New York Life Insurance Co. says the first nine months of this year mark the best on record for its term and permanent life insurance products.

Mark Pfaff

New York Life, the largest mutual life insurance company in the U.S., said in a statement that the safety of life insurance products has driven the sales increase. The company did not provide exact figures.

“While Americans have watched the value of their assets go down, New York Life has seen life insurance sales rise, proving that the consumer’s thirst for safety is real,” said Mark Pfaff, executive vice president in charge of U.S. Life and Agency for New York Life.

He said clients favor whole life policies for their death benefits and the cash value, which can help people meet retirement, education and other cash needs. Increased funds also appear to be going into existing policies, as consumers seek to build their guaranteed cash value, Pfaff added.

To support this growth, New York Life has increased its agent sales force by 9% more than last year, Pfaff said.