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History of MONY Life Insurance
MONY Life originated as the Mutual Life Insurance Company of New York and was founded there in 1842. The company operated under the original name until 1998, when it made the change to MONY Life Insurance, although the acronym for Mutual of New York has been in use for some time. MONY is one of the oldest insurance companies in the country and was the oldest continuous writer of whole life policies through 2013.
MONY started in New York, but expanded quickly, offering products across the nation by the time of the Civil War, and by the 1880s they were opening offices abroad as well. Throughout its history, MONY was on the cutting edge of the insurance industry and involved in many innovations and changes, including joining with leading companies to provide special insurance policies to soldiers during the Civil War. In 1966 the company began the practice of paying dividends to policyholders.
Built in the 1950s, the MONY building in Midtown New York was a well-known landmark for some time, and in fact, inspired a well-known song. In 2008, the MONY lettering at the top of the building was removed and replaced simply with the building’s address, 1740 Broadway.
New products over the years included family life, disability insurance, and payroll deduction plans for group life. The company also diversified into financial services including investments.
MONY remained a major player in the insurance industry for well over a century, making many acquisitions and eventually being acquired itself. AXA Equitable Financial acquired MONY Life Insurance Company of America, a subsidiary of MONY Life, in 2004. In 2013, Protective Life bought MONY Life Insurance Company as well as a block of policies written by the subsidiary, which still remains under the ownership of AXA. Protective has reinsured those policies and taken over the administration.
All MONY customers are directed to the Protective Life site. The parent company handles all administration and customer service for existing MONY policies. Today there is no independent website for MONY.
MONY Operations Today
While MONY appears to continue operating under its original name, we are unable to find any indication that they are issuing new policies. The Protective Life site provides plenty of information on the transition for existing policyholders, but we cannot locate where anyone would purchase a new MONY policy or any indication that this is even an option.
MONY is an insurance company of major historical importance, but it seems likely that the name will disappear in the coming years as a result of the Protective Life acquisition.
The Bottom Line
As a subsidiary of Protective Life, MONY still exists but does not appear to be writing new business. Existing policyholders can receive support through the Protective Life website, and for the moment those policies are still held in the MONY name, although they are administrated by Protective.
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