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MONY Life Insurance Review & Complaints: Life Insurance

MONY Life Insurance Company originated as the Mutual Life Insurance Company of New York and MONY Life Insurance policies and products have included family life, disability insurance, and payroll deduction plans for group life over the years. MONY Life Insurance quotes are not currently available as the company is transitioning to a new name with The Protective Life insurance company.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 22, 2020

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Founded in New York more than 150 years ago, MONY Life Insurance Company of America has a long history of writing life insurance and other supplemental products. They operate today as a subsidiary of Protective Life.

History of MONY Life Insurance

MONY Life originated as the Mutual Life Insurance Company of New York and was founded there in 1842. The company operated under the original name until 1998, when it made the change to MONY Life Insurance, although the acronym for Mutual of New York has been in use for some time. MONY is one of the oldest insurance companies in the country and was the oldest continuous writer of whole life policies through 2013.

MONY started in New York, but expanded quickly, offering products across the nation by the time of the Civil War, and by the 1880s they were opening offices abroad as well. Throughout its history, MONY was on the cutting edge of the insurance industry and involved in many innovations and changes, including joining with leading companies to provide special insurance policies to soldiers during the Civil War. In 1966 the company began the practice of paying dividends to policyholders.

Built in the 1950s, the MONY building in Midtown New York was a well-known landmark for some time, and in fact, inspired a well-known song. In 2008, the MONY lettering at the top of the building was removed and replaced simply with the building’s address, 1740 Broadway.

New products over the years included family life, disability insurance, and payroll deduction plans for group life. The company also diversified into financial services including investments.

MONY remained a major player in the insurance industry for well over a century, making many acquisitions and eventually being acquired itself. AXA Equitable Financial acquired MONY Life Insurance Company of America, a subsidiary of MONY Life, in 2004. In 2013, Protective Life bought MONY Life Insurance Company as well as a block of policies written by the subsidiary, which still remains under the ownership of AXA. Protective has reinsured those policies and taken over the administration.

All MONY customers are directed to the Protective Life site. The parent company handles all administration and customer service for existing MONY policies. Today there is no independent website for MONY.

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MONY Operations Today

While MONY appears to continue operating under its original name, we are unable to find any indication that they are issuing new policies. The Protective Life site provides plenty of information on the transition for existing policyholders, but we cannot locate where anyone would purchase a new MONY policy or any indication that this is even an option.

MONY is an insurance company of major historical importance, but it seems likely that the name will disappear in the coming years as a result of the Protective Life acquisition.

The Bottom Line

As a subsidiary of Protective Life, MONY still exists but does not appear to be writing new business. Existing policyholders can receive support through the Protective Life website, and for the moment those policies are still held in the MONY name, although they are administrated by Protective.

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Review Information

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MONY Life Insurance

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


  1. Eric Stauffer: We were sold insurance to have the death benefit as stated in the last report.

    When insurance benefit came for my husband on a long-held policy and he passed, we got a 1099 and had to pay a big tax bill.

    it’s over and done, but I have a matching policy.

    How can one ever believe in insurance for final expenses and then get a big tax bill?

    Watch this company and how they handle things, now in the hands of AXA although MONY still exists.

  2. I own a $10000.00 whole life policy through MONY Life insurance company.

    I’ve owned the policy for over 30 years. Up until 5 years ago, dividends continued to increase which I used to pay part of the yearly premium.

    When the current owner of MONY took over about 5 years ago dividends began to decrease and have continued to decrease these last 5 years.

    The current yearly premium is now over $1000.00 plus out of my pocket.

    Prior to the current owner of MONY taking over my premium was below $700.00 per year after using dividends.

    I believe the company is taking me for a ride. How can I stop this?

    I have been retired for over 25 years with limited funds.

    If the continued decrease in dividends in years to come, I am not sure I can continue to maintain this insurance.

  3. Eric Stauffer. I see where you list yourself as a consumer advocate. I am certainly in need of such a person. In 1990, at age 62, I took out a $50,000, Flexible Premium insurance Policy to Age 95 from MONY. The insurance agent assured me that It was the best policy that was ever designed. I assured him that I had no need for additional insurance. However, he told me that it was far better than the two whole life $5,000 policies that he had sold me in 1960 and 1966 respectively. He told me that the time that the two policies that he sold me paid only 2% interest compounded daily, while this new policy paid 5% interest compounded daily. At this time the combined death values of these two policies are worth approximately $50,000, and I have paid in less than $15,000 total premiums. In the 28 years of the policy, I have paid in from $840/year to more than $8,000 /year totaling more than $75,000. If I die tomorrow, I shall receive my $50,000. However, if I should live to be 95 (5 more years) I shall have to pay in an additional $47,000 in premiums, and then I shall not receive the $50,000 face value of the policy, but only the Fund value which will probably be less than $1,000. If you cannot help, do you have any suggestions as to what I can do? Thank you for any effort that you may expend on my behalf.

    • Hi Neil,

      My first question would be – do you actually have a need for life insurance? Do you have a spouse or kids to assist? It sounds like you have a mess on your hands with these policies, and you may be on the hook for very expensive premiums in the near future, just to keep them around. If there isn’t a big need for the potential death benefit, it may be prudent to cash them in and relieve yourself of the premium burden.

      Its tough to understand your entire situation from the limited information here. I would recommend finding a FEE-BASED financial planner that does NOT sell investments or insurance. They simply look at your financial situation and recommend things to do. If they try and sell you something, find a different one.

      Eric Stauffer

    • Hi Neil,

      I am generally familiar with the type of policy that you have.

      There are provisions in MONY policy forms that protect you against the problem described in your post.

      Each case depends on the terms of the insurance policy at issue.

      If you desired, I could give you more details offline.

      You should not interpret this reply as creating or being part of an attorney-client relationship.

      Marshall Gilinsky
      Anderson Kill PC


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