How to Save Life Insurance

In the wake of the pandemic, and with the success of our field force, we’re seeing record sales in both life insurance and annuities.

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How has the pandemic affected New York Life’s view of the life insurance market?

As a nearly 180-year-old company, New York Life has steered our customers through some of the toughest times: the Civil War, the Spanish Flu of 1918, the Great Depression, the financial crisis of 2008, and the recent global pandemic. We maintain the highest levels of financial strength awarded to any life insurer, to make good on promises to our policy owners in any environment.

Times of uncertainty tend to remind consumers about the importance of protection and stability and the role a life insurance policy from a financially stable insurer can play. Not only do we want to sell life insurance in this environment, but we’ve seen record sales in the past few years.

Samantha Chow of Capgemini has questioned how well life insurers are positioned to keep the assets that will be flowing to younger consumers in the form of death benefits. What do you think life insurers can do to sell coverage to millennials and members of Generation Z?

According to LIMRA’s 2024 research, a record-high number of people know they need life insurance, but they still experience barriers to understanding how these products work, including overestimating their costs.

We continue to believe the guidance of a trusted financial professional is important to understanding the full picture of your financial needs, including how life insurance fits and what type and features may be most optimal.

However, we’re also investing in free educational resources, knowing that many younger people prefer to conduct research on their own before engaging a professional.

Todd Taylor. Credit: Harley Bonham/New York Life