Mutual of New York
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Written by
Jeffrey Johnson
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UPDATED: Aug 20, 2020
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Company Overview:
Company History: The MONY Life Insurance Company, which was formerly the Mutual Life Insurance Company of New York, is one of the oldest life insurance companies in the United States, having been founded in 1842. In 2004 MONY and affiliated members of the MONY Group were acquired by AXA Financial. Subsequent to the acquisition, substantially all of MONY’s operations have been integrated into those of AXA Financial. As part of that process, MONY’s distribution channels have been combined with those of AXA Financial and re-branded with the AXA name. Also, MONY’s product portfolio has been revised by eliminating many of MONY’s life and annuity offerings from its lineup of products previously sold. The AXA companies now coordinate their life insurance, annuity and retirement offerings among the various units. Before the acquisition by AXA, MONY traditionally sold its products through a retail distribution system that consists of career agents, financial advisors and account executives of its broker dealer subsidiaries. Also a wholesale distribution channel that used independent third party insurance general agents, security broker dealers and a corporate marketing team.
Principle Sales Methods: The AXA companies now coordinate their life insurance, annuity and retirement offerings among the various units. Before the acquisition by AXA, MONY traditionally sold its products through a retail distribution system that consists of career agents, financial advisors and account executives of its broker dealer subsidiaries. Also a wholesale distribution channel that used independent third party insurance general agents, security broker dealers and a corporate marketing team.
Life Annuity Business: MONY, together with Equitable and AXA units, offers a variety of life and annuity products.
MONY was ruthlessly inefficient in processing claims on my parents’ life insurance policies. I filed in late May and got final payment in late October. Too many people involved, bad communication, no explanations of the documents they required. MONY stands for Moneys’ Ours, Not Yours. I asked for an apology for the screw-ups, and have not heard a word. Worst customer service ever.
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