NewYorkLife.com provides all types of customizable life insurance products
New York Life Insurance Company
New York Life Insurance Company is one of the oldest insurance companies and also the most important mutual life insurance company in the United States. With a history dating back to the middle of the 19th century, the company remains an oddity due to its choice to not seek capitalization through the stock exchange. This policy however has given this company an unprecedented amount of trust from its policyholders and is probably one of the reasons for which this company is a constant presence in the Fortune 500 list and also a clear winner from the perspective of the rating agencies such as Standard & Poor’s.
Website
Given the mutual nature of the company (its customers being also its owners), the structure of the website is radically different from the standard corporate structure. While there is a section that clearly highlights the company’s sound financial policies and its success, there is a strong blurring between the sales pitch specific to commercial websites and the specific corporate language.
However, the website is far from a spin only place. The sensation that the casual readers gets is that he or she is experiencing an integral part of the company’s style. There are countless online tools to help the readers better understand their insurance needs and overall the website also features a great deal of articles to better familiarize the interested reader with the terms of this market.
History
The New York Life Insurance Company was founded in 1845, under the name Nautilus Insurance Company. The current name dates to 1849. The landmark New York Life building associated commonly with the company was built between the two wars, during the boom that preceded The Great Depression, in 1928.
The beginning of the company stands in a great shade of darkness as it initially dealt insuring slaves. However, the company was ahead of its time and ended the practice some full 15 years before slavery was abolished and this is exactly the sort of things through which New York Life Insurance stands out. The growth of the company was smooth and uneventful, yet the innovations introduced by this company are countless:
- The first insurance company to introduce the non-forfeiture clause in 1860, which means that even if a person misses a payment, he or she won’t lose the insurance
- The first mutual insurance company to pay cash dividends to its policyholders
- The first insurance company to charge equal rates for men and women at a time when women usually paid more than men in 1896
- The first insurance company to allow insurance policies for people with disabilities and those working in hazardous environments
- The first insurance company to recognize a disability as permanent and pay the premium, if the person concerned suffers from it a certain period of time
In the last few years, although there was a strong current to allow demutualization, the company resisted and its structure remained intact. However lately, the company has begun involving itself in the insurance market of strong emergent economies such China, India and Thailand.
Impact on the Popular Culture
Through the decades, New York Life Insurance Company has kept a relatively low profile. The landmark building which bears its name is perhaps the single most powerful symbol associated with the company. However this doesn’t mean that the company itself was not involved in the course of the history. Throughout the century and a half that passed since its inception, the company had a reassuring presence in the times of uncertainty and after all this is the ultimate image that an insurance company should cultivate.
Languages
English
Additional Information
Related Domains
External Links
- Alexa: NewyorkLife.com
