NEW YORK, N.Y., April 13, 2006 — New York Life Insurance Company announced today that its LTCSelect Premier long–term care insurance product will pay a dividend to policyholders this year, making it the only long–term care insurer in the market to distribute a dividend to its long–term care customers. This marks the second consecutive year New York Life has paid a long–term care dividend. The company said long–term care sales increased 11% in 2005, compared to a 5% decline in sales in the overall long–term care insurance industry.
"We pride ourselves on our commitment to offer affordable rates so that our customers are financially secure, while maintaining our financial strength and mutual form of ownership," said Janett Greenberg, senior vice president, Long Term Care. "Providing a dividend to our policyholders for the second straight year highlights the strength of our long–term care insurance product and our leadership in the marketplace. Significant sales growth last year amid the industry's decline reflects our solid position among others in the industry as we remain the only insurance company in the market today to pay dividends to long–term care insurance customers."
New York Life declared its first dividends to long–term care insurance policyholders in 2005 and will offer its second dividend as policyholders reach their third policy anniversary in 2006. LTCSelect Premier policies are available in all 50 states. Dividends are not guaranteed and are subject to approval by the Board of Directors.
"One of the pillars of New York Life's impressive long–term care sales growth is financial strength. We are proud that Moody's recognized New York Life's unique qualities by bestowing its coveted triple A rating in December 2005," added Ms. Greenberg. "Our customers entrust their financial futures to us and share in the humanity, integrity and financial strength that have been the hallmarks of New York Life throughout our 161 year history. Long–term care insurance can help provide substantial peace of mind as part of a lifelong financial strategy and we are proud to offer a product that consumers clearly understand and value."
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.
Rating: 0/0 (0 votes cast)
|New York Life To Pay Long–Term Care Dividend Again In 2006; 2005 Results Show Strong Sales Growth In Face Of Industry Downturn|