New York Life Leads U.S. Life Insurance Market with Strong Financials and Reliable Policies

New York Life, the second-largest life insurance company in the United States, is recognized for its exceptional financial strength, holding an A++ (Superior) rating from AM Best and top scores from other rating agencies. The company has maintained a consistent dividend payment on whole life policies since 1854, with a notable 6.2% dividend paid in 2025, reflecting its stable financial performance.\n\nThe company's product portfolio includes term life, whole life, universal life (UL), and variable universal life (VUL) insurance policies, addressing diverse consumer needs from fixed-rate term coverage to flexible premium and death benefit options. New York Life's UL policies are distinguished for the high reliability of their policy illustrations and strong early cash value growth, according to independent research from Veralytic.\n\nTerm life insurance offered by New York Life provides level term lengths of 10, 15, or 20 years, as well as yearly renewable term options with premiums that adjust annually. Policyholders can add riders such as accelerated death benefits for terminal illness and premium waivers in case of disability. Conversion options to permanent insurance are available though typically with limited windows.\n\nWhole life insurance from New York Life features guaranteed fixed premiums and death benefits, with cash value that grows at a guaranteed minimum rate. The company offers three versions of whole life coverage: Traditional Whole Life, Custom Whole Life with a limited premium-paying period, and Secure Wealth Plus, which emphasizes cash value accumulation through expedited underwriting and higher minimum premiums.\n\nUniversal life insurance policies provide flexibility in premiums and death benefits, with fixed UL options featuring guaranteed minimum interest crediting rates. New York Life’s Custom Universal Life Guarantee policy is notable for its guaranteed non-lapse feature during the chosen guarantee period, contingent on premium payments and absence of loans. This policy is available to individuals aged 18 to 90.\n\nVariable universal life insurance policies offer investment-based cash value options with up to 21 investment choices, including equity, bond, and asset allocation funds managed by renowned investment firms. The Market Wealth Plus policy includes expedited underwriting with an emphasis on earlier cash value access.\n\nNew York Life operates as a mutual company, owned by policyholders who may receive dividends based on the company’s financial results, distinguishing it from publicly traded insurers. It partners with over 12,000 agents nationwide, typically requiring agents for full policy range access, except for limited group policies like those available via AARP.\n\nCustomer service metrics indicate a low complaint ratio relative to industry averages, supported by data from the National Association of Insurance Commissioners. Additionally, the company scored above average in the J.D. Power 2025 U.S. Individual Life Insurance Study, reflecting favorable policyholder satisfaction.\n\nBesides life insurance, New York Life provides disability insurance and annuities, with asset management services offered through its New York Life Investment Management LLC subsidiary. The company’s long-standing market presence originates from its 1841 charter, focusing exclusively on life insurance since 1845.\n\nOverall, New York Life’s financial stability, diverse product offerings, policy illustration reliability, and customer service excellence position it as a leading choice for life insurance buyers considering long-term coverage and cash value accumulation.