What Is New York Life Insurance Company? 
New York Life Insurance Company -LRB- NYLIC -RRB- is a mutual life insurance company domiciled and admitted in New York State . They distribute their products primarily through appointed agents . Most of their life insurance products are participating . That means that premium that is collected in excess of the actual cost of the policy is returned to the policy owner in the form of a dividend . Unlike a stock dividend this is actually a return of premium and is therefore not subject to taxation . 