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Life Insurance Group > Life insurance news > Life insurance in your state » Second quarter witnesses improved sales of life insurance at New York ...

Second quarter witnesses improved sales of life insurance at New York Life

Monday, August 26th, 2013

The sales of life insurance of New York Life increased strongly with recurring premium sales for life insurance for individuals though insurance agents witnessed an increase of 18 percent as compared to the first half of last year. The steadily increasing sales of insurance can be attributed to the permanent products offered by this company, which includes variable universal life insurance, universal life insurance and whole life insurance. The number of life insurance policies sold by the insurance agents rose by 4 percent during the second quarter of the current fiscal year, which evidences the growing interest of people in protection products. The company claims to have witnesses a phenomenal growth across various cultural markets with insurance agents catering to the Hispanic community, African Americans, Vietnamese, Chinese, South Asian and Korean markets accounting for 46 percent of the new life insurance coverage issued by this company.

Executive Vice President, Mark Pfaff, said that in these times of economic uncertainty, many Americans are leaving no stone unturned in ensuring their family’s security in terms of finances. He said that the sales figures clearly revealed that the Americans are taking steps towards securing the financial future by signing up for products such as the universal life insurance or whole life insurance. Mark Pfaff also specified that the agent force of New York Life, which comprises of 12,250 agents, is constantly making efforts to increase the awareness about the benefits having a strong financial foundation, while simultaneously offering its customers the various ways to meet the constantly changing financial needs.

According to a source from the industry, New York Life continues to retain its spot at the top in terms of fixed immediate annuities’ sales and deferred income annuities’ sales with the former accounting for 32% of the market share and latter accounting for 46 percent of the market share during the first quarter of the current fiscal year.

Seguros Monterrey New York Life, the operations of New York Life in Mexico, reported a strong first half which showed an increase of 13 percent in terms of sales as compared to the same time frame last year. This insurance major is all set to hire over 3500 agents this year in the United States, of which 1600 have already been hired in the second quarter alone.

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