New York Life Insurance

New York Life offers fixed deferred, variable and income annuities. It’s more than 175 years old and one of the largest insurance companies in the United States based on market share. The four major insurance rating agencies each give New York Life their highest marks for financial strength.

Terry Turner, Financial writer for Annuity.org
  • Written By
    Terry Turner

    Terry Turner

    Senior Financial Writer and Financial Wellness Facilitator

    Terry Turner is a senior financial writer for Annuity.org. He holds a financial wellness facilitator certificate from the Financial Wellness Foundation and the National Wellness Institute, and he is an active member of the Association for Financial Counseling & Planning Education (AFCPE®).

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    Savannah Hanson
    Savannah Hanson, financial editor for Annuity.org

    Savannah Hanson

    Senior Financial Editor

    Savannah Hanson is an accomplished writer, editor and content marketer. She joined Annuity.org as a financial editor in 2021 and uses her passion for educating readers on complex topics to guide visitors toward the path of financial literacy.

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    Timothy Li, MBA
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    Timothy Li, MBA

    Business Finance Manager

    Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Timothy currently serves as a business finance manager where he researches ways to increase profitability within the supply chain, logistics and sales departments.

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  • Updated: December 19, 2022
  • 5 min read time
  • This page features 10 Cited Research Articles
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How to Cite Annuity.org's Article

APA Turner, T. (2022, December 19). New York Life Insurance. Annuity.org. Retrieved January 31, 2023, from https://www.annuity.org/annuities/providers/new-york-life-insurance/

MLA Turner, Terry. "New York Life Insurance." Annuity.org, 19 Dec 2022, https://www.annuity.org/annuities/providers/new-york-life-insurance/.

Chicago Turner, Terry. "New York Life Insurance." Annuity.org. Last modified December 19, 2022. https://www.annuity.org/annuities/providers/new-york-life-insurance/.

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Key Takeaways
  • New York Life is one of the oldest and largest life insurance companies in the United States with about 8% of the U.S. life insurance and annuity market as of their 2nd quarter of 2022.
  • Its financial strength has received the highest ratings from each of the four major financial rating agencies.
  • New York Life currently offers nine different annuity products that are either variable, fixed deferred and income annuities.

About New York Life Insurance Company

New York Life was founded in 1845 as Nautilus Insurance, rebranding with its current name four years later.

It was the second largest insurance company in the United States in 2021, according to the National Association of Insurance Commissioners. New York Life held 8.3% of the market with more than 13 billion insurance and annuity premiums written.

New York Life consistently ranks among the top annuity providers in the United States. As of the second quarter of 2022, New York Life was the top seller of individual annuities with more than $11.24 billion in sales year to date, according to not-for-profit research, consulting and professional development organization LIMRA.

Types of New York Life Insurance Company Products

New York Life provides three types of annuity options with a total of nine different annuity products.

Fixed Deferred Annuities

Fixed deferred annuities accumulate tax-deferred earnings, so you don’t pay income taxes on the money until you withdraw it from the annuity. They allow you to lock in a guaranteed, fixed interest rate that’s not subject to stock market fluctuations and volatility.

New York Life Fixed Deferred Annuity Products
  • Clear Income Fixed Annuity-FP Series
  • Secure Term Choice Fixed Annuity II
  • Secure Term MVA Fixed Annuity II
  • Secure Term Fixed Annuity V

New York Life has discontinued nine other fixed deferred annuity products but continues service for people who purchased them.

Variable Annuities

Variable annuities are tied to the performance of their investment portfolio, making them subject to market risk. They provide a choice of investment options, tax-deferred savings and a death benefit.

New York Life Variable Annuity Products
  • Premier Variable Annuity-FP Series
  • IndexFlex Variable Annuity-FP Series

Withdrawing money from these annuities — or surrendering them — may make you subject to income taxes.

New York Life has discontinued seven other variable annuity products but continues service for people who purchased them.

Income Annuities

Income annuities convert all or part of your savings into a guaranteed income stream of regular payments. These can be set up for the remainder of your lifetime or for a specific number of years.

New York Life Variable Annuity Products
  • Guaranteed Lifetime Income Annuity II
  • Guaranteed Future Income Annuity II
  • Guaranteed Period Income Annuity II

Pros and Cons of New York Life Insurance Company

New York Life is an old, traditional life insurance and annuity provider. This is reflected in its pros and cons; the pros reflect the stability of an older institution and the cons reflect shortcomings in online offerings.

Pros and Cons of New York Life Insurance
Pros
  • You work with an agent rather than getting information online.
  • Well-established company — dating back more than 175 years.
  • Highest ratings for financial strength, highest consumer scores for income annuities from the Life Insurance and Market Research Association and for individual annuity providers from J.D. Power.
  • Multiple annuity, life insurance and other financial products makes it a one-stop shop for financial planning.
Cons
  • Limited online experience and resources.
  • Mobile app offers few usable features.
  • Only one annuity calculator — for fixed deferred annuities — that is located away from the annuity section on the New York Life website.

Ratings for New York Life Insurance Company

Independent rating agencies consistently rate New York Life among the insurance companies with highest financial strength ratings.

There are four major rating agencies — AM Best, S&P, Moody’s and Fitch Ratings — that routinely rate and report the strength of insurers.

These ratings are a measure of a company’s ability to weather the financial stress created by widespread disasters, international financial crises or other significant events that may bankrupt financially weaker companies.

AM Best Ratings

AM Best rated New York Life Group “A++ Superior” for financial strength in late 2022. This is AM Best’s highest rating, which the agency says is “assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations.”

New York Life also received an “AAA Exceptional” issuer credit rating — AM Best’s highest ICR rating. They assign this rating to companies with an exceptional ability to meet ongoing senior financial obligations.

AM Best assessed New York Life’s balance sheet as “strongest,” its operating performance and enterprise risk management as “very strong” and its business profile as “very favorable.”

S&P Ratings

New York Life scored AA+ (Stable) in S&P’s 2022 ratings. The rating is limited to AA+, instead of AAA, due to the U.S. sovereign rating. This is comparable to other rating agencies. S&P states that New York Life has “excellent financial risk capital with low leverage and long history of ‘AAA’ capital adequacy.”

S&P’s analysis rated New York Life as “excellent” for both business risk and financial risk.

Fitch Ratings

New York Life received an “AAA” rating on its financial strength from Fitch Ratings in late 2021. It’s Fitch’s highest rating.

New York Life received an “AA+” insurer default rating from Fitch.

Moody’s Ratings

Moody’s gave New York Life a financial strength rating of “AAA” — its highest rating — in 2022 “based on the company’s intrinsic strengths as the largest U.S. Mutual life insurer, with a well-known brand name” and a long list of other attributes.

Moody’s assessment predicted a stable outlook for the company highlighted by a “well-diversified investment portfolio, strong liquidity and strong capitalization.”

Resources for Clients of New York Life Insurance

Clients with an annuity through New York Life can access their policy online through the New York Life Annuity Portal. New users must register and follow the prompts.

Online access provides policy information, statements and transaction history. You can also change your address and request a partial withdrawal.

The website also provides .pdf files of annuity and other service forms you can download and fill out by hand.

New York Life Contact Information
1-800-225-5695
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Last Modified: December 19, 2022

10 Cited Research Articles

Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.

  1. A.M. Best. (2022, October 7). New York Life Group. Retrieved from https://www.newyorklife.com/assets/docs/pdfs/nyl-internet/file-types/AM-Best.pdf
  2. Fitch Ratings. (2021, November 16). New York Life Insurance Group. Retrieved from https://www.newyorklife.com/assets/docs/pdfs/nyl-internet/file-types/Fitch-Rating-Analysis-Report.pdf
  3. LIMRA. (2022). U.S. Individual Annuity Sales; 2nd Quarter 2022 YTD. Retrieved from https://www.limra.com/siteassets/newsroom/fact-tank/sales-data/2022/q2/2q-2022-total_va_fixed-sales-rankings.pdf
  4. Moody’s Investor Service. (2022, June 17). New York Life Insurance Company. Retrieved from https://www.newyorklife.com/assets/docs/pdfs/nyl-internet/file-types/moodys-analysis.pdf
  5. National Association of Insurance Commissioners. (2022, March 1). NAIC Releases 2021 Market Share Data. Retrieved from https://content.naic.org/article/naic-releases-2021-market-share-data
  6. National Association of Insurance Commissioners. (2022, March 1). Life and Fraternal Insurance Industry; 2021 Top 25 Groups and Companies by Countrywide Premium. Retrieved from https://content.naic.org/sites/default/files/research-actuarial-life-fraternal-market-share.pdf
  7. New York Life. (2022, March 31). Corporate Fact Sheet. New York Life: at a Glance. Retrieved from https://www.newyorklife.com/assets/newsroom/docs/pdfs/Corporate-Fact-Sheet.pdf
  8. New York Life. (2021). Stronger Together. Retrieved from https://www.newyorklife.com/assets/docs/pdfs/financial-info/report-to-policy-owners.pdf
  9. New York Life. (2021). Stronger Together; 2021 Report to Policy Owners. Retrieved from https://www.newyorklife.com/report-to-policy-owners
  10. S&P Global. (2022, July 29). New York Life Insurance Co. Retrieved from https://www.newyorklife.com/assets/docs/pdfs/nyl-internet/file-types/SP-Analysis.pdf