New York Life Insurance Company

New York Life Insurance Company is the third-largest life insurance company and the largest mutual life insurance company in the United States. It is ranked #71 on the 2023 Fortune 500 list of the largest U.S. corporations by total revenue. In 2019, the company achieved the best possible ratings by the four independent rating companies (Standard & Poor’s, AM Best, Moody’s, and Fitch Ratings). The company was first opened in Manhattan’s Financial District as Nautilus Mutual Life in 1841, 10 years after the first life insurance charter was granted in the United States. It was originally chartered in 1841 and also sold fire and marine insurance. The company renamed itself New York Life Insurance Company in 1845 to concentrate on its life insurance business. The company’s core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time. New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance, annuities, and disability insurance. The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP.