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New York Life Insurance
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By Insure.com
Last updated June 15, 2009 |
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New York Life
Insurance Company
Founded in 1845, New York Life Insurance Company (NYLIC) is the largest
mutual life-insurance company in the United States, and one of the
largest life insurers in the world. Other New York Life affiliates
provide an array of securities products and services, as well as
institutional and retail mutual funds. The company is listed as #82 in
the 2008 Fortune 100.
Wiki Says
The company was founded as the Nautilus Insurance Company in New York
City, with assets of just $17,000. It was renamed the New York Life
Insurance Company in 1849. The New York Life building, at 51 Madison
Avenue, was constructed during the presidency of Darwin P. Kingsley. He
expanded the company’s operations and developed new types of insurance.
As with other early insurance companies in the U.S., in its early years
the company insured the lives of slaves for their owners.
In response to bills passed in California in 2001 and in Illinois in
2003, the company reported that Nautilus sold 485 slaveholder life
insurance policies during a two-year period in the 1840s; they added
that their trustees voted to end the sale of such policies 15 years
before the Emancipation Proclamation.
New York Life Insurance Says
New York life offers four different kinds or life insurance. These are
term life, whole life, universal life and variable universal life. Term
life insurance is the simplest and provides affordable protection for a
specific period of time. The premium for term life may increase at the
end of the term. Whole life insurance is a permanent plan that protects
the insured’s family or business until the day they die, as long as
they pay the scheduled premiums. Universal life insurance is a flexible
policy that has permanent life insurance protection, cash values and
the convenience of adjustable premiums. Variable universal life
insurance is for those who need life insurance but are also
investment-minded and desire greater cash value accumulation than a
fixed insurance product.
Contact New York Life Insurance Company at:
New York Life
51 Madison Avenue, Suite 3200
New York, NY 10010
Telephone: (800) 710-7945
Sources:"Life Insurance
Choices," New York Life web site; "New York Life Insurance Company,”
Wikipedia, May 2009
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