New York Life Insurance Company says its LTCSelect Premier long term care (LTC) insurance policy will pay a dividend to policyholders this year.
New York Life, New York, has been paying dividends to LTC policyholders since 2005.
New York Life increased LTC insurance sales 12% in 2010, and "the company is committed to the long term care insurance business," the company says.
New York Life has been promoting growth in LTC insurance sales by expanding its LTC sales support infrastructure, the company says.
New York Life's status as a policyholder-owned mutual insurer, rather than a publicly traded stock company owned by members of the general public, has helped it focus on stability, according to Mike Gallo, a senior vice president at New York Life.
Northwestern Mutual Life Insurance Company, Milwaukee, another mutual insurer, said in October 2010 that it plans to pay about $11 million in dividends to its LTC insurance policyholders this year.
- Trevor Thomas
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