New York Life donates $350,000 to Hurricane Irma relief effort.

Company will match employee and agent contributions to the relief effort, offers assistance to policy holders, agents and employees.

NEW YORK, September 20, 2017—New York Life announced today that it will donate $350,000 to aid Hurricane Irma relief efforts, allocating $100,000 to the American Red Cross, $100,000 to Save the Children, $100,000 to Feeding America and $50,000 to UNICEF. In addition, New York Life will match contributions by its employees and agents to these organizations. The grants for Save the Children and UNICEF will be invested in disaster relief efforts impacting children and schools affected by the storm, domestically and internationally.

“As people in affected communities begin to rebuild in the wake of Hurricane Irma, New York Life is committed to providing relief to all of those impacted,” said Ted Mathas, chairman and CEO of New York Life. “We have our policyholders, agents, employees, their families, and the relief workers in our thoughts during this challenging time.”

The company is also reactivating the NYLIC Family Disaster Assistance Fund and the Disaster Loan program for New York Life agents and employees impacted by these ferocious storms.

The NYLIC Family Disaster Assistance Fund will provide up to $5,000 to full time agents and employees who have sustained catastrophic damage to their primary residence or property as a result of Hurricanes Harvey or Irma that is not otherwise covered by insurance. The company is contributing $100,000 to the Fund, and all agents and employees are eligible to make a personal pledge to the fund as well.

Those approved for the NYLIC Family Disaster Assistance Fund will also be eligible to apply for an interest-free loan through the Disaster Loan program of up to $10,000. The loan may be repaid over a one, two, or three-year term.

The company is continuing to work with local staff, federal officials and its charity partners in the affected areas to determine how it can best support long-term relief efforts going forward.

In response to Hurricane Harvey, the company donated $500,000, allocating $150,000 to the American Red Cross, $100,000 to Save the Children and $100,000 to Feeding Texas to aid immediate relief efforts in southeastern Texas. In addition, New York Life matched contributions by its employees and agents up to $200,000 to these organizations. New York Life has also facilitated the donation of hotel rooms and food to Red Cross workers and volunteers in the Austin area.

New York Life customers are eligible for crisis relief. For those who are in immediate financial need, New York Life can quickly provide emergency loans against the cash value of a current policy to help in recovery and rebuilding. New York Life also can assist if a policyholder needs a payment extension for a short time, and if a policy has been lost or destroyed. Policyholders should visit New York Life’s Web site at www.newyorklife.com or call the toll-free line, 1-800-Call-NYL or 1-800-225-5695, for assistance.

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 and retirement plan services. 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
  • Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, see http://fortune.com/fortune500/.
  • Individual independent rating agency commentary as of 7/27/17. 
  • 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.