New York Life Policy FAQs
Contact Information
How do I access my account?
New York Life Phone Number
(800) 225-5695
New York Life Mailing Address
New York Life Insurance Company
Dallas Service Center
P.O. Box 130539
Dallas, TX 75313
How do I contact my agent?
By email [email protected] or [email protected]
By phone 801-335-9411 or 801-210-1878
Schedule a meeting https://calendly.com/johnstewart
POLICY LOANS
How do I submit a policy loan request?
New York Life Loans under $50,000
Loans under $50,000 can be requested directly to New York Life by phone at (800) 225-5695. You will need to have your policy number. You may also email John's team at [email protected]
Penn Mutual Loans over $50,000
Loans that are $50,000 or greater require a completed Loan Request form. You can email [email protected] to request that form. Once complete, you can email it back and we will submit to New York Life and track on your behalf.
How will I receive the funds from my loan request?
By default, your loan funds will be sent via check to the address you have on file. You can also have the funds sent via EFT by submitting your bank information.
How do I set up an EFT?
An Electronic Funds Transfer (EFT) allows you to have the loan funds directly deposited into a bank account that belongs to the policy owner. To set up, you will need to submit a voided check or statement from the bank account you wish to use.
If you are requesting your loan via phone (less than $50,000), ask the agent what to do to set up EFT at that time.
If you are requesting your loan using the Loan Request form ($50,000 plus), please submit a voided check or statement alongside your form, and make sure to check this box in Section 5 of the Loan Request form: I elect to have the funds sent via Electronic Funds Transfer
If submitting to our team, please email [email protected] and request a secure link so you can submit the voided check to us. We will then submit to New York Life and track on your behalf.
Once submitted, your EFT information will be kept on file at NYL and can be used for future loans without resubmitting.
When will I receive my requested loan funds?
Normal processing time for a loan request is 5-7 business days.
How do I repay my loan?
There are three ways you can make a payment towards your New York Life policy loan balance. Please note that NYL only accepts payments directly from your bank account (no credit cards). You are able to pay whatever amount you like and as often as you like towards your loan balance - NYL has no deadlines or amounts set. However, keep in mind there is interest accruing. At each policy anniversary any interest that has accumulated that past year can be paid. If it is not paid at that time, that interest will roll up into the loan principal:
Pay by phone by calling NYL at (800) 225-5695. You will need your bank information readily available.
Pay online by going here. Online payments towards loan repayment can be made throughout the policy year.
Pay by check making sure to include both your policy number and the way you’d like your funds applied (“Loan Repayment”) in the memo line. Mail the check to:
New York Life Insurance Company
Dallas Service Center
P.O. Box 130539
Dallas, TX 75313
COMMON POLICY CHANGES
How do I change or update my beneficiaries?
You will need to fill out a New York Life Beneficiary Designation Form to change or add policy beneficiaries. Please email [email protected] to request the form and additional instructions.
How do I change policy owners or add a co-owner?
You will need to fill out a New York Life Owner Designation Form to change policy owners or add a co-owner. Please email [email protected] to request the form and additional instructions.
How do I change my address?
You can change your address over the phone at (800) 225-5695. Please also be sure to let us know your updated address by emailing us at [email protected].
GENERAL PAYMENT INFORMATION
How do I make payments towards my policy?
There are three ways you can make a payment towards your New York Life policy. Please note that NYL only accepts payments directly from your bank account (no credit cards):
Pay by phone by calling NYL at (800) 225-5695. You will need your bank information readily available.
Pay online by going here. Online payments towards Paid-up Additions (PUA) and loan repayment can be made throughout the policy year. Online payments towards base premium will not be available until 25 days before your anniversary.
PLEASE NOTE: Clients on the NYL Program (monthly bank drafts) will not have the option to make any other payments online. You can include PUA\ premiums as part of your monthly NYL payment if desired.
Pay by check making sure to include both your policy number and the way you’d like your funds applied (“Base Premium”, "Paid Up Addition Rider", and/or “Loan Repayment”) in the memo line. Mail the check to:
New York Life Insurance Company
Dallas Service Center
P.O. Box 130539
Dallas, TX 75313
How do I get my payment history?
Your payment history can be accessed online by logging in to your account.
OTHER
My lender is requesting a letter from the insurance company to verify where my loan funds came from. How do I get this?
Typically, lenders will be satisfied with a printout of your policy information, as taken from your policy page. You can click Print Summary in the top right corner to get that printout.
If your lender is requesting additional information, reach out to our team for assistance at [email protected].
I’ve received a letter from the insurance company stating that my policy has become a modified endowment contract (MEC). What should I do?
You’ve received this letter because you have paid more than your maximum allowed annual contributions towards your PUA. You should call New York Life ASAP to resolve this problem at (800) 225-5695. They will give you the option to refund the excess contribution amount in the form of a check, as long as you return the letter you were sent, as instructed. Alternatively, you may reach out to our team at [email protected] for further instructions.