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Tuesday, December 7, 2010

New York Life Has More Than Just Life Insurance

New York Life Has More Than Just Life Insurance : In a departure from its decades old reputation as a life insurance company, New York Life has begun marketing its financial advisory services for its clients – while they are still alive. Specifically, their new campaign, “Let’s Give Americans Their Pensions Back” is focused on the potential for annuities to replace the pensions that Americans once relied upon to fund their retirements.

While New York Life traditionally marketed their life insurance products directly to consumers, this campaign is aimed at finance professionals, in the hopes that those finance professionals will sell New York Life’s annuity products to their clients as part of an overall retirement planning strategy.

In fact, New York Life’s Angela Kyle, a senior VP in their retirement security division, stated that both fixed and immediate annuities were available for third-party distribution (via another finance adviser). As pensions become not only uncommon in newer companies, but an expensive liability that has resulted in the bankruptcy of major corporations such as GM and Delphi, New York Life has seized on Americans’ vulnerability in their retirement savings accounts. Of course, as afraid as Americans may be of their rapidly dwindling retirement accounts, as 401(k) and pension plans have suffered during recent economic downturns, they still find the money to pay for the rest of their expenses – including housing, childcare, food, car payments, and more – before turning their attention to retirement planning. Paying for an annuity for retirement, which may feel very far off, is only slightly more likely than paying for life insurance.

The results of New York Life’s ad campaign have been mixed. In the first three quarters of 2010, sales of variable annuities had increased 8% compared to the first three quarters of 2009. Conversely, however, the sale of fixed annuities in the first three quarters of 2010, had decreased 11% compared to sales from the first three quarters of 2009. For the latest updates PRESS CTR + D or visit Stock Market news Today

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