New York Life Insurance: Offering Humana Insurance Plans?

New York Life Insurance Company is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. The company offers a range of insurance products, including life insurance, retirement income, investments, and long-term care insurance. On the other hand, Humana Insurance Company is a publicly traded health insurance company headquartered in Louisville, Kentucky. It offers health, life, and supplemental insurance plans and is one of the largest health insurers in the country. So, does New York Life Insurance sell Humana Insurance? Let's find out.

New York Life Insurance Company history

New York Life Insurance Company (NYLIC) 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. The company was founded in 1845 as the Nautilus Insurance Company in New York City, with assets of just $17,000. It was renamed the New York Life Insurance Company in 1849.

In its early years, the company insured the lives of slaves for their owners. By 1847, these policies accounted for one-third of New York Life's business. The board of trustees voted to end the sale of insurance policies on slaves in 1848. The company also sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under a flag of truce during that time.

New York Life was known for its innovative business practices. In 1860, well before state laws required it, the company developed the non-forfeiture option, the predecessor to the guaranteed cash values of modern policies, under which a policy remains in force even if a premium payment is missed. It was also the first American life insurance company to pay a cash dividend to policyholders and the first U.S. company to issue policies to women at the same rates as men. Social reformer Susan B. Anthony was one of their first female policyholders.

In 1894, New York Life became the first company to insure people with disabilities or in hazardous occupations. In 1896, it was also the first company to issue a policy with a disability benefit that presumed total disability to be permanent after a predetermined period.

The company continued to grow throughout its first 100 years as the national population and the market for life insurance increased. New York Life's growth was fuelled by its introduction of a system of agents to find new business. In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928. The company moved into the 34-story skyscraper in 1929. Later that year, New York Life's assets survived the stock market crash due to state regulation and company investing policy, which led the company to invest in government bonds and real estate, not common stocks.

Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. In 1957, the company hired Cirilo McSween, one of the industry's first Black agents. In the 1970s, New York Life began selling annuities and mutual funds.

In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company. In 1999, the company entered the Mexican market when it acquired Seguros Monterrey from Aetna.

New York Life has earned the highest financial strength ratings from major rating agencies. It has a history of honouring its commitments to policy owners and has paid dividends to customers for more than 167 years consecutively, including $2 billion in 2023 alone.

Humana Insurance Company history

Founded in 1961 by lawyers David A. Jones Sr. and Wendell Cherry, Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. Originally a nursing home company called Extendicare, the company transitioned into owning and managing hospitals in 1974 and changed its name to Humana. The new name was meant to convey a shift in public perception from 'warehousing' or indifferently treating people to providing a higher level of human care.

In the 1980s, Humana moved into health insurance plans after one of its hospitals lost a contract with a local health-maintenance organisation. The company eventually spun off the hospital arm of the company, Galen Health Care, and focused on health insurance exclusively. Since then, Humana has specialised in providing group health insurance and Medicare plans, as well as health and supplemental insurance plans to individuals.

In 1993, Humana founded Humana Military Healthcare Services (HMHS) as a wholly owned subsidiary and was awarded its first TRICARE contract in 1995, beginning to serve military beneficiaries in 1996. From 2004 to 2009, HMHS was the managed care contractor for the Department of Defense Military Health System TRICARE South Region. In 2011, HMHS regained a five-year contract to administer medical benefits to military members and their families in the South region, a contract worth $23.5 billion.

In 2005, Humana entered into a business partnership with Virgin Group, offering financial incentives to members for healthy behaviour, such as regular exercise. In 2010, Humana expanded its services by buying Texas-based Concentra Inc., which owns urgent-care and physical therapy centres, for $790 million. In 2015, Humana announced the sale of Concentra to private equity firm Welsh, Carson, Anderson & Stowe and Select Medical Holdings Corporation for about $1 billion.

In 2015, a proposed merger between Humana and Aetna, a U.S.-based healthcare benefits company, was blocked by federal regulators and judges due to concerns over negative impacts on consumer pricing, access to care, and market competition. As of 2023, Humana ranked 42 on the Fortune 500 list, making it the highest-ranked company based in Kentucky by revenues.

New York Life Insurance products

New York Life Insurance Company is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, the company offers a range of insurance products to meet the diverse needs of its customers.

Life Insurance

New York Life Insurance provides various life insurance options to cater to different financial situations and goals. Their life insurance products include:

• Term Life Insurance: A temporary coverage option that offers financial protection for your family at a lower cost. It includes a guaranteed death benefit, providing a cash payout to your loved ones in the event of your passing.
• Whole Life Insurance: A permanent form of life insurance that offers a guaranteed death benefit and accumulates cash value over time. The cash value is accessible and guaranteed to grow, allowing you to build wealth for future generations.
• Universal Life Insurance: Long-term coverage that offers flexibility in terms of premium timing and amount. You can adjust your payments and benefits as your needs change.
• Variable Universal Life Insurance: This option provides the ability to invest the policy's cash value in the market, allowing for potential growth through investments. However, it also carries market risk.

Health Insurance

New York Life has entered into sponsored marketing relationships with other insurance companies, including Humana Insurance Company, to expand its health insurance offerings. Through these partnerships, they provide access to impaired risk life and annuity, disability income, individual health, and group health products. Individual health products available through Humana include traditional medical, preferred provider, co-pay, short-term medical, Medicare supplement, and high-deductible medical plans that qualify for health savings accounts (HSAs). Group health products offered in collaboration with Humana include preferred provider, health maintenance organization, point of service, health savings account, high-deductible medical, and indemnity plans.

Retirement Plan Services

New York Life assists individuals in preparing for retirement by offering retirement plan services. Their retirement solutions include guidance on retirement income needs, investment options, and retirement income generation.

Long-Term Care Insurance

Recognizing the importance of long-term care, New York Life provides long-term care insurance to help individuals cover the costs associated with in-home care and equipment for everyday activities, especially as they age.

Individual Disability Insurance

New York Life also offers individual disability insurance to provide financial support in the event of sickness or injury that prevents an individual from working. This type of insurance helps replace a portion of lost income during difficult times.

Humana Insurance products

New York Life Insurance has entered into sponsored marketing relationships with other insurance companies to expand its product offerings. Through these agreements, New York Life offers impaired risk life and annuity, disability income, individual health, and group health products. Individual health products are available through Golden Rule, John Alden, and Humana Insurance Company.

Humana Insurance Company offers a range of insurance products, including individual and family health insurance plans, as well as dental and vision plans.

Humana's individual dental insurance provides clients with affordable dental coverage and an extensive provider network. Humana's individual vision coverage can be added to any insurance plan, helping clients save money on preventive care and brand-name products.

Humana also offers group dental, vision, and life insurance plans, which are typically provided through an employer. These plans are available in various states, including Arizona and New Mexico, with specific variations in the coverage provided.

In addition, Humana provides Medicare plans, including Medicare Advantage and prescription drug plans. They also offer a Healthy Options Allowance to help eligible members pay for approved expenses such as groceries, pet supplies, and utilities.

Overall, Humana Insurance Company offers a diverse range of insurance products that can be tailored to meet the specific needs of individuals and families.

New York Life Insurance and Humana similarities

New York Life Insurance and Humana are two of the most well-known names in the insurance industry, each with a long history of providing financial protection and peace of mind to individuals and families across the United States. While they offer different types of insurance products, there are several similarities between the two companies.

First and foremost, both New York Life Insurance and Humana are committed to putting their customers first. They strive to provide the best possible service and support to their policyholders, ensuring that they have the financial security and peace of mind they need during life's ups and downs. This commitment to their customers is evident in the variety of insurance products they offer, which are designed to meet the diverse needs of their policyholders.

Another similarity between the two companies is their focus on community engagement and social responsibility. New York Life Insurance, for example, has been in the "business of doing good" since 1845, fulfilling promises to its customers, investing responsibly, and engaging with the communities it serves. Similarly, Humana has ranked No. 1 among health insurers for customer experience (CX) by Forrester for four consecutive years, demonstrating its dedication to providing exceptional service and support to its members.

Both companies also offer a wide range of insurance products that go beyond traditional life insurance or health insurance plans. New York Life Insurance provides retirement plan services, mutual funds, and financial guidance to help individuals and families secure their financial future. Similarly, Humana offers Medicare plans, dental and vision plans, and group life insurance plans, ensuring that its members have access to comprehensive coverage for their health and wellness needs.

Additionally, New York Life Insurance and Humana share a commitment to diversity and inclusion. New York Life Insurance, for instance, boasts a diverse workforce that is more than one-half female and one-third people of color, reflecting the communities it serves. Humana also complies with applicable Federal civil rights laws and does not discriminate against anyone based on race, color, religion, gender, gender identity, sex, sexual orientation, age, disability, national origin, or any other protected characteristic.

Lastly, both companies have a strong financial standing and are known for their financial strength and stability. New York Life Insurance, as the largest mutual insurer in the U.S., has the highest financial strength ratings from all four major ratings agencies. Humana, on the other hand, is a well-established brand with a range of subsidiaries and affiliate companies that offer various insurance products and services, demonstrating its financial stability and commitment to its members.

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