New York Life deepens investment in small case COLI market

New York Life Institutional Life (NYL IL) has announced plans to expand its investment in the corporate-owned life insurance (COLI) market, specifically targeting smaller cases. To lead this effort, they have appointed Joe Grieco, who will now oversee the distribution of their improved nonqualified plan solution.

In his new role, Mr. Grieco will collaborate with a variety of distribution partners, including Qualified Plan Advisors, Registered Investment Advisors, Employee Benefits Producers, and Consultants. He will report to John Boma, who is the Head of Bank-Owned Life Insurance (BOLI) and COLI Distribution at NYL IL.

This move underscores NYL IL’s commitment to growing its presence in the COLI market by providing better solutions and support for corporate clients.

COLI is similar to BOLI but is purchased by corporations rather than banks. The corporation buys life insurance on key employees or a broad group of employees, and the corporation is the beneficiary. It is used to fund various employee benefits, such as deferred compensation plans, and to protect against the loss of key personnel. The death benefits are tax-free, and the cash value grows tax-deferred.

“New York Life has been a leading issuer of BOLI and COLI for more than 30 years, and we’re excited to build on that long-term commitment to the business with the addition of Joe to the team. With over 35 years of industry experience and a successful record in corporate retirement and employee benefits, Joe is the right person to manage the distribution of New York Life’s Premier Service Platform of enhanced nonqualified plan solutions. This platform builds upon our company’s long and successful record with funding alternatives and now includes consulting, plan design, and administration options.” – John Boma.