New York Life starts flexible policy

New York Life Insurance Philippines Inc. (New York Life) continuous to rip benefits from its flexible insurance policy that can be customized by the policyholders.

Wall Street Gold guarantees competitive returns of money and greater control over their insurance investment, and still remains protected as a life insurance plan.

It allows clients to borrow from their accumulated cash values anytime. It may be customized with optional benefits, or riders, based on the needs of the client as financial security against accidents, sickness, disability, or death.

The innovative policy is the only life insurance product that pays to its clients a continuous stream of 20 percent of their total insurance coverage as anticipated endowments. This means that a client with P1-million insurance coverage is guaranteed to receive P200,000 every five years.

Cyda A. Maribojo, New York Life senior actuarial manager, said that it is the "anticipated endowments structure" feature of Wall Street Gold that made it a top performer in the market capturing the bulk of their total sales last year.

"The Wall Street Gold is our best seller to date because we are the only insurance company that has such features," Maribojo said. "It comprised 44 percent of our sales last year and that was the same year when we breached the P100-million sales mark. For the first half of 2003, Wall Street Gold is capturing 50 percent of our total sales."

New York Life introduced its peso version to the market in 2001, when the company was formally launched in the Philippines. In 2002, it posted more than P100 million in sales.

Maribojo also disclosed that the dollar-denominated version of Wall Street Gold is enjoying the same popularity as its peso counterpart. "The Wall Street Gold Dollar Version posted 23-percent agency sales as of June 30 this year which is close to the 26-percent agency sales of the peso version."

New York Life, the local subsidiary of New York Life Insurance Co. of the US, began operations in August 2001. New York Life Insurance is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, it offers life insurance, annuities and long-term care insurance.