New York Life is a mutual company owned by its policyholders, headquartered in New York City, and sells through its own career agents. Policyholders usually own participating whole life bought from a New York Life agent, often with dividends used to buy paid-up additions, along with term, universal life and annuities. Life Insurance Policy Desk is not New York Life. We are an independent brokerage that helps policyholders of any carrier, and the review costs nothing.
Your policy may be issued under a related name such as New York Life Insurance Company or New York Life Insurance and Annuity Corporation. The help on this page applies to those policies too.
Looking for New York Life customer service or a phone number?
Many people who search for New York Life customer service or a New York Life life insurance phone number want one of two things: a straight answer about a policy, or coverage like it. Life Insurance Policy Desk is not New York Life and cannot see or change your account with the company. For a free, independent review of the policy, or to compare New York Life with other carriers, call a licensed agent at (888) 000-0000.
Why people with New York Life policies call us
- A premium notice that is higher than expected
- Updating a beneficiary after a marriage, divorce, birth or death
- Finding an old policy, or confirming one is still in force
- Questions about cash value, loans, dividends or surrender
- A missed payment, billing problem or lapse notice
- Deciding whether to keep, change or replace the policy
Specific to New York Life policies
- Dividend elections that change how cash value and death benefit grow over time
- Policy loans that accrue interest and reduce the death benefit until repaid
- Term policies that can convert to permanent coverage before a stated age
- Custom whole life policies with a chosen premium-paying period
Many policyholders bought from a family agent years ago and call about dividend options, cash value, loans, and whether a policy that is now paid up still needs attention.
What to have ready before you call
- Your policy number, from a premium notice, annual statement or the policy document
- The insured person's full name and date of birth
- The most recent statement or premium notice, if you have one
No paperwork? That is common with older policies. The insured's name, date of birth and last known address are usually enough to start a search with New York Life, and our guide to finding a lost life insurance policy covers the other places to look.
Thinking about canceling your New York Life policy? Read this first
Canceling is usually permanent, and replacing coverage later means new underwriting at an older age. Depending on your policy, one of these options may keep some protection in place:
- Reduced paid-up coverage: stop paying premiums and keep a smaller death benefit funded by the cash value
- A policy loan or partial withdrawal instead of a full surrender
- Using dividends or cash value to cover premiums for a while, where the policy allows it
- Lowering the face amount to bring the premium down
- A 1035 exchange into a different policy, which avoids a taxable event when done correctly
Before you change anything, find out what the policy is worth today, what you would give up, and what replacing it would cost. A licensed agent can lay those numbers out side by side.
How a free independent policy review works
- Call. Tell us what you own and what you want to find out. Ten minutes is usually enough to start.
- Review. We go through the policy with you: coverage amount, premium, cash value, riders, beneficiaries, and how it fits your situation now.
- Options. You get a plain-English summary and your choices, which may simply be to keep the policy as it is. No obligation.
Frequently asked questions about New York Life policies
How do I find out whether my New York Life policy is still in force?
Start with your most recent premium notice or annual statement; an active policy keeps generating them. If you have nothing on paper, New York Life can usually locate a policy from the insured's full name, date of birth and address. We can also help you confirm the policy's status and what it is worth today.
What should I do with the dividends on my New York Life policy?
Dividends are not guaranteed, but when paid they can buy paid-up additions, reduce your premium, be taken in cash or accumulate at interest. Each choice changes how the cash value and death benefit grow. Check your annual statement for the current election, and ask a licensed agent to show what each option would do to your policy.
How do I change the beneficiary on my New York Life policy?
The policy owner requests a beneficiary change form from New York Life, completes it with the new beneficiary's full legal name, relationship and date of birth, signs it and returns it. If a beneficiary was named as irrevocable, that person must consent. Keep a copy and ask New York Life for written confirmation that the change was recorded.
Can I borrow against or cash out my New York Life policy?
If your New York Life policy is a permanent policy with cash value, you can usually take a policy loan or a partial withdrawal, and you can surrender the policy for its cash value. Loans accrue interest and reduce the death benefit until repaid, and surrendering ends coverage and can create taxable income. Term policies have no cash value.
Why did my New York Life premium go up?
Common reasons include a term policy reaching the end of its level period or moving into a new age band, a universal life policy whose cost of insurance has risen, a rider added to the policy, or a change in payment frequency. Your premium notice should show which applies. A policy review can confirm the cause and whether a lower-cost option exists.
Can you take a payment or fix a billing problem on my New York Life policy?
No. We are independent and cannot access your New York Life account or take payments on its behalf. We can explain what the notice means, how the grace period works, what happens if the policy lapses and how reinstatement usually works, so you can sort the billing issue out with New York Life directly and with less stress.
Should I cancel my New York Life policy?
Only after you know what you would give up. Canceling is usually permanent, replacement coverage costs more at an older age, and permanent policies may have cash value or guarantees you cannot get back. Compare the current policy, the alternatives above and a replacement quote before deciding. A free review puts those numbers side by side.