NEW YORK, N.Y., May 14, 2007–New York Life Insurance Company announced today that its LTCSelect Premier long-term care insurance product will pay a dividend to policyholders this year. New York Life, a triple-A rated insurer1, has paid a long-term care dividend for the third consecutive year.
New York Life’s long-term care sales increased 15% in 2006, compared with an 8% decline2 in sales in the overall long-term care insurance industry. This represents the company’s second year of double digit increases in sales growth compared to back-to-back decreases in sales industry-wide.
“The strong sales growth of our long-term care product in the face of industry declines, along with the payment of a dividend to our policyholders for the third straight year, underscores New York Life’s position as an industry leader focused on long-term value and stability for its customers,” said Dennis O’Brien, senior vice president, Long Term Care. “Long-term care insurance can help provide substantial peace of mind as part of a lifelong financial strategy. Now more than ever, policyholders and potential policyholders can entrust their financial future to one of the nation’s strongest insurance companies.”
New York Life declared its first dividends to long-term care insurance policyholders in 2005. LTCSelect Premier policyholders qualify for the dividend payment when they reach their third policy anniversary. LTCSelect Premier policies are available in all 50 states. Dividends are not guaranteed and are subject to approval by the Board of Directors.
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, retirement income, investments 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 and GuaranteesMatterSM, a site dedicated to retirement issues, challenges, and solutions, at www.newyorklife.com/guaranteesmatter for more information.
1New York Life is rated Aaa from Moody's Investor Services, AAA from Fitch, and A++ from A.M.Best for financial strength. Source: Individual Third Party Ratings Reports (as of December 5, 2006).
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|New York Life To Pay Long-Term Care Dividend For Third Straight Year; Company Sees Double Digit Sales Growth In Face Of Industry Downturn|