Reports from New York Life, one of the biggest life insurance policy providers in the United States, have revealed that the company has seen a huge increase in the sales of life insurance policies in the first 9 months of the current year. An increase of close of 11 percent was reported by agents who work for New York Life.
In keeping with this, this life insurance provider has made an announcement that the participating policy holders will get to enjoy a dividend payout of $100 in the following year, 2013. This is a notable 8 percent increase as compared to the divided paid out in the year 2012. Despite the low interest rates persisting in the market today, this life insurance provider is able to payout a higher dividend because of the strong performance in terms of company operations. Another reason the company has been able to perform better than expected is the fact that most of its policy holders continued to hold on to their life insurance policies, despite the challenging economic condition.
Mark Pfaff, the executive vice president of New York Life, said that the increase in the sales of whole life insurance policies is proof to the fact that Americans prioritize safety and financial security for their family over everything else. Despite the challenging times, the stability and performance of the company has given policy holders the much needed peace of mind, he opines.
The annuity sales of this company also saw an increase of 16 percent, in addition to the growth in the sales of life insurance policies. The sales of mutual funds also witnessed as increase of 10 percent as compared to last year. In the third quarter of this year, there has been a 4 percent increase in the number of New York Life agents. In 2012, there have been 2,396 new agents already hired out of the intended 3,700. A highlight of this year’s recruitment is that close to 79 percent of the agents hired represent cultural markets or are women. Mr Pfaff opined that the diverse work force in the company is propelled by the changes in the country’s population.
