Reported a growth of 8% in life insurance sales through September over 2008

New York Life Insurance has reported an increase in the sales of life insurance and gains in agent recruitment for the first nine months of 2009.

The company has reported an increase of 8% in life insurance sales through September over 2008, for the nine-month period. The growth is mainly driven by increased sales of both permanent insurance and term products.

According to New York Life, its clients are utilising life insurance for the death benefit it provides, and the living benefits afforded by the product’s cash value, which help consumers meet retirement, education or other cash needs. In addition to increase in sales of life insurance, the policyholders are also investing money into existing policies to build additional guaranteed cash value for future needs.

Mark Pfaff, executive vice president in charge of US Life and Agency at New York Life, said: “The recession has highlighted New York Life’s many positive attributes, and these sales and recruitment milestones clearly demonstrate that we are outperforming our peers. Even more remarkable, these gains come at a time when overall industry sales are the worst in 70 years.”