NEW YORK, N.Y., February 16, 2005 — New York Life Insurance Company announced today that its Board of Directors has approved a dividend for its LTCSelect Premier long-term care insurance product, making New York Life the only insurer in the market today to declare a long-term care insurance dividend. The dividend will be paid to LTCSelect Premier policyholders with policies that have been in-force for 3 years in the form of a decrease in their next premium payment. New York Life will offer its first dividends in 2005.
"New York Life is proud to be the only insurer currently in the market to declare a dividend on its long-term care insurance products. As prices have risen and other insurers have left the marketplace, New York Life has strengthened its position, clearly setting us apart from the competition. Policyholders and potential policyholders can entrust their financial future to one of the nation's strongest insurance companies, a company focused on long-term value and stability for its customers," said Kenneth A. Grubb, senior vice president, long-term care.
"Since we entered the long-term care market over 15 years ago, New York Life has been committed to prudent pricing and rate stability, offering a product backed by the singular long-term financial focus on policyholders that only a mutual insurance company can provide. Now, policyholders of our newest product, LTCSelect Premier, can share in the experience of that policy series by having the opportunity to receive a dividend," said Mr. Grubb.
An endorsement to make New York Life's newest product, LTCSelect Premier, a dividend-eligible product has been filed and approved in the company's state of domicile (NY). Endorsements have been filed in the remaining states and approved by over 40 states to date. The endorsements will be attached to existing LTCSelect Premier policies, as well as to new issues. Dividends are not guaranteed and are subject to our Board of Directors' approval.
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 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.
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|New York Life is Only Insurer in the Market Today to Declare Dividends on Long-Term Care Policies|