We provide insurance, investment and retirement solutions along with expert guidance to help you achieve lifelong financial well being. For all of life’s milestones, we’re here for you, your family, and your business. As a mutual company owned by our clients, we hold ourselves to the highest standards of transparency, objectivity, and integrity. We’ll always aim to provide up-to-date information about the operations and actions of our business—which, when you’re a participating policy owner, really is your business.** We’ve thrived for over 170 years. Mutuality has made us strong—and we’ve maintained the highest ratings currently awarded to any life insurer.*** There are few Fortune 100 companies as renowned as we are for our diverse culture, training, and career opportunities. So it should not be surprising that when you work at New York Life—whether as an agent or one of our valued corporate employees—you’re backed by unyielding support, development, and resources. *Fortune 500 Ranked within Industries, Insurance: Life and Health (Mutual), http://fortune.com/fortune500/ Fortune Magazine, 6/7/16. **New York Life Insurance Company is a mutual insurance company, which means it is not publicly traded and has no shareholders. Instead its policyowners are the ones who share in ownership rights of the company. With a mutual company, clients who purchase participating products are entitled to vote in the board of directors elections are eligible to share in annual dividends that are declared. The company’s priority is to safeguard their interest. Policies issued by our subsidiary companies are not participating and do not share in these rights. *** Individual independent rating agency commentary as of 7/20/16. A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+). New York Life Insurance Company, EOE/M/F/D/V/SO newyorklife.com/about.
History of New York Life Insurance Company.
The company was founded in 1845 as the Nautilus Insurance Company in New York City, with assets of $17,000. It was renamed the New York Life Insurance Company in 1849. Its first headquarters were at 58 Wall Street from 1845 until 1846 at which time they were moved to 29 Wall Street. Subsequent addresses included 68 Wall Street, 106 Broadway, and 112-114 Broadway. The first president was James DePeyster Ogden, who served from 1845 until 1847. The current New York Life headquarters was designed by architect Cass Gilbert and completed in 1928. The New York Life Building, at 51 Madison Avenue, was constructed during the presidency of Darwin P. Kingsley. As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners. These policies were discontinued at the direction of the Trustees on April 19, 1848. The total claims paid on slaves’ lives totaled $1,050. Nautilus sold 485 slaveholder life insurance policies during a two-year period in the 1840s. Their trustees voted to end the sale of such policies 15 years before the Emancipation Proclamation.
In 1860, 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 policy holders, 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.
In the late 1990s, New York Life was one of several large mutual life insurers to back a New York State bill that would permit the formation of a mutual holding company (MHC), a corporate structure that could preserve mutuality for policyholders, while providing a company access to capital markets without the full demutualization of the organization. CEO Sy Sternberg himself argued strongly in favor of the bill, which was ultimately defeated. The NYLIC board of directors subsequently reaffirmed its commitment to remaining a mutual, and the company strongly and publicly embraced this decision through a series of advertisements.
Products And Services By New York Life Insurance Company
- Life Insurance.
Contact New York Life Insurance Company
51 Madison Avenue New York,
New York 10010 United States