There has been an increase of 13% in the individual life insurance sales through the month of June when compared to the initial 6 months of 2010. The growth has essentially been driven by agents with the sales via the company’s national field force up by 15% during the same period in 2010.
The Custom Whole Life product which is an innovative form of Whole Life Insurance is a product that allows customers to choose the length of their premiums. This is a very popular whole life product and has seen a 21% increase during the same period last year.
There has been an unprecedented increase of 12.1% in the life insurance market share and there has been a steady growth across all products. New York Life Insurance Company along with its 11,900 agents spread across the nation are really living up to the challenge by providing their customers with absolute peace of mind that comes with the purchase of the New York Life insurance policies. The sustained growth during the economic downturn is due to the knowledgeable advice that was offered to clients by the educated and professional agents, states Mark Pfaff, the executive VP in charge of US Life & Agency.
Mr. Pfaff also added that the increase in sales reflected the company’s 166-year-old history of offering financial security to customers in good times as well as rough times. They have earnestly continued to offer their services by paying out over $2.4 billion to beneficiaries through August.
He also noted that with over 1,000 Insurance companies operating in the US alone, the very fact that a single company has a market share that is in the double digits, speaks volumes about the faith that people have placed in a company such as New York Life to offer protection to their businesses and families. According to company research, there have been indications that no other life insurance company has had a double digit market share, especially since LIMRA started keeping the records.
Even in the fixed immediate annuities, New York Life has continued to remain the market share leader and has reached a record milestone with sales going way beyond the $1 billion mark within the first 6 months of 2011. This shows an increase of 26% during the same period the last year and it was led by the strong sales force as well as third-party distribution networks.
