Trusted Guidance and Protection | New York Life Insurance (2024)

FAQs

What not to say when applying for life insurance? ›

For example, applicants might lie about their age, income, weight, medical conditions, family medical history or occupation. It's also relatively common for applicants to lie about their alcohol or drug use.

Medical history: Your life insurance application will ask about significant medical conditions you have or have experienced including chronic illnesses, past surgeries or other major medical treatments. Be as specific and detailed as possible about each situation, its duration and your ongoing or past treatment.

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

This includes our 12,000 agents and advisors delivering holistic, protection-first advice and guidance across the country,” said Craig DeSanto, Chair, President & CEO, New York Life. New York Life declared a record dividend of $2.2 billion to eligible participating policy owners in 2024, the largest in company history.

They can include engaging in risky hobbies and behaviors like skydiving; having a history of DUIs or speeding tickets; having a dangerous job like roofing; having a criminal record or a less than ideal financial history; being a smoker; and failing a drug test.

A life insurance application will be denied if the insurance carrier doesn't think insuring your life is a good risk. The insurer may not be able to offer you coverage if you have high-risk medical conditions or practice dangerous hobbies. You may also be ineligible for certain policies due to advanced age.

Some of the top reasons for a claim to be denied include fraud, high-risk activities, suicide clauses, policy expiration and the possibility of beneficiaries' involvement in the insured's death.

When initially underwriting a life insurance policy, life insurance companies sometimes check up to 10 years of an applicant's medical records.

Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursem*nt against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

What does life insurance not cover? ›

Life insurance doesn't typically pay out in these circ*mstances: Murder: If your beneficiaries murder you or are closely tied to your murder, they won't receive the death benefit, per the slayer rule. Suicide: A payout won't apply if you commit suicide within the first two years of purchasing your policy.

You'll spend about 45 minutes on the phone with an experienced interviewer. You'll listen to a series of recordings, which provide the necessary HIPPA authorization and other disclosures required by your state. You'll also be asked questions about your medical and financial history.

A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders. As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2016, the company has paid a dividend every year since 1854.

One of the largest and oldest mutual life insurance companies in the United States, New York Life has the highest credit ratings for financial strength currently awarded to any life insurer by the four major ratings agencies (including a AAA rating¹), and has consistently paid annual dividends to our policyholders ...

Your life insurance agent will need to know your age, gender, lifestyle, the type of life insurance you need and your medical status, which may require a physical examination from a medical doctor. Your company then uses these factors to assess your risk level.

Not all life insurance companies check credit history as a part of their underwriting process. In fact, most only check it in certain uncommon situations. For example, USAA may pull your credit report it if you're applying for a large amount of coverage or if you have a history of bankruptcy.

Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.