Complaints

• Initial Complaint

  01/29/2025

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Have short term disability provided by *******. Leave was 12/18/2024 - 12/27/2024. Benefits didn't start till 12/25/2024. Thus 25, 26, 27 should have received 3 days of benefits at 66%. In 3 days, I earn $1,977.60 thus NY Life was responsible for $1,305.22 at 66%. Claim wasn't started until 1/3/2025. Initial benefits given were $13. Tried to explain the discrepancy and was told I was incorrect. Reached out to HR, they got another $436, but listed the 2025 CO FAMLI rate NOT the 2024 CO FAMLI rate. Thus I'm still short, was given an email that bounced, and tried two other emails listed on the site. Reached out to HR again. They sent another $48 out which I haven't received as of 1/27/2024. Regardless, $1,305.22 - CO FAMIL payment of $660 = $654.22 thus the expected payment from NY Life, not $497, so it's still short $150. This shouldn't be this complicated. I just want the benefits that I pay for in a timely fashion. I've spent 8+ hours on the phone and with HR trying to get this correct. It's not a problem with my company but that of NY Life.

  Customer response

  02/03/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ******* *****
  
  
  
   
  
  

• Initial Complaint

  10/14/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  This is in regards to their shady operating procedures and recruiting practices.I had applied many years ago due to struggling to find work; Did not accept any offer due to deceptive hiring practices (Having to pay $$$ to be able to work there like an MLM scheme, interviews held as 'seminars'/'webinars' of 5 to 20 applicants, etc)Since then, I have continuously received recruiting emails, and each time I have requested to be -removed- from their list, that I have no interest in working for a company as shady and disgusting as ************ I received another one for one of their many 'hiring events'. Once again, requested that I be removed from their list.They responded within the hour, ignoring my request, and encouraging me to attend the event...I have also filed a report with the *** regarding the lack of action.I have requested to not be contacted again, I have requested to be removed from their lists, I have demanded both.I want to ensure I am never contacted by this company again, and ensure that others who also deal with them have their requests also heard and adhered to.I have attached 2 screenshots noting the timestamps of interaction, as well as the email with my request to be removed.

  Business response

  10/18/2024

  Please be advised we have taken the necessary precautions to cease further correspondence to *** ******* as follows:

  The ******************** has been advised to cease future recruitment correspondence to ****** *******.

  We have added both his email address & his phone # provided in his complaint to our respective Do not Email and Do Not Call platforms. 

  We trust these measures will adequately address the concerns *** ******* brought to our attention and apologize for the inconvenience this has caused. *** ******************************** you

• Initial Complaint

  10/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Monday, August 26, 2024 Proven Fiancial Hardship to surrender annuity policy. After several rounds of proof, being ignored and still waiting on surrender promised.

  Business response

  10/18/2024

  Thank you for your email dated October 7, 2024, on the above referenced Complaint ID.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 and resolve this matter. It was determined that the necessary paperwork required to initiate a review of the financial hardship has not been submitted to us.

  
  *** ********, I trust this information is helpful in your investigation. If you have any questions, please do not hesitate to contact me directly at **************, Monday through Friday, 8:00 am to 4:30 pm Eastern time. 

  Customer response

  10/23/2024

  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:

  My answer is, either you surrender this policy to me or I will be suing you for its value as well as punitive damages, which will far outweigh the value of the policy. Here is my latest letter. I will not be forced into being homeless because New York Life is too greedy, selfish and apethetic. Attached is a copy of my most recent letter.

   

   

   Sincerely,

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

• Initial Complaint

  06/20/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  POLICY NUMBER ** *** ***. E MAIL AGENT AND CALL HIS OFFICE .NO EMAIL OR XALL RETURN Trying to cancel .Call customer service HAD SOCIAL #DATE BIRTH BANK INFORMATION .SHE HAD TO ASL VERICATION QUESTS 2 COULD ANSWER BUT THIRD WAS ABOUT MULTI CHOICE QUESTION ABOT PREVIOUS ADDRESS CONNECT TO. TO.TWO ANSWERS WAS WRONG BUT THIRD ANSWER SOUNT LIKE ******* WE HAD AS A P.O BOX HAD 35 YEARS AGO .WOULD NOT CONTINUE TO TRY TO HELP .call agent office again but no return call .e mail corporate office e mail came back call customer service.no success canceling life insurance policy. HAD TO PAID BANK $30 TO STOP PAYMENT WANT TO REMIBURSE FOR IT

  Business response

  06/25/2024

  Thank you for your email dated June 20, 2024, to former Corporate Vice ********** ******************* on the above referenced Complaint ID. 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 policyholder directly to address and resolve this matter.It was determined that the policyholders spouse called our ************** to cancel the policy and stop the bank draft. As there is no written consent for authorization, we were unable to process the request. A cancelation form was emailed to our policyholder, we placed a hold on the bank draft and refunded the premium of $36.10 that was due on June 26, 2024.
  
  **************, I trust this information is helpful in your investigation. If you have any questions, please do not hesitate to contact me, Monday through Friday, 8:00 am to 4:30 pm Eastern time.I am pleased to address additional concerns as quickly as possible. 

• Initial Complaint

  06/10/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  My husband and I purchased a global life insurance with a monthly payment of $981.30. We were under the impression that we were placing the money into a savings account that would earn no less than 6% interest. We made 28 payments and then decided this was no longer feasible and couldnt afford it anymore due to the economy. Our policy was canceled and the documents sent to us state that we only accrued $18,166.25 and we had loans amounting to $15844.54; therefore, our balance was only $2,321.71 and this was the check sent to us. Were missing about $10,000 thats not accounted for.

  Business response

  06/17/2024

  ******************* advised that they purchased a global life insurance policy with a monthly premium payment of $981.30. ******************* further noted that she was under the impression that they were placing the money into a savings account that would earn no less than 6% interest. ******************* advised that 28 payments were made and
  then they realized that this product was no longer feasible, and they could not afford it due to the economy. ******************* stated that their policy was canceled, and the documents sent stated that they only accrued $18,166.25 and had loans of $15844.54; therefore, the balance they received was $2,321.71. ******************* is disputing her
  surrender value received and has posted on social media regarding her grievances.

  After further review of the information that *** ***** ******************* provided it appears that Custom Survivorship Whole Life policy ending in *** was issued as applied for and has provided valuable insurance coverage since 2021. As part of our review, we rely on written documentation to substantiate *** ***** ******************* claims. In the absence of
  information, or documentation to support their claims, we can find no basis upon which to provide the relief that was requested.

  Our records reflect that *** ***** ******************* requested loans on 3/10/2023, 9/18/2023 and 1/8/2024 from which they received Loan Confirmation Letter advising of these transactions. Shortly after, *** ***** **** ******** surrender request form dated 4/17/2024 was received and processed. Our records reflect that the policy in question was surrendered as of 4/16/2024 per the clients request and correspondence dated 5/10/2024 was mailed to the address on record.

  As part of our review, we contacted former agent ************************* to address the concerns expressed by *** ***** *******************. ************** advised that he met ********************************** as a digital lead. She asked for a NYL agent to call her with the unsolicited intent to look into a whole life insurance policy, as she had done research on the tax-free cash value growth they offer.

  ************** advised that he remembered the conversation with ******************* as she struck him as very knowledgeable about the benefits of whole life insurance, much more so than most of the prospects he has worked with in the past. ******************* made it clear that she understood that it was a guaranteed, tax-advantageous version of a savings account that could be borrowed against utilizing a Bank On Whole Life (BOWL) concept. ******************* stated that she and her husband were going to partner with one (possibly) multiple of their grown sons in the coming year or two to start a business and they liked the idea of using whole life insurance for loaning cash value to themselves as starter seed money.

  ************** advised that him and ******************** held a zoom meeting with *** ***** ******************* and determined during their case prep session that a CSWL was the most appropriate recommendation, given that it was the most cost-effective whole life product with a limited pay period and earliest cash value growth available at the time. ************** advised that he nor ******************** ever guaranteed or promised that it would earn 6% interest every year.

  They provided ******************* with an illustration which provided an explanation of how this product would work during their recommendation meeting and made it abundantly clear that whole life policies take a few years to accumulate cash value, because for the first few years most of the premium goes toward paying the underlying fees and cost of insurance. ************** further advised that they explained a Custom Survivorship Whole Life policy is a longer- to long-term type of safe money growth investment and did not provide the clients with information that would reflect that this would be a straight line 6% cash value growth.

  We trust that the information in this letter is responsive to your request.

  Customer response

  06/17/2024

  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:

  Hello, if this policy was a safe money growth investment; how come my money invested did not earn any growth? At minimum, wheres the difference between the monies invested minus the loans taken (and any interest charged on those loans, of course)?

   

   

   

   

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

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

  Business response

  07/09/2024

  Dear *** *******
  
  We have reviewed the additional concerns raised by ******************* in her filing with your office on July 2, 2024 regarding the above-referenced life insurance policy.
  
  It appears that ******************* inquired about the performance of her policy and its current cash value.
  
  As noted in our previous response to your office, in addition to the policy contract that outlined all of the policy terms, ******************* was provided with an illustration which projected how the policy should perform. On page 9 of **** ******** illustration, it provided a projection of how the policy would perform granted all scheduled premium payments were made and no loans were taken. Per the signed illustration ******************* received and reviewed at the time of sale, it reflected that in year three the cash surrender value would have been $19,933, and they surrendered the policy two months prior to the 2023 anniversary, for a total surrender value of $18,166.25.
  
  Our records further reflect that the Base Total Premiums (the premiums received excluding any rider or additional values) is $33,454.65 and the Base Total Dividends earned was $266.69 (since the policy was surrendered prior to the third anniversary), this has a Cost Basis of $33,187.96. Therefore, **** ******** policy did see growth and return, but since it was cancelled prior to the third anniversary, the policy did not have sufficient time to grow to what was illustrated after five years.The signed illustration reflected that in year 4 the surrender value would be $28,750.00 and in year 5 the surrender value would be $37,915.
  
  As noted, ******************* requested loans from policy ending in XX-XXX-*** totaling $15,377 during 03/10/2023 ($9,377.00), 9/20/2023 ($3,000.00) and 1/06/2024 ($3,000.00). By requesting these loans, the clients accessed the funds early and it is reflected that a total of $667 in interest incurred at the time of surrender.
  
  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 

• Initial Complaint

  05/20/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  Have repeatedly asked NY Life to stop sending paper mail. I'm supposed to be set to Do Not Mail yet it keeps coming. There is no reason to send paper mail -- I am not going to change my policy, purchase another NY Life product, vote for board members, etc. I want NY Life to stop sending paper mail as I repeatedly requested. Thank you.

  Business response

  06/04/2024

  A response to the customers concerns under complaint # ******** has been added for your review. 

  Thank you, 

  Customer response

  06/05/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

• Initial Complaint

  04/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Upon signing up for insurance, I immediately asked that the policies be canceled. Instead of canceling, New York Life Insurance debited my bank account and refused to canceled the policies, all while misleading me to believe that they canceled. I had to change my back account info, and contact corporate. As it stands now, they have not canceled the policies. I never gave them permission to debit my bank account.

  Business response

  04/25/2024

  Dear *****************************:
  
  Thank you for your April 12, 2024 email to former Corporate *********************************** Your inquiry has been referred to me for review and response.
  
  The complainant wrote to your office requesting a refund of the first premium paid for both policies. Our records confirm the policy applications were cancelled and a confirmation was mailed to ****************** on April 10, 2024. Refunds for the premiums paid were issued via direct deposit to the client the same day. No additional premiums were drafted.
  
  A letter with additional details was mailed to the client and also provided to the ************* of ********* Services.
  
  I trust this information is helpful in your review. If you need any additional information, please feel free to contact me via phone at ************** or via email at ****************************************************. I would be pleased to address any additional concerns as quickly as possible.
  
  Sincerely,
  ****************************************
  Senior Associate

• Initial Complaint

  04/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am being overcharged on my life insurance since February 2023. they are only to withdraw once a month the sum of$62.04 on the second of each month instead they started deducting the $62.04 on the second of the month and the twenty eight and with no consistency they overcharged me $372.24 when i called them about it they agreed there was something wrong cause they brought it to my attention that this has been happening for a year. they sent me a letter stating that everything was good and that the day of withdrawal can vary but for fifteen years they only withdrew on the second day of every month faithfully only once a month.My customer service representative is ***************************** you can reach her at ************

  Business response

  05/16/2024

  Response has been sent to the policy owner directly.

• Initial Complaint

  04/03/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I gave birth on September 11,2023 and filed for STD with this company. I am still trying to get my claim settled. I had assumed everything was closed until February when I received an overpayment notice in the mail. I called to speak to my claim manager ***** who has very hard to get a hold of and still is. ***** then tried to explain my benefits to me and was wrong. I did not qualify for my companys maternity leave benefit so I had to use two weeks of my PTO and then the rest of my leave (4 weeks) was my STD. She stated she would look into. I then had to call again a couple weeks later to confirm I was not overpaid which ***** confirmed. Then on March 7th I got a notification that NYLGBS owed me 160 dollars. I never received this. I had to call multiple times to try to speak to ***** in order to get a check issued, and to clarify that this was not a mistake. I finally was able to reach ***** and she stated I was owed this money and she would re-issue the check for that amount. Then I received a check in the mail for about $500 which was nowhere near the $160 that she said I was owed, in my account was showing that I owed money again. I did not cash the check and I immediately called to clarify what was going on and no one could give me an answer and of course ***** was unavailable. I have since tried to call multiple times and still have not been able to get an answer from anyone. I finally was able to get a hold of ***** on Monday and she told me she would either call me back that same day or Tuesday and she did not.I am extremely frustrated as it has been almost 7 months since my child was born, and I am still trying to figure this out. I do not owe any money and I dont understand how when ***** went to re-issue. The check that was supposed to be for $160 and it turned into a $500 check that she didnt realize and stop it.

  Customer response

  04/05/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  01/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I had two policies, Whole life and term life. On 12/15/2023 I stopped recurring payments on my whole life due to financial reasons. On 12/22/23, the payment of $150 dollars still came out even though I stopped recurring payments. I received an email confirming that it stopped. I called New York Life and he stated sometimes that happens and that he is sorry. He said if I cancel the policy I will get a refund of $150 dollars. I had to fill out and fax paperwork. The employee never told me it had to be done today. He did not tell me it was pro-rated. A week goes by, I call again to cancel my term life policy. This employee tells me to put the term life policy number on the whole life surrender form. He stated that I would get a $150 dollar refund and an additional $150 dollars because that is what my policy is worth. The refund was for the December charge that NEVER should have been taken out. I fax the paperwork over. A few days later I call back and get an employee who was rude, stating I would not be getting the $150 but only $55 dollars because that is the pro-rated version. I explained that new York life took out the December charge which shouldn't have happened especially with a email confirming. She did not listen and when I asked to speak to a supervisor she said one will reach out with ***** hours. Not liking that response I called back and was able to speak with ********, research and resolution team. She stated that she understands and is filling paperwork to get my ***************************************************************** an update. She never called, never reached out, and only $55 dollars was put into my bank account the next day. The customer service is horrible considering I gave the company ***** dollars of my money which I now lose and can't even get back the $150 dollars to which I did not want to give to the company but it was taken out of my account anyway. Even though I got a confirmation email saying recurring payments stopped.

  Business response

  02/01/2024

  Thank you for your email dated January 22, 2024, to former Corporate Vice ********** ******************* on the above referenced Complaint ID. 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 and resolve this matter. It was determined that we did not cease the bank draft and incomplete information was provided. The policies have since been canceled and premium refunds were issued via direct deposit to ******************.
  
  **************, I trust this information is helpful in your investigation. If you have any questions, please do not hesitate to contact me, Monday through Friday, 8:00 am to 4:30 pm Eastern time.I am pleased to address additional concerns as quickly as possible. 

  Customer response

  05/16/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *****************************
  
  
  
   
  
  

*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. ↩