LYCOS RETRIEVER 
Insurance New York: New York Life
built 220 days ago
Wartime production and the postwar baby boom revived the insurance industry, and New York Life tailored its products and investments to take advantage of these economic and demographic changes. With the development of group insurance in the first half of the 20th century and the passage of the federal Social Security Act in 1935, people began to buy insurance less for its one-time benefit to surviving family members and more for its lifelong investment security. New York Life introduced its first group insurance policies in 1951 and expanded its coverage in group and personal policies to include accidents and sickness as well as death. Two years later it offered the employee protection plan, a combination of individual life and group sickness coverage designed for small businesses. The success of its group plans sustained New York Life's remarkable growth since World War II. In 1974 it created a pension department and began selling employee protection insurance, another policy plan popular with small businesses.
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New York Life Insurance has been in the Big Apple since it was just a tiny seed. The company (the top mutual life insurer in the US) is adding products but retaining its core business: life insurance and annuities. New York Life has added such products and services as mutual funds for individuals. It ... offers its investment management services to institutional investors. Other lines of business include long-term care insurance and special group policies sold through AARP and other affinity groups or professional associations. The company, through New York Life International, is also reaching out geographically, targeting areas such as Mexico and India where the life insurance markets are not yet mature.
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New York Life Insurance Company is a mutually owned company, first incorporating in 1841 and then commencing business in 1845. Today, the company is headquartered in New York. Its core product line has included life insurance and annuities but has since expanded into investment management services for institutional investors and mutual fund products for individuals. Its insurance products include long-term care, disability insurance, and special group policies sold through AARP and other affinity groups or professional associations.
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New York Life has its origins in a charter granted by the New York state legislature to Nautilus Insurance Company in 1841, for the sale of fire and marine insurance. The company began issuing policies in April 1845 and soon decided to jettison its fire and marine business in order to concentrate on life insurance. By 1849 the company was so securely established in this new business that it petitioned the state legislature and had its name changed to New-York Life Insurance Company. In 1917 or 1918 the company dropped the hyphen in its name. The company's early operations coincided with the development of U.S. life insurance. Policies issued by the company were usually limited to short periods of time and placed a variety of restrictions on their owners.
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Recognizing the need for housing in the postwar nation, New York Life began moving its assets out of wartime government securities and into real estate development in the late 1940s. The company established a mortgage-loan program for veterans in 1946 and ... invested in residential housing developments in Queens and Manhattan and in Chicago and Princeton, New Jersey, during the 1940s and 1950s. In 1969 it established the Nautilus Realty Corporation to handle its commercial and residential real estate operations, which proved to be of increasing importance as inflation in the 1970s and 1980s made other investments less desirable.
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New York life insurance agents are the people responsible for helping policyholders with any questions or concerns. When you are shopping around for life insurance, it really pays to do some background checking. The fact is, not all New York life insurance companies are created equal. In actuality, two companies could quote you the same rates, but one company will be far superior to the other.
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