At New York Life, protecting the well-being of our employees, policyowners, and community has been our top priority for the past 175 years. Our team of professionals understands the concern and uncertainty caused by the coronavirus (COVID-19) and we are here to help.
Below are answers to some frequently asked questions that our policyowners might have about the impacts of the coronavirus disease 2019 (COVID-19).
If you have an annuity contract that was issued in the state of New York, please click here.
If you have an annuity contract that was issued in the state of New Jersey, please click here.
New York Life’s Preparedness and Response to COVID-19
What is New York Life doing in response to the COVID-19 pandemic?
Our response to the current COVID-19 pandemic started with a simple premise–protect what matters most.
Protecting the health and safety of our employees has been a top priority. We have taken a series of actions that include implementing a work-at-home approach for nearly all employees, suspending all business travel, and broadly increasing the use of virtual communication capabilities across the company to ensure that we are able to continue to support our clients and policy owners in the U.S. and globally.
As a mutual company, accountable only to our policy owners, New York Life has also taken steps to ensure that we remain committed to providing the best service and support to our policyowners. This includes maintaining all our operations globally, providing assistance through our customer service professionals, and fulfilling our promises to our policyowners. It also includes introducing flexibility and accommodations for those who may need it, which is described in greater detail in the policy and service questions below, as well as self-service capabilities that are available 24 hours a day, 7 days a week.
And our commitment to protecting what matters most extends to our communities. The New York Life Foundation has pledged $1.7 million to local and national non-profits to help our communities impacted by the COVID-19 outbreak.
How prepared is New York Life financially to deal with the impacts of the coronavirus pandemic?
During the past 175 years—through the Yellow Fever epidemics in the 19th century, the 1918 influenza pandemic, two world wars, the Great Depression, and the Financial Crisis of 2008-2009—we have been able to show both strength and empathy as we protected the future for our clients and their loved ones.
Today, no U.S. life insurer has a higher financial strength rating than New York Life. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies (Standard & Poor’s, AM Best, Moody’s, and Fitch.)1 We continue to be positioned to deliver on our promises by investing wisely, growing our portfolio of strategic businesses, and remaining true to our mission as a mutual company and we remain confident in our ability to continue to fulfill the promises we have made to our policyowners.
Working with New York Life During the Pandemic
How will you keep me updated during this time?
New York Life will continue to provide regular updates to our website to help keep our policyowners informed about the important actions we are taking as a company. In addition, our service professionals across the country remain committed to being there for you—ready to help our policyowners navigate an uncertain time.
If you are already working with your financial professional, please reach out to him or her. If you’re unable to reach them or something has changed, please contact us. Our team of dedicated customer service professionals is available to help answer any questions you may have about your policy or account with us.
What is the best way to contact New York Life during this time?
We remain open for business and are ready to assist with your requests. You may reach one of our service professionals at 1-800-762-6212, or review your information online, 24/7, at newyorklifeannuities.com, where you can view your New York Life policies and investments, initiate disbursements, update beneficiary information, update contact details, and more.
How can I get help if I’m concerned about current financial market volatility and its impact on my products/portfolio?
We understand that what is going on in the financial markets can be unsettling. For annuities purchased through the Third Party Distribution channel (including Financial Institutions, Banks and Broker/Dealers), please contact your financial professional for advice and guidance.
Our service professionals are available to assist with your in-force policy inquiries and service needs and can be reached at 1-800-762-6212.
Policy- and Service-related Questions
I own an annuity with New York Life and would like to access cash. What is New York Life doing to provide additional options?
Policyowners who chose to purchase a New York Life annuity made a great decision to purchase from a company with New York Life’s financial strength and stability. We understand, however, the impact that the current situation may have on our policyowners’ finances. As a result, we are offering the following accommodations until further notice.
For those policyowners that have been impacted financially by COVID-19, we are increasing the surrender charge free withdrawal amount by 5% across all in-force deferred annuities2. For variable annuities, a prospectus supplement dated March 23, 2020 contains additional details.
Will the current situation have an impact on the benefits available to me under my policy?
New York Life will continue to fulfill our promises and contractual obligations to our policyowners, as we have for the last 175 years. There is no change to the benefits available to you under the terms of your policy. Please call us at 1-800-762-6212 or consult with your financial professional if you have questions about the terms of your policy.
I understand that the Departments of Insurance in some states have issued bulletins that insurance companies have been asked or are required to follow. What is New York Life doing?
The Departments of Insurance in a number of states have published bulletins for insurance companies related to the treatment of insurance coverage in the current environment. In all cases, New York Life will meet or exceed these requirements.
In the event the actions described in this FAQ do not satisfy applicable requirements in a state, we will adjust our approach in that state to meet or exceed the requirements. We will continue to closely monitor the regulatory environment to ensure we remain in compliance with all government mandates.
1The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: AM Best A++ (as of 7/24/2019), Fitch Ratings AAA (as of 12/18/2019), Moody’s Aaa (as of 12/18/2019), and Standard & Poor’s AA+ (as of 12/18/2019). Source: third-party reports. Learn more:
2Withdrawals may be subject to regular income tax and, if made prior to age 59½, may be subject to an Internal Revenue Service penalty tax.
SMRU1852863 (Exp. 12.31.2020)