LICONY by City & State

SPECIAL CUSTOM REPORT

THE VOICE SPEAKING ON BEHALF OF THE LIFE INSURANCE INDUSTRY IN NEW YORK AN INDUSTRY COMMITTED TO THE FAMILIES AND BUSINESSES OF NEW YORK

April 12, 2016

Dear City & State Reader

HE LIFE INSURANCE industry – one of the most historic in the United States – originated in New York in the 18th Century as a way to support widows and their children. In the over 250 years since, it has emerged as one of the premier industries in the country, providing financial resources for children to go to college, for surviving spouses to stay in their homes, and for new leadership in small businesses when the unexpected occurs. These resources serve as an economic lifeline to millions of New Yorkers, their families, and their businesses. The Life Insurance Council of New York, Inc. (“LICONY”), is the state life insurance trade organization working to make New York State a more hospitable place for life insurers so they can continue providing these critically important products. At LICONY, we believe that insurance coverage not only leads to financial stability for those it insures, but also to investment in small business infrastructure, more state revenue, and importantly, less pressure on the state to provide public assistance. LICONY has 72 life insurance company members – the majority of whom are located in New York – and 25 allied professional firm members. Our biggest strength, and the foundation of our position in New York State, is the support, contributions and leadership of our members. We have a Board of Directors made up of CEOs and other senior executives of 15 member companies, four staff officers, and offices in New York City and Albany.

MARY A. GRIFFIN President and CEO

The pages that follow provide information about life insurance and annuities, as well as statistics regarding the extraordinary contributions the life insurance industry makes to New York’s economy. We hope you will find this publication to be a valuable resource, and that it provides meaningful insight into a trusted trade organization of many years standing, the Life Insurance Council of New York, Inc. Very truly yours, Mary A. Griffin President and CEO

NEW YORK: Life Insurance Council of New York, Inc., 551 Fifth Avenue, 29th Floor, New York, NY 10176, Tel: (212) 986-6181 ALBANY: Life Insurance Council of New York, Inc., 111 Washington Avenue, Suite 300, Albany, NY 12210, Tel: (518) 436-8417

WWW. LICONY.ORG

Life Insurance Council of New York

April 2016

Dear City & State Readers: On behalf of the Board of Directors of the Life Insurance Council of New York (LICONY) and our members, it is my pleasure to share some insight about New York’s life insurance industry. The life insurance industry has deep roots in New York State and is a vital part of our state’s economy and its future. The life insurance companies of New York State directly employ more than 30,000 people and provide the products sold by more than 75,000 licensed insurance agents. In addition to providing livelihoods for tens of thousands, New York’s life insurance companies are also a source of financial stability and dependability for their policyholders and all New Yorkers. Life insurers paid out more than $32 billion in insurance benefits and more than $6 billion in annuity benefits to our New York clients in 2014. They were also a critical source of the investment capital that helps drive economic growth – here and across the nation. LICONY is the voice of the life insurance industry in New York State. We represent 74 life insurer members that provide insurance and annuity benefits New Yorkers receive each year and 22 allied professional firms that provide accounting, actuarial, legal and other services to our industry. LICONY members are committed to ensuring that New York residents, families and businesses have ready access to the insurance products and services they need to protect their financial futures.

REACH OUT TODAY TO TAKE CARE OF

TOMORROW With FARM FAMILY life insurance, you’ll get coverage that protects against life’s uncertainties with a wide array of options that can be tailored to individual needs, including whole, term and universal life insurance. FARM FAMILY is proud to be a long-standing member of the Life

Insurance Council of New York, Inc.

To find a local agent, visit:

We look forward to working with New York State’s leadership to ensure the life insurance industry continues to be a source of certainty for the citizens of New York. Very truly yours, Timothy A. Walsh, Chairman LICONY Board of Directors

www.farmfamily.com or call 1.800.THE.FARM (843.3276)

Products and services may not be available in all states. Terms, conditions and eligibility requirements will apply. Life insurance and annuity products are issued through American National Life Insurance Company of New York, Glenmont, NY; or Farm Family Life Insurance Company, Glenmont, New York. 123658.V1.03.16

LIFE INSURANCE COUNCIL OF NEW YORK, INC OFFICERS

2016 BOARD OF DIRECTORS DIRECTORS

Chairman Timothy A. Walsh, President & Chief Executive Officer Farm Family Life Insurance Company

Karen M. Elinski, Senior Vice President, General Counsel & Head of Government Relations & Public Policy TIAA-CREF

Keith M. O’Reilly President & Chief Executive Officer Gerber Life Insurance Company

Chairman – Elect D. Scott Dolfi, Chief Operating Officer The Guardian Life Insurance Company of America

Dave S. Hattem, Senior Executive Director & General Counsel AXA Equitable Life Insurance Company

Kevin M. Rampe, General Counsel – North America, ACE USA Combined Life Insurance Company of New York

Secretary – Treasurer Sheila K. Davidson, Executive Vice President, Chief Legal Officer & General Counsel New York Life Insurance Company

John R. Hunter, Chief Operating Officer Transamerica Financial Life Insurance Company

Raul Rivera, Chairman, President & Chief Executive Officer National Benefit Life Insurance Company

Past Chairman David J. Walsh, President & Chief Executive Officer Amalgamated Life Insurance Company 2

Thomas J. Moran, Chairman & Chief Executive Officer Mutual of America Life Insurance Company

David J. Sloane, Chairman, President & Chief Executive Officer Genworth Life Insurance Company of New York

Carol E. Springsteen President Foresters Life Insurance and Annuity Company Frederick L. Wortman Executive Vice President – Administration Security Mutual Life Insurance Company of New York Michael A. Zarcone, Executive Vice President of Corporate Affairs & Chief of Staff to CEO MetLife

Life Insurance Council of New York

April 2016

Always be the one they look up to.

Consider all the good you do in your life. And all those it touches, supports and inspires. At New York Life, everything we do is to help you continue that good. 3Life Insurance. Retirement. Investments.

Life Insurance Council of New York

April 2016

WHAT YOU NEED TO KNOW ABOUT LIFE INSURANCE WHAT KIND SHOULD YOU BUY? The most basic feature of a life insurance policy is the death benefit: the lump-sum payment your beneficiaries will receive if you die. It’s the core reason to own life insurance –but not the only one. Some types of life insurance offer other features that might play an important role in your financial game plan, such as the ability to accumulate cash value that grows over time.

Term Insurance

Life insurance that pays only a death benefit is called term insurance. It provides protection for a specific period of time – the “term”—and is designed for temporary circumstances. It makes the most sense when your need for coverage will disappear at some point, such as when your children graduate from college or when a debt is paid off. The most common term policies provide coverage for 20 years, but they can run the gamut from one-year policies to terms of 30 years. Typically, term insurance offers the greatest amount of coverage for the lowest initial premium and is a good choice for young families on a tight budget.

HOW TO FIND THE RIGHT INSURANCE PROFESSIONAL > Get referrals from friends, relatives or a trusted advisor. > Interview at least two agents to establish a basis for comparison. > Find out about specialties to make sure the agent is an expert in the advice and products you need. > Ask about education training. Professional designations, such as Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) and Certified Financial Planner (CFP), indicate the agent has completed advanced training courses and is serious about professional growth and development. > Work with an agent who is a member of a professional association such as the National Association of Insurance and Financial Advisors, which means that person adheres to a stringent code of ethics.

Permanent Insurance

Permanent insurance offers lifelong protection, and you can accumulate cash value on a tax-deferred basis. This cash account can be used for a variety of purposes, from helping you out of a tight financial spot, to providing funds to take advantage of an opportunity, to supplementing your retirement income. The downside? Initial premiums are considerably higher than what you would pay for a term policy with the same face amount. Permanent insurance falls into four main categories. Whole life is the simplest and most common option. Premiums remain fixed for life, and the death benefit and rate of return on your cash value are guaranteed. With variable life, you can seek potentially better returns by allocating your fixed premiums among stocks, bonds and guaranteed-return accounts. Universal life offers the flexibility of varying the amount of your premium payments. It also offers the certainty of a guaranteed minimum death benefit as long as your premiums are sufficient to sustain it. If you do not maintain those minimum premiums, your death benefit may be reduced. Variable universal life premium payments are also adjustable after the initial payment, subject to the minimum needed to keep the policy in force, and you can allocate payments among investments that offer varying degrees of risk and reward.

HOW MUCH DO YOU NEED? Ask yourself: • How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts? • How much money will my family need to maintain their standard of living over the long run? But how do you know if you need $100,000, $500,000, $1 million or more? The most common way to determine your life insurance needs is by conducting what’s called a Capital Needs Analysis. Here’s how it works. Start by evaluating your family’s needs. Gather all of your personal financial information and estimate what each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The differ-

LENGTH OF COVERAGE

PREMIUMS

TERM

PERMANENT

A specified term, typically 20 years.

Until age 100 or later, as long as premiums are paid.

Based on your age and health, but typically lower than those of permanent insurance.

Initially higher than term premiums, but often level for life.

CASH VALUE None Accumulated over time on a taxdeferred basis.

Initially higher than term premiums, but often level for life.

KEY

Offers lifelong protection and tax-deferred basis.

Typically offers the ADVANTAGE highest death benefit for the lowest cost.

ence between their needs and the resources in place to meet those needs is your need for additional life insurance. For an estimate that takes all of these variables into account, you can visit a variety of insurance needs calculators on the Internet, such as www.insurancemarket.com. Just remember that online calculators are no substitute for the advice you’ll get by meeting with a qualified insurance professional.

THREE WAYS TO BUY LIFE INSURANCE? 1. Through an Agent or Other Financial Advisor

Most people buy life insurance through agents or other financial advisors, and for good reason. Determining how much and what kind of insurance to buy is one of the most important financial decisions you’ll ever make, but it’s also one of the most complicated. A qualified insurance professional will conduct a comprehensive financial needs analysis, and walk you through the multitude of questions you need to consider to determine how much and what kind of insurance is right for you.

2. At the Workplace

Many workplace benefits packages include an employer-paid basic life insurance benefit, often equal to one or two times your annual salary. While it’s nice to have, it may not be enough to cover your needs and you typically can’t take it with you if you change jobs. If you want additional coverage, you may be able to purchase it through your employer, or you can buy it on your own.

LIFE INSURANCE PROCEEDS CAN HELP FUND MANY TYPES OF EXPENSES IMMEDIATE EXPENSES •Funeral costs • Uncovered medical expenses • Mortgage • Car loans • Credit card debt • Taxes • Estate settlement costs ONGOING EXPENSES • Food • Housing • Utilities • Transportation • Health care • Clothing • Insurance FUTURE EXPENSES • College • Retirement

3. Direct Purchasing

You can purchase coverage via the Internet, over the phone or by mail. The better services won’t allow you to complete the purchasing process until you’ve spoke with a qualified insurance agent. Buying through a service where it’s your responsibility to figure out which policy is right for you only makes sense when you’re very confident that you know what you need. Also, keep in mind that typically, only term insurance is available through direct-buying channels. Source: Life and Health Insurance Foundation for Education

Prepared by: Life Insurance Council of New York | 111 Washington Ave., Suite 300 | Albany, NY 12210 - 518-436-8417 | www.licony.org Published by: City & State | 61 Broadway, Suite 2235 | New York, NY 10006 | www.cityandstateny.com For information on Custom Reports, please contact Jim Katocin at 212-284-9714 or jkatocin@cityandstateny.com

Life Insurance Council of New York

April 2016

2016 FACTS:

LIFE INSURERS in

NEWYORK Residents have $2.2

paid $32 BILLION paid $6 BILLION in life benefits to residents in 20141

TRILLION in total life insurance coverage

in annuity benefits to residents

in 2014

Individual life insurance coverage purchased in 2014 by residents:

$127 BILLION

Residents own 8 MILLION individual life insurance policies (average coverage: $195,000 per policyholder) Life insurers invest

$462 BILLION

in New York’s economy

Life insurers provide financial and retirement security through life insurance, annuities, longterm care and disability income insurance, and retirement plans.

in NY3

89% of all life and annuity

payments are from ACLI members

90% of total life insurance

coverage provided by ACLI members

$702 BILLION

$34BILLION

in mortgage loans 2 and own

$1 BILLION

is in stocks & bonds that help finance business development, job creation, and services in NY

ACLI IN NEW YORK 153,000 jobs 77 ACLI member companies provide protection for residents

Life insurers

provide

$378 BILLION of life insurers’ investment

The life insurance industry generates

Group life insurance coverage:

in real estate 1

in the form of death benefits, matured endowments, policy dividends, surrender values, & other payments 2 include commercial, farm, and residential properties 3

61,000 direct jobs + 92,000 non-insurance jobs

Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC), 2014 annual statement data; U.S. Bureau of Economic Analysis, 2014 data; U.S. Census Bureau, 2014 data; U.S. Bureau of Labor Statistics, 2014 data; and U.S. Treasury Department, 2014 data. © 2016 American Council of Life Insurers DIRK KEMPTHORNE, President & CEO 101 Constitution Ave NW, suite 700 Washington DC 20001

www.acli.com

171 life insurers are licensed to do business in New York and 85 are domiciled in the state.

Life Insurance Council of New York

April 2016

MASSMUTUAL IS A PROUD MEMBER OF LICONY. Our New York Offices: Gregory A. Blum - General Agent Gary P. Ranftle - General Agent MassMutual Long Island Metro Syosset, NY

Jacob Kahan - General Manager Aaron Klein - General Agent MassMutual Brooklyn Brooklyn, NY

Michael A. Book, CLU®, ChFC, CLTC General Agent Fifth Avenue Financial New York, NY

David N. Jacowitz - General Manager MassMutual Rochester Rochester, NY

Dominick I. Iorio, LUTCF, MBA General Manager George R. Koroghlian, JD, CPA*, CLTC General Agent Richard T. Nolan, CLU®, ChFC, CLTC General Agent Lee, Nolan & Koroghlian, LLC New York, NY

Joseph L. DiLeo, CLF, CLTC General Agent MassMutual Central New York Syracuse, NY Brad A. Somma – General Agent MassMutual Greater Long Island Woodbury, NY

Nicholas S. Preddice - General Agent Gary Sancilio - General Agent MassMutual Albany Albany, NY

James Fay, Jr. - General Manager Stephen L. Grossman, CLU®, LUTCF General Agent MassMutual Metro New York New York, NY

Joseph L. DiLeo, CLF, CLTC General Agent MassMutual Buffalo Amherst, NY

Thomas J. Picone, CLU® – General Manager MassMutual Westchester Tarrytown, NY

MassMutual Financial Group refers to Massachusetts Mutual Life Insurance Company (MassMutual), its affiliated companies and sales representatives. Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. Insurance products are issued by MassMutual, Springfield, MA 01111, and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, Enfield, CT 06082. Securities offered through registered representatives of MML Investors Services, LLC (MMLIS), Member SIPC. MMLIS is a subsidiary of MassMutual. *Authorized for accountancy service in the state of NY. Not practicing on behalf of MassMutual or its affiliated companies. CRN201703-170483

Life Insurance Council of New York

April 2016

THE FACTS

A MAJORITY AGREES … LIFE INSURANCE IS NEEDED A SIZEABLE EMPLOYER IN NEW YORK STATE

PROTECTION IN THE EVENT OF A DISABILITY ACROSS U.S.

BILLIONS ARE PAID TO NEW YORKERS ANNUALLY, MILLIONS DAILY

5,000 agent and employee jobs in the State of New York

• Disability income policies commonly provide 50 to 70 percent of an insured’s pre-disability income while an insured employee is unable to work due to accident or illness

• $32 billion was paid to New Yorkers in the form of death benefits matured endowments, policy dividends, surrender values and other payments in 2014

• The Social Security Administration estimates that one in four 20 year-olds in the workforce today will suffer a disability before they retire

• Individual life insurance coverage purchased in 2014 in New York totaled $127 billion

•The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobssupported by the industry • The life insurance industry generates thousands of additional jobs by the goods and services it purchases or leases from other businesses in the state, such as law, accounting, actuarial and consulting firms, computers and business machines, furniture and equipment, printing and delivery services, office supplies, cleaning, maintenance, repair, security services and other needs.

• Only nine percent of long-term care disabilities actually resulted from serious accidents (Source: Facts from LIMRA, 2015) • 61 percent of Americans say most people need disability insurance and 45 percent say they need disability insurance, but only 26 percent own disability insurance

• $6 billion in annuity benefits was paid in 2014 • New York residents owned 8 million individual life insurance policies, with coverage averaging $195,000 per policyholder Source: ACLI 2016 New York Facts, www.acli.com

(Source: Life Happens and LIMRA’s Life Insurance Barometer Study, 2015)

A GROWING NEED FOR LONG-TERM CARE INSURANCE

THE NEED WILL GROW IN NEW YORK

A SIGNIFICANT INVESTOR IN NEW YORK STATE

• 65 percent agree that most people need longterm care insurance. Yet only half (50 percent) of adult consumers believe that they themselves need LTC protection and few (13 percent) actually own it

• 2.6 million people were aged 65 and over in New York in 2010. That number is expected to increase to 3.1 million by 2020 and 3.6 million by 2040 Source: U.S. Census Bureau

• Life insurance companies invest approximately $462 billion in New York’s economy

(Source: Life Happens and LIMRA’s Life Insurance Barometer Study, 2015)

• 70 percent of Americans turning age 65 can expect to use some form of long-term care during their lives Source: (http://longtermcare.gov/the-basics/who-needs-care/)

• About $378 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state • Life insurers provide $34 billion in mortgage loans on farms residential, and commercial properties, and own $1 billion in real estate in New York Source: ACLI 2016 New York Facts, www.acli.com

Life Insurance Council of New York

April 2016

Voya Financial® is proud to support the Life Insurance Council of New York.

At Voya Financial®, we are empowering Americans every day to plan for their financial future. We believe in conducting our business in a way that is socially and ethically responsible. That means we are steadfast in our commitment to helping improve communities, living up to our corporate values, and delivering superior products and services.

Voya2016_LICONY_ad, 160307-Final.indd 1

3/7/16 4:12 P

No. 37 in a series

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Tonia Wachtel with her daughters, (from left) Paige and Alexis

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watch their video Scan to watch their video

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Life and Health Insurance Foundation for EducationThe is a Life nonprofit and Health organization Insurance dedicated Foundation to helping for Education consumers is atake nonprofit personalorganization dedicated to helping consumers take personal cial responsibility through the ownership of life insurance financial and related responsibility products. through © 2013 theLIFE. ownership All rights of life reserved. insurance and related products. © 2013 LIFE. All rights reserved.

Giving a Family What It Needed

D D

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channeling that passion into clients’ homes. on Wachtel loved fixing and refurbishing things, so it’s no surprise that he built a thriving tile business, When insurance agent Chris Manfredi met Don, he recognized channeling that passion into clients’ homes. a kindred spirit. They were both in their 30s, raising families and working hard to grow their businesses. That’s why he made When insurance agent Chris Manfredi met Don, he recognized it a priority to help Don get a term life insurance policy, a kindred spirit. They were both in their 30s, raising families although they hoped he’d never have to use it. and working hard to grow their businesses. That’s why he made it a priority to help Don get a term life insurance policy, Unfortunately, about a decade after he bought his coverage, although they hoped he’d never have to use it. Don began to have severe headaches and forgetting things. After several months, doctors finally diagnosed the problem: Unfortunately, about a decade after he bought his coverage, an inoperable brain tumor. Don began to have severe headaches and forgetting things. After several months, doctors finally diagnosed the problem: As the disease progressed, Don was unable to continue an inoperable brain tumor. working. That’s when the policy’s waiver of premium rider kicked in, so he no longer had to pay the policy’s premium. As the disease progressed, Don was unable to continue This is also when Chris discussed the policy’s accelerated working. That’s when the policy’s waiver of premium rider death benefit with the Wachtels. Because Don was not kicked in, so he no longer had to pay the policy’s premium. expected to survive his cancer diagnosis, the Wachtels were This is also when Chris discussed the policy’s accelerated able access up to 50 percent of the death benefit while Don death benefit with the Wachtels. Because Don was not was still alive. expected to survive his cancer diagnosis, the Wachtels were able access up to 50 percent of the death benefit while Don That money allowed the family to take memorable vacations was still alive. and pay for some day-to-day living expenses. In addition, his wife, Tonia, was able to take a leave of absence from her job so That money allowed the family to take memorable vacations she could care for Don at home. It was there that Don died at and pay for some day-to-day living expenses. In addition, his age 47, just 19 months after being diagnosed. wife, Tonia, was able to take a leave of absence from her job so she could care for Don at home. It was there that Don died at age 47, just 19 months after being diagnosed.

as they grieved. And it continues to make a financial impact. The remaining death benefit helped Tonia pay for the funeral “Without life insurance, I would have had to go back to work and to stay at home with her two daughters for several months immediately, get a second job, and we surely would have lost as they grieved. And it continues to make a financial impact. our home,” says Tonia. n “Without life insurance, I would have had to go back to work immediately, get a second job, and we surely would have lost our home,” says Tonia. n

her daughters Tonia Wachtel and her daughters Tonia Wachtel and

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Insurance age nt Chris Manfr edi with the Wa chtels Insurance age nt Chris Manfr edi with the Wa chtels The Life and Health Insurance Foundation for Education is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. © 2013 LIFE. All rights reserved. The Life and Health Insurance Foundation for Education is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. © 2013 LIFE. All rights reserved.

Life Insurance Council of New York

April 2016

We are We are We are

Security, Assurance, Solutions, Care, Reliability and Value-Driven. Amalgamated Family of Companies was created with the vision of providing insurance protection to hard working Americans. Our unwavering commitment to providing security underscored by three Security, Assurance, Solutions, Care, Reliability andis Value-Driven. decades of “A” (Excellent) rating from the A.M. Best Company. Since our founding in 1943, the Amalgamated Family of Companies was created the vision of providing insurance protection to Security, Assurance, Solutions, Care,with Reliability and Value-Driven. people and companies that we serve have come to rely upon Amalgamated to deliver more than hard working Americans. Our unwavering commitment to providing security insurance is underscored by three Amalgamated Family Through of Companies was of created with the of providing protection to just life insurance protection. our family companies wevision have grown to provide a diverse decades of “A”Americans. (Excellent) ratingunwavering from the A.M. Best Company. Sincesecurity our founding in 1943, the working commitment is underscored by three range of hard value-driven services and Our solutions, with the assurancetoofproviding reliability built through seven people and companies that we serve have come to rely upon Amalgamated to deliver more than of “A”care (Excellent) ratingAmericans from the A.M. Company. Sincethat ourthey founding decadesdecades of consistent for working and Best our client companies work in for.1943, the just life insurance protection. Through our family we have grown provide a diverse people and companies that we serve have comeoftocompanies rely upon Amalgamated to to deliver more than

We are

Security, Assurance, Solutions, Care, Reliability Value-Driven. range of value-driven services and solutions, with the assuranceand of reliability built through seven

just life insurance protection. Through our family of companies we have grown to provide a diverse decades of consistent care for and working andthe ourvision clientofof companies that through they work for. to Amalgamated Family of Companies wasAmericans created providing protection range of value-driven services solutions, withwith the assurance reliability insurance built seven

hard working Americans. commitment to providing security isthat underscored by three decades of consistent careOur for unwavering working Americans and our client companies they work for. decades of “A” (Excellent) rating from the A.M. Best Company. Since our founding in 1943, the people and companies that we serve have come to rely upon Amalgamated to deliver more than just life insurance protection. Through our family of companies we have grown to provide a diverse TM TM

range of value-driven services and solutions, with the assurance of reliability built through seven decades of consistent care for working Americans and our client companies that they work for. TM TM

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David J. Walsh President and Chief Executive Officer Amalgamated Life Insurance Company 333 Westchester White Plains, NY 10604 DavidAvenue, J. Walsh www.amalgamatedlife.com President and Chief Executive TM TM

Officer David J. Walsh Amalgamatedand Life Insurance Company Officer President Chief Executive 333 Westchester Avenue, White Plains, NY 10604 www.amalgamatedlife.com Amalgamated Life Insurance Company

Paul E. Mallen Executive Vice President and CFO

333 Westchester Avenue, White Plains, NY 10604 www.amalgamatedlife.com

David J. Walsh President and Chief Executive Officer Amalgamated Life Insurance Company 333 Westchester Avenue, White Plains, NY 10604 www.amalgamatedlife.com

Life Insurance Council of New York

April 2016

1 9 0 0 AT TO R N E YS | 3 8 LO C AT I O N S WO R L DW I D E˚

Greenberg Traurig proudly salutes our client, Life Insurance Council of New York, Inc. Congratulations to Mary A. Griffin, the new President and CEO of LICONY. We look forward to the wealth of experience and knowledge you will bring to the organization, and how your talents will enhance our strong relationship with LICONY. In addition, we would like to extend our gratitude to Thomas E. Workman, who served as LICONY’s President and CEO since 1999. Your leadership and commitment over the years have been inspiring. We wish you the best.

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Life Insurance Council of New York

April 2016

ANNUITIES Americans are living longer than ever, many 20 to 30 years after they retire. A solid financial plan for retirement means more than just setting—and reaching—a savings goal. It’s important that you have enough money to meet your financial needs for many years. One way to guarantee a steady stream of income for life is through an annuity. An annuity is an insurance contract that can help you build savings for retirement and convert your savings into income you cannot outlive. With an annuity, an insurance company agrees to make a series of income payments—or payouts— to you in exchange for the premium(s) that you pay. An annuity is a long-term retirement security product. It is not meant to be used to meet short-term financial goals. An annuity is the only financial product that can guarantee lifetime income. WHAT IS AN ANNUITY? An annuity is a contract in which an insurance company makes a series ofincome payments at regular intervals in return for a premium or premiums you have paid. Annuitiesare often bought for future retirement income. TYPES OF ANNUITIES An immediate annuity turns premiums into a series of income payments from an insurance company that begin within a year after you buy it. You decide how often (monthly, quarterly, or annually) and how long (over a set number of years or for as long as you live) you receive payouts. People usually buy this type of annuity with money from the sale of a home or business, life insurance benefits, or a savings account. Retirees also may use some of the money they have in a retirement plan—such as a 401(k) or IRA—to purchase an IRA annuity. A deferred annuity allows savings to grow tax-deferred until payouts begin. You can use a deferred annuity as a way to save for the future and for income after retirement. People who are years away from retirement—or are retired and have assets but don’t need income right away—might choose this type of annuity. In a deferred annuity, the period of time before you begin receiving payouts is called the accumulation phase. There are different types of deferred annuities that let you decide how your

money grows during this time (accumulation options). The different types are fixed, index, or variable annuities. • A fixed annuity earns interest at a rate that is guaranteed for a set period of time. This time period is defined in the contract and ranges from one to five years or even longer. After that period of time ends, a new rate may take effect or the old rate may be offered again. The contract guarantees a minimum accumulation rate. The new interest rate will never be less than the minimum rate. • An index annuity is a type of fixed annuity and is sometimes called a fixed index annuity. With an index annuity, earnings accumulate at a rate based on a formula linked to the change in one or more published equity-based indexes. An example is Standard & Poor’s 500 Composite Stock Price Index, which tracks the performance of the 500 largest publicly traded securities. The index and the formula that determines how the index is used to calculate your rate can vary from annuity to annuity. An index annuity contract also may guarantee a minimum accumulation value. With a variable annuity, an insurance company puts your money in subaccounts that are invested in stocks and bonds. The type of funds you select depends on the level of risk you’re willing to take. For each investment available, the annuity prospectus—which is required by law to be given to potential buys— outlines the objectives, level of risk, and operative expenses. The prospectus also includes the investment’s financial statements. In some instances, variable annuities can present a higher risk than other forms of annuities. The risk primarily depends on the performance of the investment options you choose; some of your investment choices might result in a drop in your annuity’s account value. A financial services professional can help you determine your threshold for risk and help select the appropriate investments. FINANCING OPTIONS – Depending on the type of annuity you are considering, you generally can choose among three ways of paying for it: Immediate and deferred annuities can be purchased with a single premium payment. Retirees often purchase

single-premium immediate annuities with money from an employer-sponsored retirement plan, savings account, the cash value (or death benefit) from a life insurance policy, or the sale of a home. Deferred annuities have the option of periodic level premium payments of equal premium amounts at regular intervals until the payouts are scheduled to begin, or periodic flexible premium payments over a set period of time, but you have the option to vary the premium amount paid and skip making deposits. PAYING TAXES ON YOUR ANNUITY EARNINGS – Deferred Annuity Earnings on a deferred annuity accumulate free of federal income tax. When you begin to receive income payouts (or withdraw money), the portion that came from earnings on the annuity is taxed as ordinary income. Because taxes are deferred until money is withdrawn or received as income, there are tax penalties for early withdrawal. If you withdraw money from a deferred annuity before you reach age 59 ½, you will trigger a 10 percent federal tax penalty on the earnings portion of the amount withdrawn. You also must pay income tax on those earnings. The tax penalty does not apply to certain lifetime payouts, death benefits, or payments made if you become disabled. Other exceptions also may apply. Immediate Annuity If your immediate annuity was purchased with after-tax dollars, the portion of the payout you receive that represents your initial contribution will not be taxed. Earnings on the annuity will be subject to ordinary federal income taxes. Annuity earnings may also be subject to state tax considerations; check with a local tax advisor for information about the tax laws in your state. PURCHASING TIPS • When purchasing a fixed annuity, ask about the credited interest rate, how often it changes, and the minimum guaranteed rate. • When purchasing an index annuity, investigate the index, formula, and conditions applied to the interest period. Ask how often indexed interest is credited, how factors might change, and the minimum guaranteed values set forth in the contract. • When purchasing a variable annuity, review the investment options and read the prospectus

for each subaccount. A prospectus, which by law must be given to potential buyers, outlines objectives and risk levels as well as operating expenses and financial statements. • Ask if there are fees for partial withdrawal or full surrender of your contract. Find out how much the charges are and for how long they apply. • Compare similar contracts from several companies. Features, terms, and conditions vary from company to company. Comparing contracts and the relative cost of features may help you make a better decision. • Ask if there is a guaranteed death benefit. Some deferred annuities include death benefits that can exceed the account value; some do not. Know what is guaranteed, how and when the benefit will be paid, and whether increased benefits can be purchased. • Ask how long the “free-look” period is. The free-look period is the time you have to review the contract and return it if you have made the wrong choice. If you decide to cancel, the company then voids the contract and refunds your initial contribution or the market value of the contract. Freelooks usually last at least 10 days, but rules vary from state to state and not every state guarantees freelook rights. • Evaluate the company issuing the annuity. Only life insurance companies can issue annuities, although they may be sold by other financial institutions such as banks and brokerage firms. Make sure the issuing company is licensed in your state and that the company is reputable, financially strong, and service-oriented. Several services rate the financial strength of life insurance companies, such as A.M. Best Company, Fitch Ratings, Moody’s Investor Services Inc, Standard & Poor’s Insurance Rating Services, and Weiss Ratings. Ratings can be found in most public libraries or on the Internet. Make sure your agent is licensed to sell annuities. To sell a fixed annuity, an agent must have a license issued by the state insurance department. To sell a variable annuity, the agent must both be licensed by the state and be a registered representative of a broker-dealer that is a member of the National Association of Securities Dealers (NASD). Source: American Council of Life Insurers (ACLI)

Life Insurance Council of New York

April 2016

Lissete Montes de Oca with her children, (from left) Felipe, Jr. and Lucas

Jason Sherman with his daughters, (from left) Hailey and McKenna

Lissete Montes de Oca with her children, (from left) Felipe, Jr. and Lucas

Jason Sherman with his daughters, (from left) Hailey and McKenna

Protecting Building a Life andTogether Protecting a Life Together Protecting Building a Life andTogether Protecting a Life Together Building and Protecting a Life Together

You Need to Be Prepared You Need to Be Prepared You Need to Be Prepared You Need to Be Prepared You Need to Be Prepared

Building and Protecting a Life Together

You Need to Be Prepared

Lissete Montes de Oca with her children, (from left) Felipe, Jr. and Lucas

Jason Sherman with his daughters, (from left) Hailey and McKenna

a started dating Felipewhile and they Lissete Montes de Oca dating while they Nicole Sherman had a lot on their Jason plate. and As Nicole Sherman a lotif on their plate. As Their lives tookstarted a detour, however, when Felipe Theirlearned lives took a detour, however, whenJason Felipeand learned wouldhad be OK something happened to her. would While be OK money if something happened to her. While money d grown-upwere priorities. young, but they already had grown-up priorities. parents of a 2-year-old and with anotherparents on the of way, a 2-year-old and withNicole another on“We’re the way, that the fatigue he was feeling was not due that to overwork; the fatigue he was feeling was not due to overwork; was tight, said, going to dowas thistight, and make Nicoleit said, “We’re going to do this and make it Even diligently before getting married, the couple saved diligently this couple—in their early 20s—were also this juggling couple—in their early 20s—were also juggling instead doctors him withthey leukemia. instead Aggressive doctors him withwhen leukemia. Aggressive work.” So OK she it as work.” item So in she their itJason as just another item in their acouple startedsaved dating Felipe while and they Lissete Montes de Oca started dating while Their lives took adiagnosed detour, however, when Felipe Their learned lives took adiagnosed detour, however, Felipe learned Nicole Sherman had a lot on their Jason plate. and As Nicole Sherman had a lotifincorporated on their plate. As just another would be something happened to her. would While be OK money ifincorporated something happened to her. While money Sherman with his daughters, Lissete Montes deJason Oca withand her children, left)to Hailey children topriorities. purchase of Cuban abut house, aalready dream for these children ofwas Cuban the demands of school, and Jason’s jobparents the and running of school, Jason’s sales job and running (from left) Jr.to and treatments made impossible for Felipe to work, treatments butfatigue made impossible for Felipe, Felipe work, monthly budget. monthly dr these grown-up were young, they had grown-up priorities. that the fatigue heitwas feeling not due that to overwork; the heitwas feeling was not due toLucas overwork; parents ofbut a 2-year-old withsales another on demands the of way, a 2-year-old and with another on“We’re the way, was tight, Nicole said, going to dowas thistight, andbudget. make Nicoleit said, “We’re(from going do and thisMcKenna and make it Jason and Nicole Sherman had a lot on their plate. As would be OK if something happened to her. While money Felipe and Lissete Montes de Oca started dating while they Their lives took a detour, however, when Felipe learned immigrants. Nicole’s in-home daycare. Nicole’s in-home daycare. because of hiscouple long-term policy, they didn’t because need of to his long-term they didn’t need to couple saved Even diligently before gettinginstead married, the savedcare diligently doctors diagnosed him with leukemia. instead Aggressive doctors diagnosedcare himpolicy, with leukemia. Aggressive this couple—in their early 20s—were alsothis juggling couple—in their early 20s—were also jugglingit as just another work.” So she incorporated work.” item So in she their incorporated it as just another item in their A few later, while driving couple few years stopped later, said, while“We’re drivinggoing home, couple parents of a 2-year-old and years with another on the way,home, theA was tight, Nicole to the do this andstopped make it were young, they had grown-up priorities. that the heitwas feeling nothis due to overwork; use their retirement savings to pay for histocare. use Felipe their retirement also savings to was payFelipe for Felipe also r these children to purchase of Cuban abut house, aalready dream for these children offor Cuban treatments made it impossible Felipe work, treatments butfatigue made impossible for tocare. work, but of the demands school, Jason’s sales jobthe anddemands running of school, Jason’s sales job and running monthly budget. monthly budget. hey got the That keys dream to theirwas realized when they got the keys to their Life insurance wasn’t a topic they had thought Life insurance much wasn’t a topic they thought much accident.to to help at thehad scene of a traffic Jason, helpSo who at she thehad scene of a traffic Jason, who had this couple—in their early 20s—were also juggling work.” incorporated it asaccident. just another item in their Even before getting married, the couple saved diligently instead doctors diagnosed him with leukemia. Aggressive didn’t worry about paying care for his life insurance didn’t coverage worry about paying care for his life insurance coverage immigrants. because of his long-term policy, they didn’t because need of to his long-term policy, they didn’t need to daycare. Nicole’s in-home Nicole’s in-home daycare. eir lives together. first home That’s just as theyastarted their lives children together.ofThat’s about, butbut when insurance professional Lars about, Hansen, but when insurance professional Hansen, EMT training, ranjob toLars offer aid. Ithome, was when EMT Nicole tried ran to while to offer aid. Ithome, was when Nicole stopped tried to A few yearssales later, while driving theA couple fewtraining, years stopped later, driving the couple the demands of school, Jason’s and running monthly budget. to purchase a house, dream for these Cuban treatments made it impossible for tocare. work, because each of his savings policies had a rider that because waived his each ofa his policies had a Felipe rider that waived hisalso use their retirement to pay for his care. use Felipe their retirement also savings to pay for his Felipe Jason and Nicole Sherman had a lot on their plate. As would be OK if something happened to her. While money Felipe and Lissete Montes de Oca started dating while they Their lives took detour, however, when Felipe learned ce professional, when Pedro J. Busse, an when insurance professional, helped LUTCF, suggested theyhad sat down LUTCF, with suggested him wasn’t a meeting, they sat down himAaccident. join Jason that tragedy driver who join hadn’t Jason seen that tragedy driver who hadn’t seen hey got the That keys helped dream to theirwas realized got theofkeys to their After abecause Life insurance a topic they thought Life insurance much a topic they had thought much to help at the scene of with astruck. traffic to Jason, help who at the had scene of astruck. traffic Aaccident. Jason, who had Nicole’s in-home daycare. immigrants. ofinhis long-term policy, they need wasn’t to a meeting, premiums inthey the event afor disability. premiums three-year the event of acare disability. After adidn’t three-year didn’t worry about paying his life insurance didn’t coverage worry about paying for his lifenot insurance coverage parents of a 2-year-old and with another on the way, was tight, Nicole said, to the do this andstopped make it young, but they already had grown-up priorities. that the fatigue he was feeling was due to overwork; A few years later, while“We’re drivinggoing home, hasized the were them importance get life of insurance. He emphasized the importance of and listened. Larsinsurance did a life insurance needs andanalysis, listened. and Larsinsurance did EMT a life insurance analysis, the accident ahead changed hit the accident as she ahead hitcouple as sheto eir lives together. first home That’s just as they started their lives together. That’s about, but when professional Lars about, Hansen, but when professional Hansen, training, ranneeds toLars offer aid.lanes It and wasand when EMT Nicole training, tried ran to to changed offer aid.lanes It wasand when Nicole tried their retirement savings to pay for his care. Felipe battle, Felipe finally the disease. battle, He Felipe was 47.finally to the disease. He was 47. because each of hissuccumbed policies hadto a rider thatuse because waived his each ofdiagnosed hissuccumbed policieshim had a rider that waived hisalso this couple—in their early 20s—were also juggling work.” So she incorporated it asaccident. just another item in their Even before getting married, the couple saved diligently instead doctors with leukemia. Aggressive Life insurance wasn’t a topic they had thought much to help at the scene of a traffic Jason, who had That dream was realized when they got the keys to their something happen covering totheir one something happen to one while they did havea ameeting, little lifethey insurance, while it fell they far short did have of a ameeting, littleJason lifethey insurance, it fell farshe short ofkilled was crossing the highway; was was instantly. crossing the highway; she A was killed instantly. ce professional, when helped Pedro J. mortgage Busse, an should insurance professional, helped LUTCF, suggested sat down LUTCF, with suggested him sat down with him join that tragedy struck. A driver who join hadn’t Jason seen that tragedy struck. driver who hadn’t seen worry about paying his life insurance coverage premiums in the event of a disability. After adidn’t premiums three-year inmade the event of afor disability. After three-year the demands of school, Jason’s sales jobLars andHansen, running monthly budget. to purchase a house, astarted dream for of Cuban treatments it impossible Felipe toawork, but about, but needed. when insurance professional EMT training, ran to offer aid. It was when Nicole tried to home just as they their lives children together. of them. what they needed. what they More than 700these people toThat’s Felipe’s MoreHis than love 700ofpeople came had tofor Felipe’s funeral. His love hasized the first them importance get life of insurance. He emphasized thecame importance of funeral. and listened. Lars did a life insurance needs and analysis, listened. and Lars did a life insurance needs analysis, and the accident ahead changed lanes and hit the Nicole accident as she ahead changed lanes and hit Nicole as she because each his policies a rider that waived his battle, Felipe finally succumbed to the disease. battle, He Felipe was 47. succumbed to thethey disease. He was to 47. Nicole’s in-home daycare. While hethey understands While henever understands the life insurance will never immigrants. because oftouched hisfinally long-term care didn’t LUTCF, suggested a meeting, sat downthat withthe himlife insurance join will Jason that tragedythat struck. A driver who hadn’t seen when Pedro J. mortgage Busse, insurance professional, helped of an lifeshould had touched so many in his of life Hishad family, so many in policy, his community. Hisneed family, something happen covering totheir one something happen to community. one while they did have a little life insurance,while it fell they far short did have of a was littlecrossing life insurance, it fell farshe short the highway; wasofkilledA was instantly. crossing the highway; she home, was killed premiums in the event of a disability. After a three-year few years later, while driving the instantly. couple stopped unting career, As Felipe Lissete advanced in her accounting career, Felipe tookof They understood They Jason, understood the Lars how was for Jason, theand Nicoleitback, Jason knows that without bring itNicole they back, knows that without it they retirement savings to pay love. for his care. Felipe alsohow important it was for and listened. did bring aimportant life insurance needs analysis, the accident aheadJason changed lanes and hit Nicole as she them gettook life insurance. He emphasized thecame importance however, was atpeople the the center ofto that love. funeral. Theuse however, life their insurance was atpeople thesuccumbed center The life insurance of them. More than 700 Felipe’s More His than love 700 cameoftothat Felipe’s funeral. His love47. what they needed. whatinsurance they needed. battle, Felipe finally to the disease. He was Life wasn’t a topic they had thought much to help at the scene of a traffic accident. Jason, who had That dream was realized when they got keys to their d construction his love and turned for home renovation andsomething construction and turned primarycoverage breadwinner, to get more life insurance. primary breadwinner, Butdid have a While to get more life insurance. But would have been in itdire financial would have The been in dire financial circumstances. The didn’t worry about his life insurance he understands that the lifecircumstances. insurance While he never understands that the insurance will never while they little life insurance, fell far short of was will crossing the highway; she life was killed instantly. covering their mortgage should happen to community. oneand that ensured they would be OK financially ensured his boys they wouldpaying bemany OKfor financially and that his of life had touched many inThat’s his of life Hishad family, touched so in his community. Hisboys family, about, but when insurance professional Lars Hansen, EMT training, ran to offer aid. It was when Nicole tried to home just as they started their livesso together. r dream wasfirst it into provide a profitable business. Their dream was toFelipe provide Nicole was adamant about getting policy Nicole forunderstood herself, was adamant about getting awas policy for herself, life insurance allowed himknows tothe take a significant life insurance amount allowed himknows to take a significant unting career, As Felipe Lissete took advanced in herattend accounting career, tookis something because each of his policies hadFelipe’s a rider that waived his how They understood important it awas for They Jason, the how important itback, for Jason, bring Nicole Jason that without bring itNicole they back, Jason that without it amount they what they needed. ofto them. than 700 came funeral. His love could “Life insurance could attend you college. “Life insurance is something you however, wascollege. atprofessional, the center ofhelped that love. TheMore however, life insurance was atpeople the center oftothat love. The life insurance LUTCF, suggested a meeting, they sat down with him join Jason that tragedy struck. A driver who hadn’t seen when Pedro J. Busse, an insurance While understands that be thethere life insurance willasnever Jr. and his aLucas, better future the for renovation their sons, Felipe, Jr. and Lucas, as the too.a She wanted to make sure thatlife Jason too. andShe thebreadwinner, wanted girls to make sure that Jason the girls of off from work and be there for the of girls timehe as off they from and for the girls they dpe, construction love andas turned for home and construction and premiums innever event of to a disability. After three-year primary breadwinner, to get more insurance. primary But to time get more life insurance. But would have been in and dire financial circumstances. would have The beenwork in dire financial circumstances. The of life had touched so in hissays community. His family, pay for, but expect tofinancially use,”turned says and Lissete. pay“But for, here but Ithe expect use,” Lissete. here I ensured theynever would be that ensured his boys they would bemany OK financially and that “But his boys and Lars how did aimportant life insurance needs analysis, and the accident aheadJason changed lanes and hit Nicole as she them get life insurance. Heaccounting emphasized theOK importance Theylistened. understood it was fortragedy. Jason, the bring Nicole back, knows that without they Asto Lissete advanced in her career, Felipe tookof mble beginnings. couple As their both come from humble beginnings. As their moved through this “People think, moved itinsurance will through never this tragedy. “People think, it it will never r dream wasit into provide ahad profitable business. Their dream was to provide battle, Felipe finally succumbed to the disease. He was 47. Nicole was adamant about getting a policy Nicole for herself, was adamant about getting a policy for herself, life insurance allowed him to take a significant life amount allowed him to take a significant amount however, was at the center of that love. The life insurance am, and I can’t imagine not having this support am, to and help I can’t me imagine notinsurance having this support to help could attend college. “Life insurance is something could attend you college. “Life is something you me while they did have a little life insurance, it fell farBut short of was crossing the highway; she was killed instantly.The covering their mortgage should something happen to one primary breadwinner, to get more lifesays insurance. would have been in dire financial circumstances. his loveand for home and construction andas turned helped family increase income grew,sons, Pedro helped increase happen to me,” Jason. “But myfor family happen is proof tothey that me,” “But my family is proof that it pe, Jr. the andcouple a Lucas, better as future the for renovation their Felipe, Jr. the andcouple Lucas, the too. She andShe the wanted girls to make sureoff that Jason and the girls of time from work and be there the of girls time as off fromitsays workJason. and be there for the girls as they ensured theynever be OK that hiswanted boys I to make sure that Jasontoo. through.” through.” pay for, but never expect to use,” says Lissete. pay “But for, here but I would expect tofinancially use,” says and Lissete. what This story onethey is This story is a stark reminderathat no one is of them. More than 700 people came to Felipe’s funeral.“But Hishere love is a stark reminder that no Nicole wasneeded. adamant about policy life him to take a with significant amount it into ahad profitable business. Their dream was to provide -termbeginnings. care insurance. their life insurance and get long-term care insurance. does. getting And you need tofor beherself, prepared with does. lifeitinsurance insurance.” And youallowed need tothat be prepared lifeitinsurance.” mble couple As their both come from humble beginnings. As their moved through this tragedy. “People think, moved will through never this tragedy. “People think, willnever never could attend college. “Life insurance is something you While he understands the life insurance will am, and I can’t imagine not having this support am,life to and help I can’t me imagine not having this supportpromised to help me a tomorrow—tragedy can strike promised in an a tomorrow—tragedy can strike in an of had touched so many in his community. His family, too. She wanted to make sure that Jason and the girls of time off from work and be there for the girls as they a better future for their sons, Felipe, Jr. the andcouple Lucas, as the helped the couple family and increase income grew, helped increase to me,” says Jason. happen is proof to that me,” itsays Jason. “But that my family is proof pay for, but never expect to use,” says Lissete. “But here I They understood howhappen important was forinsurance Jason,“But the my family bring Nicole back, Jason knows without it theythat it As Lissete advanced in herPedro accounting career, Felipe took through.” through.” instant—so bestreminder time to buy life instant—so is best time toitbuy life story isthe a stark that noinsurance one is This story isthe a stark reminder that no one is is however, was at the center of that love. The lifeThis insurance moved through this tragedy. “People think, it will never couple both come from humble beginnings. As their -term care insurance. their lifehad insurance and get long-term care insurance. do your insurance As your changes, so do your insurance does. to be prepared with would does. life insurance.” And need to befinancial prepared with life insurance.” am, and I can’t imagine not having this supportnow. to help meare policies to meet every primary breadwinner, to getAnd more lifeneed insurance. But haveyou been in dire circumstances. The his love for homelife renovation and construction and turned There budget, now. Therea are policies toyou meet every budget, a tomorrow—tragedy can strike promised in anand tomorrow—tragedy can strike in anand ensured they would be OK financially and that promised his boys happen to me,” says Jason. “But my family is proof that it family and income grew, Pedro helped the couple increase as getting married, needs. Life events such getting married, through.” Nicole wasinsurance adamant aboutreminder getting athat policy for“find herself, life insurance allowed him to take a significant amount it into a profitable business. Theiras dream was to provide This story isthe aprofessional stark noyou one is the an insurance professional can help “find an the can help instant—so the best time to buy life you insurance instant—so is best time to buy life insurance is could attend college. “Life insurance is something you does. And you need to be prepared with life insurance.” their life insurance and get long-term care insurance. ado home a job change having children, buying a home and a job change yourand insurance As your life changes, so do your insurance too. She wanted to make sure that Jason and the girls of time off from work and be there for the girls as they promised a tomorrow—tragedy can strike in an a better future for their sons, Felipe, Jr. and Lucas, as the money” for thispolicies important coverage. money” more for are thispolicies important coverage. more now. There to meet everyLearn budget, now. and There to meet everyLearn budget, and pay for, but never expect to use,” says Lissete. “But here I are aluate yourmarried, coverage.needs. are a good time to reevaluate yourmarried, coverage. as getting events as getting moved through this tragedy. “People think, it will never instant—so the best time to buy life you insurance is couple had bothLife come fromsuch humble beginnings. As their at at www.lifehappens.org/truecost. insurance an insurance the professional can help “find the am, and I can’t imagine not having this supportan towww.lifehappens.org/truecost. help me professional can help you “find As your life changes, so ado yourand insurance Learn more at www.lifehappens.org. ahappens.org. home andfamily a job change having children, buying home a job change happen to me,” says Jason. “But my family is proof that it now. There are policies to meet every budget, and and income grew, Pedro helped the couple increase money” for this important coverage. Learn money” more foristhis important coverage. Learn more through.” This story a stark reminder that no one is needs. Life events such as getting married, aluate your coverage. a goodand timeget to long-term reevaluate care your insurance. coverage. an insurance professional can help you “find the does. And you need to be prepared with life insurance.” their life are insurance at www.lifehappens.org/truecost. at www.lifehappens.org/truecost.

happens.org.

having children, buying a home and a job change Learn more at www.lifehappens.org.

reproduced with the permission of Life Happens, This pieceahas nonprofit been reproduced with the permission of Life Happens, a nonprofit a good time todecisions reevaluate your coverage. Watch Lissete’s storyinsurance at ated to helping consumers are make smart organization insurance dedicated to helping consumers make smart decisions As your life so do your insurance amilies’ financial futures. Life Happens does to changes, safeguard notwww.lifehappens.org. endorse their any families’ financial futures. Life Happens does not endorse any www.lifehappens.org/montesdeoca Learn more at , reproduced product or advisor. © Life Happens 2015. insurance All rights company, reserved. product or advisor. Life Happens 2015. All rights reserved. needs. Life events such getting married, with the permission of Life Happens, This pieceahas nonprofit beenas reproduced with the©permission of Life Happens, a nonprofit

Lissete’s storyinsurance at ated to helping consumers make smart organization insurance decisions dedicated to helping Watch make smart decisions having children, buying a home and consumers afutures. job change amilies’ financial futures. Life Happens does to safeguard not endorse theirany families’ financial www.lifehappens.org/montesdeoca Life Happens does not endorse any This has been reproduced with the©permission of Life Happens, a nonprofit , product or advisor. © Life are Happens 2015. insurance Allpiece rights reserved. productyour or advisor. Life Happens 2015. All rights reserved. a good time tocompany, reevaluate coverage. organization dedicated to helping consumers make smart insurance decisions Learn more at www.lifehappens.org. to safeguard their families’ financial futures. Life Happens does not endorse any insurance company, product or advisor. © Life Happens 2015. All rights reserved. This piece has been reproduced with the permission of Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. Life Happens does not endorse any insurance company, product or advisor. © Life Happens 2015. All rights reserved.

Lissete Montes de Oca with her children, (from left) Felipe, Jr. and Lucas

promised a tomorrow—tragedy can strike in an

money” of forLife this important coverage. Learn more of Life Happens, a nonprofit This piece has been reproduced with the permission This Happens, piece has a nonprofit been reproduced with the permission

instant—so theinsurance best time to buy life insurance is smart insurance Watch Lissete’s story at Watch story at organization dedicated to helping consumers make smart organization dedicated decisions to helping consumers make Jason’s decisions at www.lifehappens.org/truecost. to safeguard their families’ financial futures. Life There Happensto does safeguard not endorse theirto families’ any Life Happens does not endorse any now. are policies meetfinancial everyfutures. budget, and www.lifehappens.org/montesdeoca www.lifehappens.org/sherman insurance company, product or advisor. © Life Happens 2015. insurance All rights company, reserved. product or advisor. © Life Happens 2015. All rights reserved. This piece has been reproduced with the permission of Life This Happens, piece has a nonprofit been reproduced permission an insurance professional can helpwith youthe “find the of Life Happens, a nonprofit Watch Lissete’s story at Watch story at organization dedicated to helping consumers make smart organization insurancededicated decisions to helping consumers make Jason’s smart insurance decisions money” fortothis important coverage. to safeguard their families’ financial futures. Life Happens does safeguard not endorse their families’ any financial Learn futures. more Life Happens does not endorse any www.lifehappens.org/montesdeoca www.lifehappens.org/sherman This piece has reserved. been reproduced with the©permission of Life Happens, a nonprofit insurance company, product or advisor. © Life Happens 2015. insurance All rights company, product or advisor. Life Happens 2015. All rights reserved. at www.lifehappens.org/truecost. organization dedicated to helping consumers make smart insurance decisions Watch Lissete’s story at to safeguard their families’ financial futures. Life Happens does not endorse any www.lifehappens.org/montesdeoca insurance company, product or advisor. © Life Happens 2015. All rights reserved.

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Lissete Montes de Oca with her children, (from left) Felipe, Jr. and Lucas

Protecting Building a Life andTogether Protecting a Life Together

This piece has been reproduced with the permission of Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. Life Happens does not endorse any insurance company, product or advisor. © Life Happens 2015. All rights reserved.

Jason Sherman with his daughters, (from left) Hailey and McKenna

Watch Jason’s story at www.lifehappens.org/sherman Watch Jason’s story at www.lifehappens.org/sherman Watch Jason’s story at www.lifehappens.org/sherman

Watch Jason’s story at www.lifehappens.org/sherman

Jason Sherman with his daughters, (from left) Hailey and McKenna

You Need to Be Prepared You Need to Be Prepared

a started dating Felipewhile and they Lissete Montes de Oca dating while they Their lives tookstarted a detour, however, when Felipe Theirlearned lives took a detour, however, whenJason Felipeand learned Nicole Sherman had a lot on their Jason plate. and As Nicole Sherman a lotif on their plate. As wouldhad be OK something happened to her. would While be OK money if something happened to her. While money d grown-upwere priorities. young, but they already had grown-up priorities. that the fatigue he was feeling was not due that to overwork; the fatigue he was feeling was not due to overwork; parents of a 2-year-old and with anotherparents on the of way, a 2-year-old and withNicole another on“We’re the way, was tight, said, going to dowas thistight, and make Nicoleit said, “We’re going to do this and make it couple saved Even diligently before gettinginstead married, the couple saved him diligently doctors diagnosed with leukemia. instead Aggressive doctors diagnosed him with leukemia. Aggressive this couple—in their early 20s—were alsothis juggling couple—in their early 20s—were also jugglingit as just another work.” So she incorporated work.” item So in she their incorporated it as just another item in their r these children to purchase of Cuban a house, a dream for these children offor Cuban treatments made it impossible Felipe to work, treatments but made it impossible for Felipethe to work, but of school, Jason’s sales jobthe demands anddemands running of school, Jason’s sales job and running monthly budget. monthly budget. immigrants. because of his long-term care policy, they didn’t because need of to his long-term care policy, they didn’tin-home need to daycare. Nicole’s Nicole’s in-home daycare. A few years later, while driving home, theAcouple few years stopped later, while driving home, the couple stopped use their retirement savings to pay for his care. use Felipe their retirement also savings to pay for his care. Felipe also hey got the That keys dream to theirwas realized when they got the keys to their Life insurance wasn’t a topic they had thought Life insurance much wasn’t to a topic thought much accident.to help they at thehad scene of a traffic Jason, help who at thehad scene of a traffic accident. Jason, who had didn’t worry about paying for his life insurance didn’t coverage worry about paying for his life insurance coverage eir lives together. first home That’s just as they started their lives together. That’s about, but when insurance professional Lars about, Hansen, but when insurance professional Hansen, EMT training, ran toLars offer aid. It was when EMT Nicole training, tried ran to to offer aid. It was when Nicole tried to because each of his policies had a rider thatbecause waived his each of his policies had a rider that waived his ce professional, whenhelped Pedro J. Busse, an insurance professional, helped LUTCF, suggested a meeting, they sat down LUTCF, withsuggested him a meeting, they sattragedy down with himA driver who join Jason that struck. joinhadn’t Jason seen that tragedy struck. A driver who hadn’t seen premiums in the event of a disability. After apremiums three-yearin the event of a disability. After a three-year hasized the them importance get lifeof insurance. He emphasized the importance of and listened. Lars did a life insurance needs andanalysis, listened.and Lars did the a life insurance needs analysis, andand hit accident ahead changed lanes the Nicole accident as she ahead changed lanes and hit Nicole as she battle, Felipe finally succumbed to the disease. battle, He Felipe was 47.finally succumbed to the disease. He was 47. something happen coveringtotheir onemortgage should something happen to one while they did have a little life insurance,while it fell they far short did have of a was littlecrossing life insurance, it fell farshe short the highway; wasofkilledwas instantly. crossing the highway; she was killed instantly. of them. More than 700 people came to Felipe’s funeral. MoreHis than love 700 people came to Felipe’s what funeral. Hisneeded. love they what they needed. While he understands that the life insurance While will henever understands that the life insurance will never of life had touched so many in his community. of life Hishad family, touched so many in his community. His family, unting career, As Felipe Lissetetook advanced in her accounting career, Felipe took They understood how important it was for They Jason, understood the howbring important was for Jason, the that without Nicoleitback, Jason knows bringitNicole they back, Jason knows that without it they however, was at the center of that love. Thehowever, life insurance was at the center of that love. The life insurance d construction his love and turned for home renovation and construction and turned primary breadwinner, to get more life insurance. primary breadwinner, But to get have morebeen life insurance. But circumstances. would in dire financial would have Thebeen in dire financial circumstances. The ensured they would be OK financially and that ensured his boys they would be OK financially and that his boys r dream wasit to into provide a profitable business. Their dream was to provide Nicole was adamant about getting a policy Nicole for herself, was adamant about getting aallowed policy for life insurance himherself, to take a significant life insurance amountallowed him to take a significant amount could attend college. “Life insurance is something could attend you college. “Life insurance is something you pe, Jr. and aLucas, betterasfuture the for their sons, Felipe, Jr. and Lucas, as the too. She wanted to make sure that Jasontoo. andShe the wanted girls to make sureoff that Jason and the of time from work and begirls there for the of girls timeas offthey from work and be there for the girls as they pay for, but never expect to use,” says Lissete. pay“But for,here but never I expect to use,” says Lissete. “But here I mble beginnings. couple Ashad their both come from humble beginnings. As their moved through this tragedy. “People think, moved it willthrough never this tragedy. “People think, it will never am, and I can’t imagine not having this support am, to and help I can’t me imagine not having this support to help me helped the couple family and increase income grew, Pedro helped the couple increase happen to me,” says Jason. “But my family happen is proof to that me,”itsays Jason. “But my family is proof that it through.” through.” This story is a stark reminder that no one is This story is a stark reminder that no one is -term care insurance. their life insurance and get long-term care insurance. does. And you need to be prepared with does. life insurance.” And you need to be prepared with life insurance.”

Proud member of the Life Insurance Council of New York

promised a tomorrow—tragedy can strikepromised in an a tomorrow—tragedy can strike in an instant—so the best time to buy life insurance instant—so is the best time to buy life insurance is now. There are policies to meet every budget, now. and There are policies to meet every budget, and an insurance professional can help you “find an insurance the professional can help you “find the money” for this important coverage. Learn money” more for this important coverage. Learn more at www.lifehappens.org/truecost. at www.lifehappens.org/truecost.

do your insurance As your life changes, so do your insurance as getting married, needs. Life events such as getting married, a home and a job change having children, buying a home and a job change aluate your coverage.are a good time to reevaluate your coverage. happens.org. Learn more at www.lifehappens.org.

reproduced with the permission of Life Happens, This pieceahas nonprofit been reproduced with the permission of Life Happens, a nonprofit Lissete’s storyinsurance at ated to helping consumers make smart organization insurance decisions dedicated to helping Watch consumers make smart decisions amilies’ financial futures. Life Happens does to safeguard not endorse theirany families’ financial www.lifehappens.org/montesdeoca futures. Life Happens does not endorse any , product or advisor. © Life Happens 2015. insurance All rightscompany, reserved. product or advisor. © Life Happens 2015. All rights reserved.

14 Member Companies: John Hancock Life & Health Insurance Company, Boston MA and John Hancock Life Insurance Company of New York, Valhalla, NY

This piece has been reproduced with the permission of Life This Happens, piece has a nonprofit been reproduced with the permission of Life Happens, a nonprofit

Watch Lissete’s story at Watch story at organization dedicated to helping consumers make smart organization insurancededicated decisions to helping consumers make Jason’s smart insurance decisions to safeguard their families’ financial futures. Life Happenstodoes safeguard not endorse their families’ any financial futures. Life Happens does not endorse any www.lifehappens.org/montesdeoca www.lifehappens.org/sherman insurance company, product or advisor. © Life Happens 2015. insurance All rights company, reserved. product or advisor. © Life Happens 2015. All rights reserved.

JHAD887 04/16

Watch Jason’s story at www.lifehappens.org/sherman

Life Insurance Council of New York

A better tomorrow starts with doing our best today. Throughout its more than 155-year history, The Guardian Life Insurance Company of America® (Guardian) has been committed to ensuring the safety and security of Americans throughout all stages of their lives. Guardian is passionate about investing in efforts that increase opportunities for people to build better lives. An important way we achieve this goal is through our strategic philanthropic focus on financial capability and workforce development for low-income and low-asset families and individuals. Guardian’s signature program, Money Management for LifeSM, creates alliances with community colleges across the country to offer a fullyfunded credit-bearing personal finance course to help educated students with the essential skills and knowledge to manage their own finances and plan for their education and financial futures. Similarly, our executive leaders are working to improve the future of the insurance industry itself through involvement in national and state insurance groups like the Life Insurance Council of New York. We look forward to working together to build a better future for us all.

Investments are offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. PAS is an indirect wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian) New York, NY. Disability income products underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY, or provided by Guardian. Product provisions and features may vary from state to state.

April 2016

Life Insurance Council of New York

April 2016

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MetLife

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Protective Life and Annuity Insurance Company The Prudential Insurance Company of America SCOR Global Life Reinsurance Company of Delaware Securian Life Insurance Company State Farm Life & Accident Assurance Company Sun Life and Health Insurance Company (U.S.) Thrivent Financial for Lutherans Woodmen of the World Life Insurance Society

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DLI North America Inc.

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