for a lower initial cost than whole life insurance. New York Life Insurance Company offers 10, 15, and 20-year term lengths.
New York Life’s term life insurance is convertible, which allows the insured to convert all or a portion of the policy to permanent coverage prior to the end of the term or age 70. The advantage is that you can get a lot of coverage for a low cost while your income is lower, and then convert that coverage to a superior policy down the road once you become more established.
Benefits of Term Life Insurance:
- Lower Initial Cost
- Income Protection
- Mortgage Protection
- Conversion Option
Other Financial Products
Long Term Care Insurance:
- LTC Select Premier (reimbursement long term care policy)
Mutual Funds:
- Domestic and International Equity Funds
- Bonds and Dividend Paying Equities
- Non-Traditional Investments
Annuity Products:
- Guaranteed Income Annuities
- Fixed Annuities
- Variable Annuities
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Benefits of New York Life Whole Life Insurance
Although not exhaustive, below are some areas where whole life insurance can be extremely beneficial when combined with a diversified asset portfolio:
- Business Succession Planning
- Buy Sell Agreements
- Key Man Insurance
- Estate Planning
- Executive Bonus Plans
- Deferred Compensation Plans
- Retirement Planning
- Wealth Building
Why Consider Whole Life Over Term
In our opinion, cash value life insurance is the way to go. New York Life whole life insurance is one of the best options available.
However, if you are considering term life insurance, then pick a term policy that can be converted into a top-of-the-line whole life insurance policy.
Alternatively, you can always get a smaller whole life policy and add a term life rider to maximize your death benefit, but also begin growing your cash value.
Tax Free Life Insurance Policy Loans
You can take out tax free life insurance loans by using your cash value as collateral. New York Life’s interest rate on policy loans is variable based on Moody’s Corporate Bond Yield Average.
New York Life practices non-direct recognition. When you take out a loan, New York Life credits your interest and dividends to your total cash value, as if you did not have an outstanding loan.
That way your money in your policy continues to grow, while at the same time you can grow your money you borrowed through other cash flowing assets. This is what makes participating whole life insurance such a great asset.
Tax Deferred Cash Value Growth
Under IRC 7702, cash value life insurance grows tax deferred. And if you utilize the policy correctly, you will never need to pay taxes on the cash value growth.
Additional tax deferred cash value accumulation can be acquired through the use of paid up additions. Paid up additions allow you to contribute more premium into the policy, up to, but not exceeding the modified endowment contract limit.
Tax Free Death Benefit
Your beneficiary receives the death benefit income tax free. The only way a death benefit is taxed is if your estate exceeds the federal estate tax exemption limit. If you have a large estate, careful asset protection planning is necessary.
Policy Riders & Options
Custom Whole Life Insurance Policy Riders
The following riders may be available as add-ons to your Term Life and Custom Whole Life Insurance Policy from New York Life:
- Conversion Option – convert all or a portion of your policy to whole life insurance.
- Accidental Death – additional death benefit payout if death is due to an accident.
- Children’s Insurance – term rider for your kids.
- Chronic Care – access a portion of your death benefit if you become permanently chronically ill.
- Living Benefits – allows access to a portion of your death benefit if you are diagnosed terminally ill with a life expectancy of 12 months or less.
- Spouse Paid Up Insurance Option – if your spouse is your beneficiary, this rider allows your spouse to purchase a paid up life insurance policy with no evidence of insurability.
Additional Riders Exclusive to Whole Life
The following riders are exclusive to the Custom Whole Life Insurance Policy:
- Option to Purchase Paid Up Additions – option to buy paid up additional life insurance to increase the policy’s death benefit and cash value.
- Dividend Option Term – Combines decreasing term option with paid up additions dividend option.
- Disability Waiver of Premium – premium is waived if you become totally disabled for 6 months or more.
- Policy Purchase Option – guarantees the addition of more coverage at certain ages and life events with no evidence of insurability. This rider is a must have if you are considering life insurance for your kids.
New York Life Long Term Care Insurance
Thanks to advancements in medicine, people are living longer than ever. Consequently, with an increase in life expectancy comes an increase in the need for long term care and the money to pay for it.
Some companies attach long term care onto life insurance as a rider. However, New York Life offers stand alone long term care insurance. The LTC product offered by New York Life is called NYL Secure Care. NYL Secure Care is endorsed by AARP.
NYL Secure Care
NYL Secure Care provides long term care insurance to help you pay for the rising costs of long term care. Currently, in-home care and assisted living facilities cost roughly $50,000 a year. And staying in skilled nursing facilities can run as high as $100,000 a year.
One unique benefit of NYL Secure Care is that policyholders participate in dividends. After the policy has been in force for 11 years, you can receive dividends that will help lower your long term care insurance cost.
Hybrid Solutions
New York Life also offers the Asset Flex product, which allows customers to combine long-term care with life insurance, providing both a death benefit and cash value. This reflects the growing trend toward multi-purpose insurance solutions that address multiple financial concerns simultaneously.
New York Life Review Conclusion
New York Life is an excellent choice for cash value whole life insurance, with its strong dividend history, financial stability, and comprehensive product offerings. The company continues to innovate with new products like Secure Wealth Plus and enhanced universal life options, while maintaining its commitment to policyholder value through record dividend payments.
Their non-direct recognition policy loans, strong cash value growth, and flexible rider options make their whole life products particularly attractive for those looking to build wealth and create financial security through permanent life insurance.
However, the real question is whether or not New York Life is the right company for you based on your specific needs, goals, and objectives.
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22 comments
Terrance Donnell
Interested
Insurance&Estates
Hi Terrance, thansk for connecting. To get started, go ahead and email Barry Brooksby to request a call at barry@insuranceandestates.com.
Best, Steve Gibbs, Esq.
Thomas Napral
does the aarp new york life policy pay dividends?
Insurance&Estates
From what we can find of available resources, it does not appear that the AARP New York Life policy pays dividends.
Best, I&E
NDELLE MBWETTE
we are accompany based in Tanzania ad our loan issueing companys based in HONG KONG WE WILLGET ALOAN FOR TEN YEARS AND GRACE PERIOD 2 YEARS AMOUNT 200M USD QW NEES POLICY FOR PPI AND CERTIFICATE AND THEN FULL POKICY WHEN WE HAVE LOAN DISBURSED
NDELLE MBWETTE
WE NEED AAA RATED COMPANY POLICY FOR OUR AGRO PROJECT LOAN
APPLICATION WTH ACOMPANY IN HONG KONG
Mark
What a wonderful company full of caring people. I never really new much about New York life until the passing of my Dad, I found a old hand written personal letter in a file from a agent Jim W. as i read the letter it showed me that he cared about our family in our insurance needs, and was sad at the news of my Dad. Over time my wife and I began to spend a lot of time with him, and you could tell he really loves helping people in their needs. He never once tried to sell us anything, in all the long talks we had with him, it was the opposite, I needed him, to look at our complete financial picture, it was a mess, and so he did. He treated me like a son, and in those 5 years he brought in another agent Craig B who treats me like a brother, I am not kidding! With both of their expertise my wife and I now have Long Term Care, Term Insurance, and Annuity. The holes that were in our financial life is gone. Thank You ! Jim W. and Craig B.
Insurance&Estates
Awesome Mark, thanks for sharing! It’s great to hear how people are touched and blessed by great people in our industry.
Best, I&E
NDELLE MBWETTE
I WANT TO GET AN PPI POLICY FOR AAN AGRO PROJECT IN TANZANIA. IAM NEED OF ALOAN USD 200M FROM ACOMPAY BASED IN HONGKONG. THEY HAVE TOLD ME TO FIND AN AAA RTED COPANY AND TODAY I WAS SERAHIG ON LIN I FOUND U. DO U HAE AN AGENT INSOUTH AFRICA. OR HOW U COULD HELP ME I SEE COVID -19 IS ABIG PROBLEM U CANNOT TRAVELS PLEASE ADICE ME
jose xavier soares
Very nice information about Whole Life and New York Life. Pride of working in a company like New York LIfe.
jose soares neto
Very nice information about Whole LIfe and New York LIfe.
Jane Qiu
Hi NYL,
I have a whole life with NYL for more than 20 years and I want to loan $20K for buying house! What is the loan interest rate for this $20K?
Thanks!
Jane
jose xavier soares
Jane, I just saw your comments today, please give me a call so I can give you more details and rates, thanks Jose Soares ( New York Life )
Marie A. S.
Hello,
I do have a disability policy with your company for over 25 years. I am now considering a participating whole life with paid up rider. Please let me know if I am too old to start at 62 as I am looking for the kind of Mutual whole life insurance like infinite banking.
Thanks
Marie Sales
Khalil
Hello, would also like to explore options to determine what the best plan would be for me? could you also email me to discuss further?
Insurance&Estates
Khalil,
Thank you for stopping by. Please be on the lookout for our email.
Sincerely,
I&E
Amos Davis Jr.
Need to speak with someone about participating whole life insurance for a healthy male 53 years old, non-smoker, and wife 49 years old, non-smoker, and in good health. Our 20 year level term insurance will expire in December 2019. The premiums will be very expensive. Husband currently has a $250,000 term policy, and wife has a $100,000 term policy. I am currently an AARP MEMBER.
Thanks,
Amos Davis, Jr.
Insurance&Estates
Mr. Davis,
Thank you for visiting our website. We would be glad to help your family with Whole Life Insurance options. However, it is in your best interest that we learn more about your goals before we recommend a plan. Please be on the lookout for our email that we sent over to you.
Sincerely,
I&E
Pam
Hello, I would like a quote for a whole life insurance, death benefit 300k. I am 29 years old. I have a son and I am healthy. Please provide a quote based on this variables. Thank you
William K
How do I get a quote for whole life insurance from New York Life?
Peter M
Feel free to email me if you have any questions regarding New York Life.
-Peter
Insurance&Estates
William,
We would be happy to provide quotes on the different companies we represent.
However, due to the unique nature of whole life insurance we will need to speak with you.
We have sent you an email. Feel free to reply with your contact info.
Sincerely,
I&E