New York Life Now Holds The 4th Largest Market Share For Long-Term Care Insurance Sales1
NEW YORK, N.Y., April 4, 2011 - New York Life Insurance Company announced today that it is the fourth largest seller of new individual long-term care insurance premium, advancing from the #6 position in 2009, according to an industry source.
Sales of the product increased 12% in 2010 and earlier this year, New York Life reported that for the seventh consecutive year, it would pay a dividend to its LTCSelect Premier long-term care insurance policyholders2. New York Life remains one of only a few insurers to have never raised premium rates on in-force policies.
"At a time when other insurers are exiting the business or raising rates, New York Life is committed to the long-term care insurance market and educating consumers about the value and significant role it plays in a well thought out financial plan," said Mike Gallo, senior vice president in charge of the long-term care business at New York Life. "Our solid sales growth illustrates that more Americans recognize the need to protect themselves from the costs of a long-term care event that could potentially eliminate a family's savings, no matter how well they may construct their financial plan."
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life's family of companies offers 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. Please visit New York Life's Web site at www.newyorklife.com.
1LIMRA International, 2010 Individual Long-Term Care Sales Survey, adjusted for level premium pay plans plus 10% of limited premium pay plans.
2Dividends are not guaranteed and are subject to approval by the Board of Directors.
*New York Life is the largest mutual life insurance company based on the Fortune 500, ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 3, 2010.
**New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.