New York Life Insurance is a top rated company, earning AAA and A++ ratings from all the major Insurance rating services like Moody’s Investors Service and AM Best.
NYL is a mutual company - which simply means that the money raised from members is used to provide services to members. A mutual is therefore owned by, and run for the benefit of, its members, not stock holders and Wall Street bankers. Mutuals exist for the members to benefit from the services they provide.
The company was founded in 1845, and its building in Manhattan is a National Landmark. It was the first American life insurance company to pay a cash dividend to policyholders, and the first U.S. company to issue policies to women at the same rates as men. Susan B. Anthony was one of their first female policy holders.
In November 2008, the company announced it would not participate in the in any government bailout programs. “The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders,” stated a company press release.
What does all this mean to CCPOA Members?
We made this change to ensure our members have the best in service and financial stability. It means our members can have confidence in the safety and security of their hard earned insurance dollars. The shift in coverage will be invisible to members. Benefits and coverage will remain unchanged, with the potential to increase coverage amounts with only limited underwriting.