New York Life Insurance Company has its roots in the 1845 founding of the Nautilus Insurance Company in New York City as a fire and marine insurance company. In 1845 the company decided to concentrate on life insurance. They changed their name to New York Life Insurance Company in 1849.
During the American Civil War, New York Life Insurance experienced its first crisis. Because Abraham Lincoln prohibited commerce with the southern states during the war, the company was cut off from its southern policy holders, creating a host of problems. New York Life solved this by insuring soldiers and civilians in combat.
In the booming post-war years the company flourished. As people moved westward, so did the company.
The company lost $10 million during the Influenza epidemic of 1918-1919. However, they were relatively unscathed coming out of the Great Depression.
In the 1960’s New York Life Insurance introduced the first family insurance plan.
In 1969 the company introduced the NYLIFE name brand to differentiate its financial services from its traditional life insurance policies.
In 1998 Aetna Inc. purchased the subsidiary NYLCare Health Plans for over $1 billion in cash.
In 1999 the company entered the Mexican market when it acquired Seguros Monterrey Aetna for $570 million.
New York Life Insurance’s net income passed $1 billion for the first time in 2000.
Today New York Life Insurance ranks #89 on the Fortune 500 list in 2013. Its revenue was $34.3 billion for 2012.
Not a good company to deal with. My medical team has provided all of the documentation to support my inability to work at this time and to support my Short term disability claim. It is so stressful to be dealing with a health event and to have an insurance company that is unresponsive and appears to be dragging out my claim is even more stressful. I call my claim agent several times a week for over 7 weeks, and also speak to an advocate at least twice a week now for 7 weeks and it is clear this is not a company that stands behind what it claims to offer. My medical team has stated all along that all the clinical documentation that has been submitted is clear and supportive for my claim. As a nurse and healthcare worker I am outraged at the way this company operates. I will be working to bring my experience forward to my corporate team so they are aware of how difficult it is to work with NYL. I work for a national company and they need to know that our colleagues deserve better insurance representation. I will be working to get my company to parter with another insurance company
anyone that has called this 212-576-7000 knows that all this is a call center . you can not talk to anyone who has any authority . these are people who are trained to piss you off and jerk you around in hopes that you will say the hell with the issue and leave it alone . I am sure this comment will be removed . but I am just hoping and praying that someone will see this and help me with my complaint
Re Policy No, 17965360
1. You sent a letter saying policy had “matured” and recommended a cash settlement.
2. I signed and returned your settlement request form
3. I received a 2page settlement statement from you with all details but no check. I waited a week. No check.
4. Called your Cleveland office put on hold for 40 minutes. Explained prob to rep., put on hold for ten minutes.
5. Rep said he couldn’t handle, would transfer to someone who could.
6.An automated voice said wait would be 15min. Waited 20 min. Gave up. Wrote letter.
7. Received another, different, settlement letter, no check.
8. Your Cleland office is incredibly incompetent! I’m totally frustrated.
9. PS – Had a “matured” policy at MONY. Settled with one letter along with the check.
this lady must have had the same agent as I