Last updated July 10, 2009
About New York Life
New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offer life insurance, retirement income, investments and long-term care insurance. New York Life Investments provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
The company was founded in 1845 as the Nautilus Insurance Company in New York City, with assets of just $17,000. It was renamed the New York Life Insurance Company
The company became known for innovative business practices. In 1860, well before state laws required it, New York Life developed the non-forfeiture option
, the predecessor to the guaranteed cash
values of modern policies, under which a policy remains in force even if a premium payment is missed. It was also the first american life insurance
company to pay a cash dividend to policyholders, and the first U.S. company to issue policies to women at the same rates as men. Susan B. Anthony was one of their first female policyholders, and her father worked for NYLIC. In 1896, New York Life became the first company to insure people with disabilities and the first to issue a policy with a disability benefit that presumes total disability to be permanent after a predetermined period.
New York Life Health Insurance Says
New York Life has entered into sponsored marketing relationships with other insurance companies to expand its product offerings. These arrangements provide consumers with a variety of products not manufactured by New York Life. Through these agreements, impaired risk life and annuity, disability income, individual health and group health products are available.
Individual health products are available through Golden Rule, John Alden and Humana Insurance Company. Products include traditional medical, preferred provider, co-pay, short term medical, Medicare supplement and high deductible
medical plans that qualify for health savings accounts (HSAs).
Group health products available include preferred provider, health maintenance organization, point of service, health savings account, high deductible medical and indemnity. These products are offered through Humana Insurance Company, John Alden Life Insurance Company, First National Administrators, CIGNA HealthCare and BenefitMall.
Contact New York Life at:
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
Telephone: (212) 576-7000
Sources: New York Life press release, June 30, 2009; “New York Life Insurance Company”, Wikipedia Web site, June 22, 2009; “Other Products and Services”, New York Life Web site, 2009