More Than 3,000 High-Potential Job Opportunities Beckon as Americans React to Great Recession with Desire for Professional Advice to Make More Informed Decisions
September’s Life Insurance Awareness Month is a Good Time for Americans to Consider Life Insurance
NEW YORK, September 15, 2010 — With more than 40% of American households reporting they need more life insurance – the highest level ever reported – New York Life is actively hiring professional agents in local communities across the country to meet the increasing demand.1 According to LIMRA International, 35 million U.S. households today have no life insurance coverage whatsoever, a dramatic increase from 24 million in 2004 and an indication of the increasing need for knowledgeable, well-trained financial professionals. New York Life has been addressing the growing demand as evidenced by a 47% increase in individual life insurance sales for the first six months of the year over the company’s record 2009 growth. This has propelled New York Life to 10% of the life insurance market share as of second quarter 2010, according to an industry source2, up from 9.2% in first quarter 2010 and 7% in 2009. The company remains the U.S. leader in life insurance market share.
Executive Vice President of U.S. Life and Agency Mark Pfaff said, “Our robust sales growth and continued, strong market share leadership reflect the proven ability of New York Life agents to provide the kind of financial advice Americans want. Achieving these statistics during the Great Recession proves the value and usefulness of the living benefits of permanent insurance which helps keep businesses up and running, children in college and families in their homes.
“New York Life agents take pride in the important work they are doing and recognize that representing an industry leader with the highest financial strength ratings from all major rating agencies is a competitive advantage. We are continuing our recruitment efforts to add more than 3,000 agents this year - a rewarding career that offers health and retirement benefits and management opportunities - to meet the ongoing demand among Americans for securing their financial plans.”
As America’s largest mutual life insurance company, New York Life recruits and hires thousands of new agents every year and has increased the field force of agents by 15% in the last five years, to 11,500 currently.
New Survey Validates Need
Statistics also show a growing need for safety and security when it comes to their financial plans. In fact, Americans’ increased awareness of the risk associated with financial decisions has been a direct result of the Great Recession according to a new national survey of 1,004 Americans released today and sponsored by New York Life Insurance Company. Nearly half (46%) of adults aged 30 and over surveyed say that they are taking less risk now than they did before the recession, including one quarter (26%) who say that they are taking much less risk than they used to.
And when Americans aged 30 and over were asked what new steps they had taken as a result of the Great Recession, 14% stated they have consulted a financial professional about long-term financial objectives, nearly one quarter of these respondents (22%) had done so for the first time, and 14% reported they had considered the financial strength and/or reputation of companies before engaging with them financially.
“These findings confirm what we are hearing from our agents in the field – consumers across the country are more actively engaging with a financial representative from a respected, financially strong company as they respond to the prolonged instability of the economy,” added Mr. Pfaff. “So we believe the time is right to consider a career with New York Life. Becoming a New York Life agent is an ideal opportunity for an individual who wants to build a financial services business, help others achieve financial security and maintain a flexible schedule. We offer tremendous support and encouragement for those who want to take this path. At a time when many individuals are seeking a career with a strong, stable company, we wanted to shine a light on a rewarding career - a career that offers health benefits, residual compensation and a chance to build a client base in an industry that allows you to have more flexibility over your schedule.”
New York Life offers comprehensive, career-long sales training that begins with a structured three-year comprehensive program, along with a wealth of marketing resources for new agents, continuous support from a staff of experts, and management opportunities. Even after agents are established in their careers, New York Life offers ongoing workshops and programs to improve their knowledge of the business.
New York Life Insurance Company is partnering with the Life and Health Insurance Foundation for Education (LIFE). this month to sponsor the seventh annual Life Insurance Awareness Month (LIAM) campaign, to educate consumers about the benefits of life insurance and the importance of seeking financial advice from qualified insurance professionals.
These are the results of an Ipsos poll conducted July 8-15, 2010. For the survey, a national sample of 1,004 adults aged 18 and older – including 847 adults aged 30 and older – from Ipsos’ U.S. online panel were interviewed online. The estimated margin of error for the sample of adults aged 30 and older was +/- 3.4 percentage points at the 95% confidence level.
About New York Life
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 for more information.
1According to a new LIMRA study, Trends in Life Insurance Ownership, 2010.
2Survey Source: LIMRA International, U.S. Individual Life Insurance Sales Survey, Second Quarter YTD 2010 results. Sales based on all planned recurring premiums plus 100% of reported single premiums.
*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.
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|New York Life Tackles America's Widening Life Insurance Protection Gap With Recruitment Drive To Expand Agent Network Nationally|