New York Life Insurance Company announced today that its LTCSelect Premier long-term care insurance product will pay a dividend to policyholders this year. This is the fourth consecutive year New York Life, a triple-A rated insurer¹, has paid a long-term care dividend.
New York Life’s long-term care sales increased 14% in 2007, and represents the company’s third year of double digit increases in sales growth compared to a 3% increase2 in sales industry-wide.
“Our strong sales growth indicates that more Americans are taking the necessary steps to help protect themselves and their financial assets by purchasing long term care insurance and entrusting their financial future to one of the nation’s strongest insurance companies,” said Dennis O’Brien, senior vice president, Long Term Care. “The payment of a dividend to our policyholders for the fourth straight year, underscores New York Life’s position as an industry leader focused on long-term value and stability for its customers. Long- term care insurance can help individuals preserve choices and allow families to feel confident about their plans for the future. Considering the potential costs and likelihood of needing long-term care, family members should be talking to each other, consulting a New York Life agent and planning for their future.”
New York Life declared its first dividends to long-term care insurance policyholders in 2005. LTCSelect Premier policyholders qualify for the dividend payment when they reach their third policy anniversary. LTCSelect Premier policies are available in all 50 states. Dividends are not guaranteed and are subject to approval by the Board of Directors.
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 from all four of the major credit rating agencies. 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 Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Please visit New York Life’s Web site at www.newyorklife.com and GuaranteesMatter, a site dedicated to retirement issues, challenges, and solutions, at: www.newyorklife.com/guaranteesmatter/ for more information.