Company is Exclusive Underwriter of Life Insurance Products to AARP's Members
TAMPA, FL., November 18, 2004 - New York Life Insurance Company today announced that the company's AARP Life Insurance Operation in Tampa, Florida, has marked the tenth anniversary of New York Life as exclusive underwriter of life insurance products to AARP's members.
"We are pleased that, by working with AARP, New York Life has been able to bring the opportunity of life insurance to a portion of the population that is generally underserved," said Robert L. Smith, senior vice president, New York Life. "When we launched the business in September 1994, we had ambitious goals to build upon our company's track record of integrity and financial strength. Now, upon our tenth anniversary, I am proud to say that we have more than 900,000 AARP members who are certificate holders and we expect to pass the one million mark early next year."
"We are very proud of our accomplishments, but the numbers, while impressive, only tell part of the story. The ten-year relationship between AARP and New York Life has offered financial security to many individuals who might not otherwise have had the chance to acquire the peace of mind our products can bring," said George Nichols, senior vice president in charge of New York Life's AARP Life Insurance Operations, at a celebration taking place in honor of the anniversary. "We're also glad to have had the opportunity to grow our business in Tampa, having increased our staff from 25 employees in 1994 to 365 in 2004, with projections that indicate continued staffing growth."
"Since the relationship with New York Life began, the life insurance program has become the fastest growing AARP endorsed insurance program. After New York Life was awarded the program in a rigorous competitive bidding process, AARP has been so impressed with the professionalism of the company that the relationship has been extended through 2011. We look forward to continued growth and success with New York Life," said Dawn Sweeney, President of AARP Services Inc. "It is clear that people age 50 plus are a critical force in the economy and are making important financial decisions for the future of their loved ones. The relationship between AARP and New York Life provides AARP members with access to the necessary resources to make these important life insurance and financial decisions."
New York Life and AARP announced last year that they have extended through 2011 their agreement for the company to serve as the exclusive provider of life insurance products to the AARP membership. In 1994, AARP selected New York Life to develop a group life insurance program specifically designed to help AARP members protect their families. This program has offered whole life and term life insurance plans that feature affordable premiums and valuable benefits designed for people age 50 and older.
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. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
New York Life
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|New York Life Marks Ten Years As AARP's Life Insurance Provider|