New York Life announces new lineup of group benefits products.

With Almost 50 Percent of Small Businesses Planning to Boost Benefits, New York Life Dramatically Expands its Offerings

‘Employee Benefits Day’ Reminds Businesses to Find Ways to Improve Benefits to Their Employees 

NEW YORK, April 3, 2017 – New York Life has launched a new lineup of group benefit products specifically designed for small businesses with two or more employees.  The enhanced offering includes group term life insurance, and short-term and long-term disability insurance options, adding to the whole life insurance offering that New York Life agents have been offering since 1982.  

Business owners are expressing optimism for growth in their business in 2017 and one aspect of that optimism is the ability to invest in their employees to cultivate a strong workforce.  In fact, 49 percent of small business owners reported that they plan to improve their employee benefits package in 2017.*  With 75 percent of Americans either uninsured or underinsured, providing life insurance coverage at work helps both employees and the small businesses that employ them.**

“Employees are the lifeblood of any small business, and helping them achieve financial peace of mind can drive benefits for the business – that’s the value New York Life intends to deliver with these new offerings.  New York Life is not only a benefit provider; we are proud to have agents across the country who will offer one-on-one financial guidance and assistance to small business owners and employees, many who will be getting this professional guidance for the first time,” said Bob Patience, vice president, New York Life.  “New York Life agents are in the unique position to offer small business employees and their families’ financial security at an affordable cost with these new product offerings.  Launching these new options on Employee Benefits Day highlights New York Life’s commitment to educating and protecting small businesses and their valuable employees.”

New York Life’s group and voluntary products offer:

  • flexible options at a cost that fits both the strategy and budget of small businesses; 
  • a variety of voluntary and employer-paid funding options; and
  • an option that allows first-time buyers to pay low minimum premiums.

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. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).**** 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 Investments***** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds.  Please visit New York Life’s website at www.newyorklife.com for more information.

 

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Further Reading
  • Ipsos poll of 1244 small business owners conducted in December 2016 on behalf of New York Life.
  • A New York Life study showed that 75 percent of Americans do not have adequate life insurance coverage.  Forty percent are underinsured and do not have enough life insurance coverage in place and 35 percent have no coverage at all. The 2013 survey was conducted by The Futures Company, an independent third party research company.
  • Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/ 
  • Individual independent rating agency commentary as of 8/9/16.
  • New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.