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
