New York Life guarantees customers income for life

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New York Life Insurance Company, with an office in Downers Grove, is one of the largest mutual life insurance companies in the country. It serves its customers through sales of insurance and investments.

“We deal with life insurance, long term care, and annuities among other things,” said local New York Life agent Michael Jones. “I work with individuals, families and small businesses.”

New York Life, founded in 1845, is a Fortune 100 company and one of the oldest mutual life insurance companies in America. It has operations in all 50 states, with more than 17,000 agents and more than 10,000 employees. Jones, whose family successfully sold their Joliet Navistar dealership business in 2010, was drawn to New York Life because of the opportunity to help people.

“I worked for my family’s company. We were a Navistar heavy truck dealership and I was a third-generation family member. We were in Joliet for 60 to 70 years as J. Merle Jones & Sons,” said Jones. “We successfully sold the company in 2010. We continue, as a family, to invest in some commercial real estate, but it was my desire to find something where I was still entrepreneurial but also could help people. That drew me to New York Life.”

Jones believes that New York Life offers people financial options which are appealing given the current state of the economy.

“Something that people seem to be interested in now, especially after the recent events with the economy, would be guaranteed income for life,” said Jones. “We do have and offer things such as guaranteed income for life and guaranteed future income called GLI (guaranteed lifetime income) and GFI (guaranteed future income) annuities.”

According to Jones, with GLI and GFI annuities, New York Life offers retirees the opportunity to receive income for life, relieving the financial stress of outliving any retirement funds.

“It’s basically what we like to say, ‘buying a pension’,” said Jones. “One of the main concerns for retirees or those nearing retirement would be outliving their retirement funds. This alleviates this issue by giving them a supplementary form of retirement. It eliminates that issue by giving them lifetime income for as long as they are alive. We’ve been quite successful with those plans.”

For more information about New York Life Insurance, visit the Website at You can contact New York Life agent Michael Jones by phone at (630) 795-5074 or by email at