Complaints

This profile includes complaints for New York Life Insurance Company's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  New York Life Insurance Company

  51 Madison Avenue New York, NY 10010

• 

  New York Life Insurance Company

  120 Broadway Fl 29 New York, NY 10271-0002

• 

  AARP Life Insurance Program

  PO Box 30712 Tampa, FL 33630-3712

• 

  New York Life Insurance Company

  PO Box 30709 Tampa, FL 33630-3709

• 

  New York Life Insurance Company - Honolulu Office

  100 N Beretania St Honolulu, HI 96817

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:08/16/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a life insurance policy under my mom and the agent ***************************** fraud me by taking out my cash value without my consent. Now i have no cash value in my policy and I have to pay high premiums. She will not answer her phone anymore. Do not take this lady to be her agent. She will take your money without consent. I want my cash value back. ****** need to go to jail for fraud. I am not the only one She has robbed.

  Business Response

  Date: 08/30/2022

  ****** *** ****
  
  ****** ******** ****** ** ********
  
  ** *************************** **** *****
  
  ********* ** *****
  
  ***** ***********************************
  
  *** *** ** ** ********
  
  ******* *************************
  
  ********* ** *** ***
  
  ******** *** **** **** ********* *** ******************* ********
  
  **** ** *****
  
  **** ** ** *********

  Dear ****************,

  We have reviewed the concerns shared with your office by ********************************************* on behalf of her

  mother, regarding the above-referenced life insurance policy.

  ************************ advised that Agent ***************************** requested funds from the policys cash value without

  her authorization. However, ************************ noted that the policy does not have any cash value, and this

  resulted in a premium increase. ************************ advised that she has been trying to contact Agent

  ******** but has been unsuccessful. ************************ requested that the cash value be restored to the

  policy.

  After conducting our review, it appears that ********************************************* is not the owner of the policy in

  question. Accordingly, please do not share any confidential policy information that we are providing

  without the express authorization of the policyowner. The information provided should only be shared

  with the policy owner *****************************. After careful review of the information that was provided by Ms.

  *****************************************, and our records for policy ** *** ***, we found no basis upon which to offer the

  extra-contractual relief she requested.

  Universal Life Policy

  Policy ** *** *** is a $350,000 face amount Universal Life Protector Increase Insurance policy with a

  policy date of December 4, ****, with ************************* as Owner and Insured. Our records reflect that for

  policy ** *** *** to perform as illustrated at the time of sale **************** was advised and required to

  make annual payments of $11,904.00. Since the inception of policy ** *** *** the scheduled payment

  decided by **************** was in the amount of $200.00 per month. **************** increased her premium

  payment during June and July 2022 as she received correspondence from New York Life Insurance and

  ******************* (NYLIAC) advising that her policy was in danger of lapsing if an additional payment

  was not made. The $551.00 monthly premium is currently paid to October 4, 2022, and the total

  premiums paid towards policy ** *** *** is $48,216.34. The most recent monthly deduction charges

  totaled $490.91 and the cash surrender value as of the date of this letter is $ 1,486.99.

  A Universal Life insurance policy is an interest rate-sensitive, flexible premium life insurance policy. The

  flexibility of a Universal Life policy allows the client to adjust the premium over the life of the policy.

  Because premiums on a Universal Life insurance policy are flexible, they must be scheduled by the

  policyowner and then monitored. Premiums paid for *** ******* policy, less any applicable charges, are

  added to the policy account, which accrues interest. Each month, the costs of insurance and

  administrative fee expenses are deducted from the policy account. Since the cost of insurance is based

  on the *** ******* attained age, these costs increase each year. As long as the Cash Surrender Value is

  sufficient to cover the monthly deduction charge, the policy will continue in force. If the Cash Surrender

  Value is not sufficient to cover the policy's monthly deductions, the policy will lapse unless premium

  payments are increased. With this in mind it is important to note that *** ******* Universal Life

  Insurance Policy can lapse even if all of the scheduled premiums are paid.

  Company Records

  After reviewing Company records, we did not locate any withdrawal request by the agent. Agent ********

  noted that she attempted to locate a copy of the policy brief, to confirm if any loan request was

  completed for the policy in question, but she was unsuccessful.

  The contract for policy ** *** *** that was delivered to **************** contained a complete description of

  all policy provisions, including the fact that the policy could expire if the premiums paid were insufficient

  to cover the monthly deduction charges. *** ******* policy also contained a Right to Examine Policy

  provision effective from the date of delivery, during which time we afforded her the opportunity to

  complete a thorough review of all contractual benefits and provisions. If **************** not satisfied with

  the policy, the provision gave her the option to return it for a full refund for any reason whatsoever. We

  have no record of receiving any such request.

  Our records reflect that the premiums remitted in earlier years were less than the required illustrated

  premium, additional premiums are now required. In order to keep *** ******* policy in-force she was

  required to pay $1, ****** by July 6, 2022, $1,568.89 by August 6, 2022, and $1,613.34 by September 5,

  2022. Our records reflect that ***************************** was informed of the terms and conditions of her

  Universal Life Protector Increase Insurance policy at the time of sale.

  On each policy anniversary we sent **************** an Annual Policy Summaries, which disclosed the policy

  plan type as Universal Life and provided a detailed breakdown of all policy activity during the previous

  12-month period, including information pertaining to interest rates, cost of insurance charges,

  premiums received and the accumulated affect these variables had on the net cash value of the policy.

  In a section titled Conditions of Policy Coverage, the summaries provided information on how long the

  policy would remain in force under different scenarios. Enclosed is a copy of the most recent Annual

  Policy Summary for policy ** *** *** dated December 6, 2021. In addition, we have provided several

  notices during the past few years warning **************** that her policy does not have sufficient cash

  surrender value to pay the Monthly Deduction Charges due, and that her policy may lapse.

  Company Findings

  As part of our review of customer complaints, we rely on written documentation from the policyowner to

  substantiate their claims. In the absence of documentation to support ************************************

  claims, we can find no basis to make any adjustments to policy ** *** *** at this time.

  We trust that the information in this letter is responsive to your request. Should you have any additional

  questions or would like to further discuss this matter, please feel free to contact me directly at *****
  
  *********

  Sincerely,

  ********************************************

  Corporate Compliance Department

  
  

  Customer Answer

  Date: 09/02/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  I will call the compliance office to explain. ****** is a ***** and needs to be investigated. She cause my aunt policy to lapsed. We cannot get hold of ******. She is deceiving. 

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *****************************************
  
  
  
  
   
  

• Initial Complaint

  Date:08/11/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Good evening,I am sending this email in regards to my current payout situation with New York Lifes Compensation Program. I need to express concerns I have that need to be addressed. I have tried over the past months reaching out to you on the number ************** and have not reached anyone successfully. It has been quite frustrating since I need to speak to someone regarding my situation. Here are my (2) concerns and thanking you advance for responding. 1.I never elected to have a payout at 55 but I am receiving checks. In addition, I never elected a payout option but you selected Joint and Survivor 75/25 as a default. I would not select this option based on the amount of the payout at 55. I would have selected 100% to me. 2.If I can discontinue this annuitization I would elect this and postpone to a later date. I do not understand how you have the authority to go ahead and determine at age 55 to begin this payout without my consent. If you cannot change the annuitization payout, you need to change my option to 100% payout.3.In todays environment, this payment should be electronically deposited. Please provide the appropriate documentation to accommodate this request. For security purposes I am not providing my social security number; however, the following information should direct you to my account. I appreciate hearing from you since I cannot reach anyone at your call center. Againthanking you in advance for reaching out to me to resolve my concerns.

  Business Response

  Date: 08/30/2022

  ****** *** ****
  
  
  *** ****** ******** ****** ******* ************ ********
  ***** *******************************
  ** *****************************************************************************
  

  Re: ID ********
  

  Dear ****************,
  

  This letter is to confirm receipt of complaint ID ******** in regard to the default form of payment applied to *** *********************************** New York Life Insurance Company Employee Excess Plan benefit.
  

  In the complaint, ****************** indicated that she did not authorize payment beginning at age ********************************************** the form of a 75% Joint and Survivor form of payment. The plan rules indicate that a participant must commence payment follow separation of service and attaining age 55. We must administer the plan per the plan document.

  February 8, 2022, Starting you Non Qualified Benefit Employee Excess Plan documents were mailed to ******************, a copy is attached for your reference. The document indicated that an election must be made by April 28, 2022. No election was received.
  

  May 6, 2022, a default form of payment notice was mailed to ****************** outlining that no election was received and that the payment would commence per the default guidelines. A copy of the notice is attached for your reference.
  

  No change in the form of benefit is permitted under the plan following commencement.
  

  Thank you,

  *********************
  Corporate Vice President ***** *********

  
  

• Initial Complaint

  Date:07/18/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am insured by new York life insurance company have been since my late teens early tweenies my mother had me go in to the building and sign for life insurance my mother passed away on 08/14/2020 she had a beneficiary that was my oldest sister ********** as of 06/12/2022 she is not with us anymore now i call the insurance company and they tell me a *************************** is the owner of the policy that my mother paid up and im the insured i know who this person is but no way would i or my mother put this women in charge of any thing that has to do with money i don't feel safe just knowing she has something that i sign for and its my life insurance so i ask them is there any way that i could have the policy and a ************* tell me there is nothing he can do so i say my mother never put this lady in charge of anything with my name associated with it and i would like to get my name off of this policy if it cant come to me I'm 53 years old self employed and i don't depend on none of my siblings to care for me and they don't have any insurable interest if i was to pass away no sibling in my family none would suffer financially if i died today they would be just fine with out this policy so I'm sending this complaint before i go to the courts with this because its really fixable if the company follows the law thank you

  Business Response

  Date: 07/29/2022

  Dear ********************:

  Thank you for your letter dated July 18, 2022 regarding the above matter. This communication has been referred to me for review and response. Thank you for your patience while this matter was reviewed.

  Please know that we have reviewed the concerns raised by ************** and have responded to our customer directly to address this matter. Unfortunately, we are unable to honor ****************** request to surrender the policy as he is not the policy owner.

  Please let us know if you need additional information.

   

   

  Customer Answer

  Date: 08/02/2022

  I am resonding to the buiness iam not the owner i signed for my mother to be the owner when i was in my early tweeties.im 53 years old my sibling owns the policy that insign for my mother and she paid up how under your insurance giudlines did a sibling of mine show this company that they hold a insurable intrest if i was to pass away they **** not suffer finailly so under that claus i believe that uour company is a fauld why would i want a sibling to have a policy with divadens and buld up over time to have or own when i could use my own policy that i sign for my mother to own not any sibling of mine and i didnt nor my mother gift this policy away this is a false owner ship fauld and i would like to know how it happen my mother never gave away my policy in a will or in writing ther was no benafiaury besides her so were is it that a sibling can own a policy with out the insured consent your company gave this policy to one of my siblings because they side my mother *********************** did not want the insured to have his own policy you went with a sibling instad of following your policy for lnsurable instrest is the key word here how did they prove that to you there is no will no writing that tell me or your company that ********************* never wanted her son to have the policy that he signed and she paid up alone not with any of my sibling so i dont exceipt the companys response

  Business Response

  Date: 08/11/2022

  Dear ********************,Thank you for your letter dated August 2, 2022 to Corporate Vice ********** ******************* on the above referenced. This communication has been referred to me for review and response. Thank you for your patience while this matter was reviewed.Please know that we have reviewed the concerns raised by ************** and have responded to our customer directly to address this matter. Unfortunately, ************** has no authority on this policy therefore, we are unable to honor *** ****** request transfer the ownership of the policy to himself. ********************, I trust this information is helpful in your investigation. Please let us know if any additional information is needed.

  Customer Answer

  Date: 08/30/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:
  

  
  

  But they did actually confirm wrong doing on there part and on my. Siblings part. As well because the company knows the law and by the law the owner ship.of this whole life policy  should and  could go to jail because the policy  should have been suspened.until the insurable interest and the owner ship of said policy became one in the same meaning the policy should have gone to the insured when my mother passed my mother made owners  designees for her own policy in 2014 i would like to see all signed documents of ***** * ***** the policy of the insured  was signed in 1992 the insured was an adult at the time he signed and gave consent to his mother to be owner and beneficiary because at the time if something would have happen to ******* ***** ***** she would have suffered financially I am 53 years old and a tax paying citizen there is no law in California that say my siblings can be owner of a life policy with out my consent and I never would have consented to people I barely know to have owner ship of a life policy we're I'm the insured this policy had to be signed by the insured before his mother could own the life policy for him now there telling me I don't have to sign or give consent this policy must be void if the insured and the ownership of said interest can not become one and the.same by law and the insurable dose start at the time the policy is signed and activated how ever if that was the case the person that the. Company said owns the policy would have been to young to hold a policy or any interest in the insured on Oct 1 1992 by breaking the law in this matter by not contacting  the insured  when his mother passed or by falsely signing over a whole life policy to one ********** * ******** and ******** * ******** when they were never given consent by ***** * ***** or ******* * ***** you said she sign owner designee in 2014 why was none of. The people put on this policy for owner ship until after the real owner passed away in 2020 this policy was not transfered until 2021 without my consent and again in 2021 to a younger sibling that is estranged to me so if this company is so adamant about the insured not owning the policy that they would break the law in this manner  and say it is legal for my  estranged sibling to own a whole life policy over me that they never paid one cent to help my mother.pay up and never even had a conversation with me the insured at all in my life time about any thing ever asking me to consent to or will I sign for this policy to be transfered to some one beside my self upon my mother's death and my sibling has passed as well on 06 / 12/ 2022 ********** * ******** passed away. And I still wasn't contacted by this company for my consent to have someone other.then my self to  own this policy were I am the insured upon my siblings death and I think this is a criminal mater now if not for forgery then for transfer of a policy that should have been suspended after the death of original owner ***** * ***** policy should have gone to the insured because the owner and the interest must become one and the same if nothing else the insured never gave anyone  but ***** * ***** consent by California law this policy must be void or made one in the same with the insured being the owner of his own insurable interest this is something the the New York life company knows but as long as there was still some one paying for this policy after ***** * ***** passed this is and old policy and the company was afraid I would cash it out  but that would have been my right not a sibling that I don't even know this matter will most likely go to court because now I'm suffering financially  and I could have been getting my dividends of my own policy for my business that I own but my insurable interest doesn't matter when your doing fraudulent business   for money that u hope to. Never pay out because you know my sibling one dose not have any insurable in treat to my a claim even if she is paying the premium she still never had consent and no insurable interest my mother did in 1992 when I signed this will not hold up in a court of law if doesn't hold true for vonetta n mixson my estranged  sibling and they know this that's why they want a sibling to hold owner ship.and pay the premiums it's right there in the California insurance code what they are doing is fraudulent by the California insurance code they take part  of the law and hope that people don't read the rest its a shame for people to pay all the years of there life to get taken in by a greedy insurance company by them using a greedier sibling with no insurable interest   

  
  

   

  
  

   

  
  

   

  
  

   

  
  

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  
  
  Sincerely,
  
  
  
  Lashawn Green