New York Life hired 3,597 full-time agents in 2012. Since 2007 the company has recorded 11 percent growth of its agent force. It seeks to hire 3,700 financial professionals in 2013, with more than half to be women or individuals who represent the cultural markets.
In 2012, 62 percent of New York Life’s new hires in the field were women or individuals who represent the cultural markets. The company expects similar results in 2013 as it continues its long commitment to hiring and supporting women and individuals serving the African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese markets.
New York Life also led new agent membership in the Million Dollar Round Table (MDRT) in the United States for the 58th consecutive year in 2012.
In other industry news:
The Phoenix Companies Inc. (NYSE: PNX) launched Phoenix Remembrance Life, a whole life insurance product.
Phoenix Remembrance Life provides final expense coverage and an income stream death benefit for a beneficiary as well as three included riders that can advance benefits in case of critical or terminal illness or increase benefits in the case of accidental death. It also offers optional riders that can help insureds provide extra income to surviving spouses even after they have passed.
The offering comes with a traditional lump sum death benefit that can be used for final expenses and an additional income coverage rider that provides monthly income payments to a specified beneficiary after the insured’s death. It is available to insureds ages 30 to 80 at the time of issue. The insured chooses one of three coverage allocation options between the lump sum and income coverage: 75/25, 25/75, or 50/50.
Total coverage can be as low as $10,000 and as high as $50,000 to $100,000 depending on age.
Other features of Phoenix Remembrance Life include:
- Three riders included at no additional cost: advance up to 50 percent of the lump sum death benefit for a critical illness; advance up to 95 percent of the lump sum death benefit for a terminal illness; and an accidental death benefit of 100 percent of the lump sum death benefit. Discounting for interest and fees may apply upon exercise.
- Two optional riders to help carry on family traditions after the insured’s death: an education benefit rider that can help children and grandchildren with higher education expenses by providing four consecutive annual payments of up to $5,000 per year if the beneficiary attends a qualifying institution starting between ages 18 and 22; and a legacy rider that provides annual “birthday gifts” of up to $500 per year until the child or grandchild reaches age 22. Both the education benefit rider and legacy rider can be elected for up to five individuals. Additional premium is required for each rider.
- Two optional riders to provide extra income protection of up to $1,000 per month for spouses upon death of the insured: a lifetime income rider that generates a monthly income stream for the lifetime of the beneficiary; and an income term rider, designed for families in their working years, that provides a monthly income stream until the beneficiary turns 65. Additional premium is required for each rider.
For the additional income coverage rider as well as the optional riders, the specified rider beneficiary must be alive to receive each rider benefit payment and cannot be changed after the policy is issued. This design allows these riders to offer meaningful death benefits at an affordable price.
Burnham Benefits Insurance Services added Richard P. Asensio, JD, MBA, to its team as VP, director of Compliance.