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How do I find out if my Life Insurance policy is good?

I keep hearing all the horror stories of Life Insurance policies being no good. I have a policy through AARP and New York Life. Does anyone know of a way I can check with someone regarding the dependability of my policy.

Public Comments

1. It's not that the policies aren't good, it's that it's one that doesn't really fit your needs. New York Life has been around since the 19th century, they're a solid company. The policies, like aarp, that are sold thru insurance companies are usually very basic, like enough for burial expenses or to cover your spouse for a while. If you're worried, contact either a local NYL agent, (find one in the phone book and they will have the NYL logo in their ad) or call the NYL home office in new york directly and they will give you the number of agent to help you understand the policy you have. It doesn't cost anything to have an agent contact you, as long as you don't buy another policy from him/her.
2. Well, all those people telling those horror stories are making them up. The place you need to check, is with AM BEst - www.ambest.com. I just did a quickie check on NY Life, and they are currently rated A++ stable. So you have no worries there.
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4. New York Life is very solid and stable company. I don't really know without knowing the specifics of your situation whether the policy you have is the best deal for you or not, but I wouldn't worry about the dependability of New York Life when it comes time for your family to collect on your policy.
5. Do some research online, read the reviews and find the best fit for you. A site that I like is Auto Insurance Monster (www.AutoInsuranceMonster.com) they have lots of information in the auto insurance field, they have a ton of articles and very nice tips to help you lower your cost of auto insurance, they also have ratings for the top auto insurance companies in the country, I highly recommend that you check out that site.
6. What kind of horror stories? Life insurance is very dependable and New York Life is a fine company. The one possible problem for seniors is that some policies that are issued with no or limited medical screening do not have full benefits payable in the early years of the policy. Call AARP to see what your benefit is.