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New York Life Insurance Review

The New York Life Insurance Company established itself and started doing business in 1845 in New York City, New York. Today, the New York Life Insurance Company is one of the oldest, largest mutual life insurance companies in the nation. It holds a place on the Fortune 100 list of companies and operates in several different Latin American and Asian markets, in addition to operating in each of the 50 states in the U.S. With more than 60,000 licensed insurance agents and 17,000 employees, New York Life brings high quality customer service and insurance products to millions of satisfied customers.

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Financial Strength

In 2010, New York Life increased its life insurance sales approximately 39 percent over its 2009 performance, which substantially exceeded the 12 percent growth of the insurance industry overall. This unprecedented growth set a record in the United States. New York Life Insurance has received the highest ratings possible for financial strength from Standard & Poor’s, Moody’s, AM Best and Fitch ratings services.

Types of Life Insurance

Life Insurance comes in a variety of different types, although not every insurance company offers all of the many variations. The most common forms of life insurance are Universal life, Whole life and Term life insurance. Many insurance companies also sell Long-term care insurance.

Universal life insurance offers a permanent policy with a great deal of flexibility. Universal life is less expensive than whole life, yet costs a bit more than term insurance. This type of policy requires some diligence on the part of the policyholder, since the payments and growth rate of the cash value are not fixed. The policyholder must rely on his own efforts to make sure he properly funds the policy on an ongoing basis.

Whole life insurance has the highest cost, but provides the largest benefit. The policy has a guaranteed death benefit, provides a fixed premium that is guaranteed not to change, and provides a minimum cash value growth-rate that is guaranteed.

Term insurance is the most economical type of life insurance coverage, although it only provides coverage for the years specified in the policy. This insurance is temporary, which is all that many people need to protect them until all of the major bills such as a home, cars, child-rearing and education costs are paid and retirement funds have been saved.

Long-term care insurance protects policyholders while they are living, by providing coverage to individuals who need long-term care past a certain time period.

New York Life’s Products

New York Life Insurance offers a full list of products to meet the needs of its customers. The company’s wide array of life insurance products includes:

  • Whole life insurance
  • Term insurance
  • Universal life insurance
  • Variable universal life insurance
  • Long-term care insurance

Its agents, who collectively made the company number one in terms of life insurance policy sales for individuals in the United States in 2010, sell the majority of New York Life’s insurance products.

New York Life Insurance also provides products such as corporate life insurance and bank owned life insurance. The company has developed additional business initiatives to help retirees, with deferred variable annuities and fixed annuities, as well as mutual funds and guaranteed lifetime income products.

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New York Life Insurance has a subsidiary, New York Life Investments, which ranks as one of the biggest asset management firms in the nation. New York Life Investments manages over $283 billion in assets, offering both retail and institutional investment products and services. New York Life Insurance manages a list of other businesses that provide specialty products and services. This includes AARP life insurance and the AARP lifetime income programs, as well as international programs in Mexico, India and Taiwan.

New York Life Customer Service Review

New York Life Insurance prefers to sell the majority of its products through agents, as the company feels consumers deserve to have individualized attention and customized insurance solutions. Agents provide a professional consultation at no charge and with no obligation. Working with an agent helps identify unique circumstances, as well as ways to tailor insurance coverage to stay within a specific budget. Consumers owe it to themselves to research life insurance products before working with an agent, in order to understand the typical types of products available, and gain ideas about what coverage makes sense for them. The New York Life website provides planning tools, information on different types of insurance and products that help people going through different life events such as marriage, a new baby, a death in the family, a sudden downsizing or a new home.

New York Life’s Advertising Campaigns

New York Life Insurance advertises using the slogan “The company you keep.” New York Life hopes customers will choose to keep the company as their insurance provider, in addition to seeing the company as an esteemed entity whose company they would like to have a continued association.

In the very early years, New York Life had an eagle sculpture cast in bronze and installed in 1890 at its St. Paul, Minnesota headquarters. The building was demolished during a creative urban renewal in the 1960s, but the 2,000 pound bronze eagle was saved with funds from the New York Life Foundation. The sculpture was restored in 2004 by the Public Art St. Paul Foundation, and relocated to the Summit Lookout Park in St. Paul, Minnesota.

Finding the Right Life Insurance

Addressing the need to shop for life insurance can be difficult for some since it involves discussing the potential loss of loved ones. Some find life insurance a morbid discussion topic, but protecting a family if the main breadwinner meets an early demise is a very real and serious concern. Life insurance can be configured to meet the needs of just about any family or individual, and many life insurance companies provide a substantial amount of information, tips and calculators on their websites to help individuals and families figure out the best type of life insurance to fit their unique and special needs.

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