DEA Meeting: New York Life guest speaker, Brad Penny

Braden Howell has shared over the years about life, health, disability, and long-term care insurance and the companies New York Life represents, but today they brought a special guest to talk about the core mission of New York Life.  Braden introduced Brad Penny, a New York Life Vice President, who has been with New York Life for 20 years!  Braden said Brad is truly one of the good people in this world!

Brad shared about New York Life and how they help folks.  He has worked with lots of families and businesses and many of them say “I wish I’d done this 10 years ago”.  Most of the time it is a misperception of the planning process.  Whether it is protecting a family, a complex business, or something in the middle, there is often confusion about what New York Life does.

New York Life has been in business since 1845.  They have insured 10 presidents and paid the last claim on Custer and 10 of his men; not one of their better risks!  Today, they have more than $500 billion invested around the globe.  They are the 24th largest money manager in the country.  Their business is the life insurance business.  They paid over $18 million in claims yesterday.  They will pay out over $5 billion in claims this year.  They manage their investments extremely conservatively and hyper-diversified because in 80 to 100 years, they will need to be in a position to pay more than $5 billion in claims.  Currently, they are forecasting for what 2080 is going to look like for money. They are a Fortune 100 company: #61.  They have no share-holders; the owners are the people who buy insurance from New York Life.   Where does the money go?  Their top 10 holdings represent less than 1.5% of their portfolio.  They currently have more than $23 billion in surplus, “just in case”.

When an individual starts planning for the future, they generally start saving in the bank first and then investing in the stock market, usually in mutual funds.  When you buy permanent life insurance from New York Life, the insurance costs what it costs and the rest goes into investments for your living future.  They manufacture insurance; their owners are the people who buy from them; at the end of the year, any profit they make beyond what they have projected is shared with their owners.

If you need insurance to “love your family” if something happens to you, start there.  If your business needs coverage, New York Life’s back-office support is second-to-none.  Even if your issues are complex, they have people who can help with personal, business, and estate issues.

Give an honest look at adding insurance as a piece of your personal planning or investment planning.

An “A” lead is anyone you know who needs help reviewing their information.  A “B” lead is if you want help reviewing your information or anything Brad has said has peaked your interest.  Come talk to Joy or Braden.

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