Complaints & Reviews

unlawful disclosure of phi

I received a call from Cathy Montgomery from the Saddlebrook office in NJ who phoned me in response to a...

unethical behavior! rips seniors off! preys on new college graduates!

New York Life will overcharge you 2-4 times for those clients 40 years old and up. Age Discrimination! Be...

life insurance

When I did not go ahead with finalizing an interview for a policy and never made an apt with their nurse, for...

Agent/Financial Service Professional Position

First of All, I have been with NYL for 14 years and cannot be more proud to be with a company that supports its agents. New York Life is not out there scamming any one. I have been blessed to have helped close to 2300 of my clients in all areas from insurance, retirement, college, and business succession planning. I have delivered checks vital to protecting families after they lost someone significant to their family. We help protect against secondary losses. The people who complain in this board should go visit a bereavement center to find out what happens to all these families that are grieving and did not have life insurance. The severe impact they have for the REST of their life. All of you that complain why you don't make it because you did not put in the effort and feel NYL is responsible for your failure should feel ashamed. NYL is not there to give you charity payment to not work. You are hired to be your OWN BUSINESS OWNER . NYL selects you and decides to put $170, 000 to develop you in three years to represent them. It is not 100% Straight Commission for there is subsidies, expense allowance, bonuses, residual income. Straight commission only means you get paid one time like a realtor or a mortgage broker. Now I make well into the mid six digit range and personally know three people in my office at NYL that make 7 digit incomes and it all comes from our hard work and reaching out people from all types of markets. This is from helping individuals from all income ranges, business owners, or wealth management/estate tax planning. If you are lucky enough to get an opportunity to work with NYL, you should be thrilled due to the positive impacts you can make on others by helping them build, protect, and preserve assets and the income opportunity it has for you and your family. By the way, I'm not just anyone on the street, I am a Rice University Graduate for all of you that says they are hiring just everyone. There is also no pyramid scheme where everyone shares your commissions like some of these comments I saw earlier. Evidently they don't know how to read a contract and therefore should not have made it to the last interview for discussion. Good Luck Everyone!!

  • Bt
    Btvs510 Sep 05, 2016

    Thanks for the review. Do you have any advice for new agents. Especially thone trying to work outside their natural markets.

    -1 Votes


Don't work for this company. New York Life will use you to gain a few policy's, company doe...

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Not paying

My mother passed away august 14.2025, I submitted the claim form etc month later they are waiting on paperwork from hospital... I called hospital records they informed me they submitted all paperwork requested. I still have not heard from them. Though my mom passed within the contestable period she didn't die of a pre existing condition. I think I'll get an attorney, because several people have told me they are scammers.

  • No
    NoMasAARP Oct 26, 2017

    Another testament of how NY Life "screws a customers" not-with-standing a legal contractual obligation to pay. And they have a great marketing strategy- AARP- which seduces customers for them willing knowing NY Life has not demonstrated to be a reliable firm as complaints are on the rise. We need a class action suit against both as they are in collusion to defraud customers or so is appears.

    0 Votes

Scam by Agent John Wilbanks

My mentally and physically disabled husband was scammed of his life savings by one John Wilbanks, who "blesses me with God". My husband entered into a contract with Alcor Cryopreservation. He was catastrophically ill, and therefore the contract is null and void. He is also buried, so they scammed his life savings to be cryopreserved, and he is buried. He has been in the ground since June 15, 2015, so he cannot even be "cryopreserved", so the "contract" is triply invalid and fake. Mr. Willbanks has been "sending the check in the mail" for going on three months. He also took the check from New York Life, to go to me as his widow, yet he has pocketed the check.

Ledger deductions

I am a former agent of New York Life Insurance Company. In my opinion, this type of work is best suited for...

Deceptive Business Practices & Management

Steer Clear of this company New York Life Greater Oregon Agency. Over the course of 5 years I have seen...

Employment misleading/discrimination

I was contacted by a recruiter and by the general manager. After through a series of employment...

bad product

In 1992, I purchased their 150K whole life insurance based on their overly optimistic estimate:
pay premium for 11 years and at 70 the death benefit is 272, 955
In 1996, the revised (still overly optimistic) estimate is like this:
pay premium for 14 years and at 70 the death benefit is 206, 102
In 2006, the revised (yet overly optimistic) estimate is like this:
pay premium for 17 years and at 70 the death benefit is 164, 474
This year, the revised (don't know what to say) estimate is like this:
pay premium for 20 years and at 70 the death benefit is 154, 766
Needless to say, I feel cheated. Is this a good product? For them, not me!

OK, enough for the destruction part, now the construction part.

Here I give you two examples of using the 1, 628 annual premium through out the same period.

1. Save the money for yourself by buying 30-year US Treauary bond.

1992: 1628 * (1+0.0729*20) = 4001

1993: 1628 * (1+0.0633*19) = 3585

1994: 1628 * (1+0.0756*18) = 3843

1995: 1628 * (1+0.06906*17) = 3539

1996: 1628 * (1+0.06768*16) = 3390

1997: 1628 * (1+0.06445*15) = 3201

1998: 1628 * (1+0.0559*14) = 2902

1999: 1628 * (1+0.06113*13) = 2921

2000: 1628 * (1+0.05688*12) = 2739

2001: 1628 * (1+0.05472*11) = 2607

2002: 1628 * (1+0.05472*10) = 2518 (reuse 2001 rate)

2003: 1628 * (1+0.05472*9) = 2429 (reuse 2001 rate)

2004: 1628 * (1+0.05472*8) = 2340 (reuse 2001 rate)

2005: 1628 * (1+0.05472*7) = 2251 (reuse 2001 rate)

2006: 1628 * (1+0.05039*6) = 2120

2007: 1628 * (1+0.05*5) = 2035

2008: 1628 * (1+0.04585*4) = 1926

2009: 1628 * (1+0.0448*3) = 1846

2010: 1628 * (1+0.0389*2) = 1754

2011: 1628 * (1+0.03629) = 1687

To simplify calculation, the interest earned from the bond remains in cash.

After 20 years, the total is 53, 634

Note that there is no death protection in this scheme.

2. Put 1, 200 into 30-year US Treauary bond and use remaining 428 to buy 30-year term life insurance.

I check the web: for 32-year old healthy male, 500K 30-year term: Prudential 415, MetLife 489

Plug 1, 200 to above formula and you get 41, 287 plus 500K protection for 30 years


* I choose US Treauary bond as example assuming it won't default

* You can verify the interest rate from

* for consistent reason I use the avg rate reported in August

* some years no new bond is issued, so I use previous year rate

* Tax is NOT factored in

For comparison, my New York Life number for this year is: cash value 41, 846, death benefit 171, 680

Conclusion: if you need to have insurance coverage, either DIY i.e. follow example 2, or find an insurance company that can outperform it.
In another word, don't let insurance company just take your money, they have to earn it.

  • Pr
    proudamerican1948 Nov 16, 2011

    Sir I would love to see your actual policy. What your saying is absolutely incorrect and inaccurate, or you do not actually have a whole life policy. It's very interesting that you are advocating a particular insurance company and seem to be very intelligent. Assuming you are as intelligent as you seem then (assuming the NYL WL was as bad as you said it is) why did you stay in it for so long if you knew the above mentioned information? I believe that you are lying... NYL did not have a set term WL product until the last 4 years, and no other company has a WL product that you can actually set your own terms like NYL (all of which you would have known being your so smart right?). Perhaps you were illustrated that it would be "paid up" however I doubt that in such a short period of time. I also do not believe the declining figures in which you boast simply bc I too am a NYL policy holder and have been for quite a long time and have had quite the opposite experience of what you are saying. Also if you have a 30 term product w/ metlife how much of that money will you ever get back? NONE of it, and chances are that since it is a term product it will never pay a death claim bc only about 1-2% of all term products ever pay a death benefit. You sir are a sham.

    0 Votes
  • Kn
    Knowldge is power Sep 12, 2018
    This comment was posted by
    a verified customer
    Verified customer

    Can any one give a reason why the client need to pay longer and longer premium for his WL policy?

    If the story is true, how to explain it?

    Knowledge is a power. We will see who is a sham.

    0 Votes

Unsolicited mail

I have received close to a dozen mailings soliciting mortgage insurance. I have called and asked them to stop...

rep's unformed about own policy and procedures

New York Life Not Reliable
to Give Correct Advice regarding Life Insurance and Death Benefit Process

I know nothing about insurance death or dying and ask customer service specialist or company agents for advice guiding me through the process of helping me help my Grandma prepare for death. I have a lot to juggle since I chose to be my grandma's power of attorney as in home care assistant. My Grandma died peacefully and comfortably in my home Sept 20 2010 2:16 am. Thanks to the valiant efforts of the Rose Room Hospice I was able to get all of Grandma's end of life paperwork and made the necessary arrangements to have new York life pay for her funeral costs so I could feel comfortable that when the time came that I wouldn’t have any problem or hassles’ with grammas burial. I was instructed to call New York life and make sure my everything was in order and to let them know that grandma's death benefit would be utilized to pay for her funeral cost. Again, I will state that I do not know anything about the process of arranging life insurance to pay for funeral cost and so I asked the funeral home what they would need as well as ask New York Life respective what I would need to do to make sure that my Grandma's Policy would go to the funeral home that I request. I stated that the I had already chose a funeral home and they said they would need a copy of the policy which one be sent to me since I did not have a copy of one. I ask if all information was correct and show me as someone who could assign my grandmothers policy. The representative stated that she would be a send me a copy of something as well as a form the funeral home could utilize in order to bill them for the service rendered. I ask they need to send that directly to the funeral home because they were already aware that I was using my Grandma's NY life insurance Policy for their service. I stated I wanted to make sure everything was done now so i wouldn’t have the additional stresses of billing placing and paperwork when my Grandma passed away. I was assured that she was sending me what I needed to give the funeral home and it was unnecessary for her to send anything to them specifically at this time. I also asked if there was anything else I need to do to insure this process went smoothly. I was assured I was properly documented to destitute my grandmas benefits.

My Grandma died yesterday and they funeral home came prominently as arranged I was told that I would complete the paperwork for death cert ect when I came to the funeral home and that it was customary to give me a day to two to morn before I had to finalize my Grandma's Death.
I was able to cope with the loss of my Grandma the phone calls to relatives and felt secure in the fact I prearrange all of grandma's end of life needs.

Until I was told by the funeral home that New York Life did not recognized them as a designated payee of her policy or myself as authorized individual to direct my grandmas end of life benefits’. I have no other money. I relied upon new York to pay them the amount of what the costs were when Grandma's Death occurred. I am now suck speaking to new York life representatives who's goal is to try and tell me how i did not request to be a beneficiary and even and they had no record that the funeral home i choose was a beneficiary. I said state there must be some mistake. I called I made sure I had everything in place prior to her death. That stated the forms I should have signed the changes I should have made were not on file. I was confused I was sure that I had asked that very question to the last agent I spoke to. I gave her all the information I had and change the mailing addresses. I told her I need to make sure everything was correct because I did not have an copy of the policy, I was assured they had my power of attorney on file and that all my request were taken care of.

Apparently when new York life assures you that your policies will be paid you better make sure you get an immediate written confirmation from them stating that they promise that they really do have all the forms and all the paperwork properly fill out filed as per the conversation or you are out of luck.

I don’t have the money to even my Grandma and I have one day to figure out how I am able to pay or I start getting fined storage charges for grandma's body until new York life decides who is the living beneficiary of the policy.

Sold Unsuitable Product

Single, childless woman charges that New York Life Insurance agent and documentation at fault in sale of “unsuitable” Variable Annuity with a Guaranteed Death Benefit with the blessing of the Washington State Insurance Commissioners Office.

According to the St of WA Office of the Insurance Commissioner Mike Kreidler:
Even though this policy did not provide a minimum guaranteed fixed interest rate, it is perfectly acceptable for New York Life Insurance 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 the Insurance Commissioner Mike Kreidler:
It is perfectly acceptable for the Guaranteed Death Benefit feature and its costs to be excluded from the Policy because it is covered in the Prospectus. The consumer should have known that this feature and its costs referred to as "Mortality and Expense Risk" 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.

According to the Office of Mike Kreidler:
It is perfectly acceptable for the consumer to be required to refer to both the Prospectus and the Policy to determine the products, features, and costs of products being purchased.

Additionally, 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 information is then used against the consumer in the event of a dispute.

I have been fighting this for over a year and a half and they all still maintain that (1) any misunderstanding of their documentation is the sole responsibility of the consumer; (2) they are convinced that consumers can read and understand the documentation independent of an Agent; (3) the documents from New York Life clearly specify the products and related costs being purchased.

Am I alone in thinking that they are placing an unfair burden on the consumer to understand industry specific terms and concepts spread across three documents totally over 100 pages? Is it too much to ask for a summary of what you bought and what it cost?

Am I alone in thinking that you need an agent to translate: “The charge equals 1.60% (annualized) of the daily average Variable Accumulative Value for the New York Life Premium Plus Variable Annuity and 1.75% (annualized) of the daily average Variable Accumulative Value for the New York Life Premium Plus II Variable Annuity” (From Page 12 of the Prospectus explaining Mortality & Risk Expense that I was supposed to know was part of the Guaranteed Death Benefit included in my purchase but left out of the Policy.)

It really shouldn’t matter that New York Life and the Office of the Insurance Commissioner don’t think the documentation is incomprehensible. It should matter what consumers believe.

Sold Unsuitable Product

  • Ca
    Carl Crentsky Nov 26, 2010

    NY Life has quite a few complaints like this. I once was a NY Life agent and I later went on to work in the IT industry.

    I recently purchased through, it was very fast and easy and it only took about 30 days to get approved. I found Eric Smith to be professional and honestly he makes me want to say forget NY Life

    0 Votes
  • Mi
    MichaelWu May 09, 2013

    I have a similar case against Citigroup who sells unsuitable investment product for Prudential. Neither Prudential nor Citigroup trained sales rep. and allowed sales rep to make a lot of misstatements at the time of recommendations, Said sales rep did not give us the prospectus at the time of recommendation as documented in her record to Prudential on April 16, 2010 but misrepresented again on March 20, 2012 that she gave us the prospectus at the time of recommendations. She also misrepresented that benefit fees are rider charges by Prudential for the guaranteed 6% growth at the time of recommendation and in Dec. 2011 but said on March 20, 2012 that said benefit fees are actually her great compensation from Prudential. On the Prudential side, Prudential uses unregistered funds, commingled funds, and a deceptive device to transfer assets from accounts of Variable Annuity (VA) customers to accounts of Prudential Insurance Company of America (PICA) based on switching via two-sided, self-hedging trade misallocation scheme after the equity markets closed. More specifically, PICA gave Pruco Life Insurance Company (Pruco, the issuer of VA) shares of variable insurance trusts (VITs), which are unregistered funds of PICA, when the equity markets declined to inflate account values of VA customers and then took equivalent value of registered funds in the form of shares from underlying "Chosen Investment Options" sub-accounts of VA customers when the unit prices were lower. When the equity markets improved, PICA took VIT shares back from Pruco and gave less shares back to underlying "Chosen Investment Options" sub-accounts of VA customers when the unit prices were higher. Said VIT shares were owned by Pruco because PICA can only sell private Broker-Dealer self-Offerings (VITs) to a limit number of investors and cannot advertize it to general public but were smuggled in unregistered separate sub-accounts of all VA customers long after VA customers signed the contracts. PICA is the trust of Prudential Series Funds whose shareholder is Prudential Financial, Inc. (PFI, NYSE Ticker "PRU"). PFI has projected annual income amount (i.e., predetermined ROE) and asks PICA to meet PFI's capital need. PICA employs a groundbreaking defined benefit risk transfer (DBRT) scheme based on the projected annual income amount and the performance of the equity markets to determine when and how much assets needed to be transferred from accounts of VA customers to accounts of PICA. Assets, which were transferred out of accounts of VA customers were inflated by shares of VITs, which were owned by Pruco but were put in unregistered separate sub-accounts of VA customers. The difference between the numbers of shares, which were transferred from VA customers to PICA when the equity markets declined, and the numbers of shares, which were transferred from PICA back to VA s when the equity markets improved, were the revenue of PICA, which became ROE of PFI (NYSE ticker "PRU") and, therefore, bonus of Prudential executive officers and dividends of PRU shareholders. Besides, PICA pocketed dividends of underlying mutual funds, which belongs to VA customers, for the past years and Prudential said that no VA issuer gave dividends to their VA customers. PICA has transferred about $30B of assets from accounts of VA customers to accounts of PICA from 2007 to 2012 (i.e, $1B for 2007, $2B for 2008, $3B for 2009, $4B for 2010, $10B for 2011, and $10B for 2012).

    0 Votes

Do not give them any of your time or money

NY life is a very dishonest company. Do not give them any of your time or money. I have had nothing but problems with them. from the local agents to the headquarters, no one within the company will reveal any info, any direct questions, or put you in touch when any form of real authority to resolve any kind of issue. they miscategorized my rating, took 3 monthes to recognize it, renigged on the re evaluation and charged me the whole time. they wont refund dime one of my money "because I was insured the whole time". I get official NYLife letters with NO DATE, NO POSTMARK and NO SPECIFIC INFO - and I mean NONE. any phone number they put it takes days to get someone to answer it and then everything has to go through the head office underwriting of which you cannot contact diretly. DO NOT BUY ANYTHING FROM THEM... NOTHING its up to the state commissionor now. advise to anyone that is going to complain to NYLife, get a phone recorder and log everything every day. you wont beleive what these guys will put you through. they mentally wear you out by switching supervisors and making you retell the story because "they havent heard that yet".

Awful company

I was contacted by a recruiter after submitting my resume through my university job placement website. I...

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