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Is New York Life in financial trouble?

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. Based on revenue as reported by Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual), Fortune magazine, 6/5/2023.

How do I know if my life insurance has a cash surrender value?

Permanent life insurance offers cash surrender value if you cash in your policy before the maturity date; term life insurance policies do not. Cash surrender value equals your policys cash value, minus any surrender fees.

How do I cancel my NY life insurance policy?

Call 1 (800)-225-5695.

Has New York Life been sued?

The group of workers sued New York Life in March 2021. They alleged that the company bdocHubed its fiduciary duties by retaining its proprietary MainStay Funds in the plan, despite warnings from its outside investment consultants that the investment options did not hit their benchmarks.

What was the New York Life scandal?

The company faced a massive $250 million judgment in 1995 when it failed to pay out promised returns to its policyholders. When Bernie Madoffs massive Ponzi scheme was toppled, New York Lifean investor in the schemefaced lawsuits by policyholders who lost millions of dollars in the aftermath.

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