Our Difference
Your goals are our goals. Let's get there together.
Financial strength
Financially strong. Singularly focused.
As a mutual insurance company, New York Life operates much like a Membership Association or Affinity Group. That's because we serve only one constituency—our policyholders—so it's easy to remain true to our mission and focused on what matters most.
Our business is unique. When our clients partner with us, they receive a promise. A promise that the company they are working with will be there, strong and solvent, decades from now to pay a claim, or help pay the bills for extended care. As a result, New York Life's management team has one overriding objective: to ensure that the right decisions are made today, so that New York Life can continue to meet its obligations to policyholders tomorrow and far into the future.
You can count on us in good times and bad
We've all seen the impact the Great Recession had on the financial services industry. Through it all, New York Life has thrived. In fact, we continue to receive the highest ratings for financial strength currently awarded to any U.S. life insurer from all four of the major credit rating agencies, and our surplus has never been greater than it is right now.1
New York Life Maintains Top Ratings
A++
Superior
A.M. Best
AAA
Exceptionally Strong
Fitch
AAA
Exceptional
Moody's
AA+
Very Strong
Standard & Poor 's
Source: Individual Third-Party Ratings Reports as of 06/22/2022.
Your members and clients need you
now more than ever
From career development and networking opportunities to political advocacy and group benefits: People join membership and professional associations for many reasons. And, as public and private employers continue to cut costs, the role of alternative benefit providers will continue to grow. That's a powerful opportunity—and we can help you make the most of it.
Here's why so many of your members and clients will appreciate the opportunity to secure group coverage:
Access
It'susually easier to apply, and often uses different underwriting criteria t han individualcoverage.
Group Pricing
We know your membership is unique. This is why each client receives customized pr emiums to fit their collective composition, not a one-size-fit s- all rate schedule.
Price Stability
Premiums arebased on the experience of the group, resulting in more uniform, stable pricing.
Portability
Unlike employer provided coverage, members can take this coverage with them if they switch jobs.
Access
It's usually easier to apply, and often uses different underwriting criteria than individual coverage.
Group Pricing
We know your membership is unique. This is why each client receives customized premiums to fit their collective composition, not a one-size-fits-all rate schedule.
Price Stability
Premiums are based on the experience of the group, resulting in more uniform, stable pricing.
Portability
Unlike employer provided coverage, members can take this coverage with them if they switch jobs.
Technology
Cutting-edge technology keeps things simple and secure.
While New York Life may be one of the nation's oldest life insurance companies, we are committed to looking toward the future. Our team uses the latest technology to streamline processes, deliver information, and help your administrators make educated decisions. Moreover, you can be sure that we take privacy very seriously—and have state-of-the-art safeguards in place to protect member information.
Our latest innovations
Online applications
This reflexive, rules-based technology keeps administration costs low, accelerates turnaround times, and makes it easy to apply for multiple coverages.
- Apply for multiple insurance coverages on one easy website.
- Use of automated underwriting and our QuickDecisionSM process that helps expedite medical underwriting and delivers answers on insurance coverage approval or status in real-time.
Tele-underwriting with voice signature
Telephone interviews save time and reduce errors in underwriting. Plus, our voice signature feature is a secure, legally binding way to eliminate the time and cost involved in securing a handwritten signature.
Building your competitive advantage through metrics
At New York Life, we want to be partners in your success. That's why we provide access to data across all our departments, including case accounting, underwriting, and sales, as well as online metrics for a holistic view of your group's activity. With our experience and knowledge of insurance, and your expertise and history within your group, we can help build a strong program for long-term results.
Our technologies put member applications and trends at your fingertips.
Case Accounting and Financial data keeps you informed and on track to meet your goals.
1Total surplus, which includes the asset valuation reserve (AVR), is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was $24.57 billion and $21.73 billion at December 31, 2021 and 2020, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $9.73 billion and $9.45 billion at December 31, 2021 and 2020, respectively, and LINA’s statutory surplus of $1.67 billion and $2.06 billion at December 31, 2021 and 2020, respectively. AVR for NYLIC was $4.17 billion and $3.59 billion at December 31, 2021 and 2020, respectively. AVR for NYLIAC was $1.87 billion and $1.60 billion at December 31, 2021 and 2020, respectively. AVR for LINA was $0.08 billion and $0.07 billion at December 31, 2021 and 2020, respectively.