I would file a consumer complaint as well. I have been in your shoes, and there is nothing that sucks more then a company like New York Life screwing around, and making you jump through hoops when you have just lost someone close to you. There is just something wrong about that.
Wow, Hawkeye. What a terrible thing to lose a loved one and then have to deal with that! I cannot say that I am surprised to hear you had trouble with the people at New York Life, though. It seems their policies are written deceitfully on purpose, and the government is apparently ok with that. The Washington State Office of Insurance Commissioner, Mike Kreidler, has said that it is ok for the New York Life policies to actually LIE to clients. For example, New York Life does not provide a minimum guaranteed fixed interest rate. Despite this, New York Life can include a line in the policy that declares: "Minimum Guaranteed Fixed Interest Rate: 3%." This, however, is an Option that is explained somewhere else in the policy.
They also have no problem with New York Life leaving out the Guaranteed Death Benefit feature and its costs. Why? Because it is covered in the Prospectus. The client is expected to read through the entire Prospectus and understand what he reads there.
The Commissioner’s office also says that it is okay the 10 day period during which one can cancel (also known as the “Free Look Provision”) refers to reviewing the policy and does not let the client know that the policy is incomplete (the remainder of the information is only found in the Prospectus.
When a representative discusses a policy with a client, they skim over the stuff that applies to annuities and features in which the client would be interested. When the client signs paperwork, though, he is expected to sign one form that has a line that says, in part, “I/We have read and understood the prospectus and above disclosure….” If the client has any problems later, the fact that the client signed this will negate most complaints, even if the client did not read the prospectus. Unethical agents will intentionally mislead clients with this.
Do not buy New York life VUL...the illustrations are bogus. Over 20 years they will never come close to those projections...you will never be able to put enough funds in...if you can you could have purchased 2.5 more times life insurance with another company.
Only product to by is no lapse ul or whole life and your happy with the premiums and look at dot, blended term (which they will never show you) or reduced premium. You can get a better priced ul with another company....
Also, watch out for the agent that wont print you or email you illustrations, or respond to your questions by email. Also, once you get your policy the clock ticks and make sure they provide you with an illustration to match the policy...
Watch out for bogus scenarios in the illustrations...The agent wants you to buy a vul so he can make the most money off you...he or she makes much less if he sells you a product you can afford and keep...