AARP Extends Contract with New York Life as Exclusive Life Insurance Provider
Contract Renewal Through 2022 Result of Relevant Products, Award Winning Customer Service
NEW YORK--(BUSINESS WIRE)-- New York Life today announced that AARP has extended its agreement through 2022 for New York Life to serve as the exclusive provider of life insurance products to AARP's 37 million members.
"New York Life is very proud to be affiliated with AARP and combine the power of our brands to offer a top-notch life insurance program to the senior market, with more than two million AARP members currently enrolled. New York Life will continue to offer life insurance products with competitive rates and special product features - such as guaranteed issue - tailored to meet the needs of AARP members. With our experience providing life insurance to AARP members for nearly two decades, and award winning customer service, we are extremely well-positioned to take the program to an even higher level to benefit AARP members," said Don Salama, senior vice president of New York Life - Direct, including the company's AARP Operation. "Both organizations take pride in our commitment to serving our constituencies when they need us most. Together we are a winning combination."
"For nineteen years, New York Life has provided access to a wide range of affordable products and services that fill a need for 50-plus consumers," said Mitch Stevens, SVP of Financial Products and Services for AARP Services, Inc. "We are pleased to announce our extended relationship with New York Life and look forward to them continuing to provide these products to our members and carrying on their long tradition of excellent customer service."
New York Life - Direct, based in Tampa, Florida, which supports the AARP program, has been recognized as an employer of choice and acknowledged for its superior customer service. New York Life - Direct has received The International Customer Management Institute's 2013 Global Call Center Team Award for Best Strategic Value to the Organization and has been named a top workplace on the Tampa Bay Times' 2013 Best Places To Work survey. In addition, the customer contact center that supports AARP policyholders has been certified as a Center of Excellence for the tenth year in a row by BenchmarkPortal, a leading contact center research and consulting organization.
New York Life is also the provider of lifetime income annuities to AARP members under a contract begun in 2006. New York Life is the market share leader in fixed immediate annuities in the United States, according to an industry source.*
AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. AARP advocates for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. AARP Foundation is an affiliated charity of AARP that is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.
About AARP Services, Inc.
AARP Services, Inc., founded in 1999, is a wholly-owned taxable subsidiary of AARP. AARP Services manages the provider relationships for and performs quality control oversight of the wide range of products and services that carry the AARP name and are made available by independent providers as benefits to AARP's millions of members. The provider offers currently span health products, financial products, travel and leisure products, and life event services. Specific products include Medicare supplemental insurance; credit cards, auto and home, mobile home and motorcycle insurance, life insurance and annuities; member discounts on rental cars, cruises, vacation packages and lodging; special offers on technology and gifts; pharmacy services; legal services; and long term care insurance. AARP Services also engages in new product development activities for AARP and provides certain consulting services to outside companies.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).*** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life's website at www.newyorklife.com for more information.
*New York Life was the number one seller of fixed immediate annuities in First Quarter 2013, according to an industry source. Source: LIMRA International, U.S. Individual Annuity Sales Survey, Fixed Immediates, First Quarter YTD 2013 results. (Fixed Immediates include Fixed Period Annuities.)
**Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method for methodology.
***Source: Individual Third Party Ratings Reports as of 6/4/13.
****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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