Life Insurance Company of Boston & New York

What Life Insurance Company of Boston & New York does

Life Insurance Company of Boston & New York is a privately held, New York-domiciled insurance carrier (NAIC #78140) founded in 1988 and headquartered at 60 Main Street, Suite 4, Hamburg, NY. The company operates as a niche marketer of voluntary workplace benefits, offering three core product lines: endowment/whole life insurance (Employee Life Option Plus), accident insurance (Employee Accident Option Plus), and specified disease/critical illness insurance (Employee Critical Illness Plus). Products are typically payroll-deducted through worksite enrollment and feature guaranteed non-increasing premiums, cash value accumulation, guarantee issue eligibility, and optional riders such as Children's Term coverage, Accidental Death Benefit, and Payor Waiver of Premium. The company is licensed solely in New York State and explicitly positions itself as serving working Americans and the underserved/underinsured populations.

The company distributes products through a regional field representative sales force covering NY, Eastern NY, and general NY territories, supplemented by an agent/broker network managed via the AgentWeb, RPI Login, and Online Data Reports portals. Employer-facing billing is handled through a dedicated Web Billing portal, while individual policyholders can pay premiums online via a Paymentus integration and submit forms through a HIPAA-compliant secure email system. The technology footprint is conventional — web-based agent and customer portals, third-party payment processing, and a UserWay-powered WCAG 2.1 accessibility layer — with no disclosed AI/ML, API platform, or proprietary underwriting technology.

Revenue is generated entirely through recurring insurance premiums across life, accident, and specified disease products; pricing is quote-based and not publicly disclosed. The company shares board members and copyright attribution with Boston Mutual Life Insurance, indicating a close corporate affiliation, though the exact ownership structure is not confirmed in available sources. Operational scale is small (11–50 employees), and the company publishes annual reports emphasizing customer experience investments and stable financial performance.

Name

Life Insurance Company of Boston & New York

Legal name

Life Insurance Company of Boston & New York

Website

https://lifeofboston.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Life Insurance Company of Boston & New York is a New York-domiciled niche insurer offering voluntary worksite life, accident, and critical illness insurance to working Americans and employers across New York State through field representatives and an agent/broker network.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro industry

PRIMARYFSAIAMAF

Worksite Supplemental Life Insurance (Voluntary Life)

Financial & Insurance/Insurance — Life & Health/Supplemental & Voluntary Benefits (Worksite)

SECONDARYFSAIAMAE

Worksite AD&D Insurance

Financial & Insurance/Insurance — Life & Health/Supplemental & Voluntary Benefits (Worksite)

SECONDARYFSAIADAG

Group AD&D (Standalone or Bundled with Life)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIAAAJ

Group Term Life Insurance

Financial & Insurance/Insurance — Life & Health/Term Life Insurance

Keywords

• Voluntary employee benefits
• Life insurance products
• Accident insurance coverage
• Critical illness insurance
• Worksite insurance marketplace

Headquarters

HQ city

Athol Springs

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Life Insurance Premiums: The company generates revenue primarily through life insurance premiums. This includes group life insurance (typically paid by employers as part of employee benefit packages), voluntary life insurance (purchased based on individual needs), and endowment life insurance. Premiums vary based on type of insurance, coverage amount, and individual factors including tobacco status.
2. Accident Insurance Premiums: Non-occupational and 24-hour accident coverage with indemnity payments for covered accidental injuries and death. Premiums are typically payroll-deducted for workplace plans.
3. Specified Disease Insurance Premiums: Critical illness insurance providing lump sum benefits for diagnosis of specified conditions including cancer, heart attack, stroke, and other serious illnesses. Revenue generated through employee-paid premiums at the workplace.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Life Insurance Company of Boston & New York is a niche insurance carrier domiciled in New York State that sells voluntary workplace insurance products, primarily endowment/whole life insurance, accident insurance, and specified disease (critical illness) insurance. Policies are distributed through field representatives and an agent/broker network to employers and their employees across New York, with premiums typically deducted from employee paychecks at the worksite. The company serves working Americans, retirees, and their family members, with emphasis on underserved and underinsured populations.

Product overview

Life Insurance Company of Boston & New York operates as a niche insurance provider offering a portfolio of workplace insurance products centered around three core product lines: Endowment Life Insurance, Accident Insurance, and Specified Disease Insurance. The company delivers these products through two branded workplace solutions packages—Employee Life Option Plus (Interest Sensitive Life Insurance) and Employee Accident Option Plus (Accident Insurance)—which are offered to employers as voluntary benefits typically deducted from employee paychecks. The Employee Critical Illness Plus product provides specified disease/critical illness coverage. All products are designed for the worksite marketplace targeting employees, retirees, and their family members, with emphasis on flexibility, guarantee issue eligibility, and optional riders for expanded coverage.

Differentiator

Problem solved

Functional benefit

Products and services

• Employee Life Option Plus (Interest Sensitive Whole Life Insurance) Whole life insurance that endows at age 95 with cash value accumulation and premiums guaranteed not to increase for the life of the policy. Sold to employers as a voluntary employee benefit with payroll deduction, with guarantee issue eligibility for eligible employees and optional riders including Children's Term coverage, Accidental Death Benefit, and Payor Waiver of Premium.
• Employee Accident Option Plus (Accident Insurance) Accident insurance providing non-occupational and 24-hour coverage options with indemnity payments for hospitalization, intensive care, rehabilitation, ambulance, emergency room treatment, fractures, dislocations, lacerations, burns, and accidental death and dismemberment. Sold through the worksite marketplace with premiums payroll-deducted.
• Employee Critical Illness Plus (Specified Disease Insurance) Specified disease insurance that pays lump sum benefits upon diagnosis of cancer, myocardial infarction, stroke, end stage renal disease, major organ transplant, Alzheimer's disease, or ALS, with reduced benefits for coronary artery bypass and carcinoma in situ. Designed to cover deductibles, co-pays, and out-of-pocket expenses for employees in the worksite marketplace.

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

One partnership is on record.

• PaymentuscoreTechnology or IntegrationPaymentus provides the online payment processing platform for Life Insurance Company of Boston & New York policyholders to make secure premium payments using bank account information. This partnership enables 24/7 online bill payment functionality for select individual insurance policies.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• MetLife: One of the largest U.S. group life and voluntary benefits carriers, with extensive worksite distribution and a full product suite (life, accident, critical illness, disability). Comparable core product set; sets the upper-bound benchmark on scale and distribution.
• Allstate Benefits: Voluntary benefits division of a major national carrier offering group life, accident, critical illness, and disability at the worksite. Comparable product portfolio, with substantially larger scale, multi-state reach, and brand recognition.
• Boston Mutual Life Insurance Company: Affiliated carrier sharing board members and copyright with Life of Boston. Offers a broader voluntary/worksite product portfolio (life, disability, critical illness, accident) across multiple states, providing a useful comparison for product mix and worksite distribution benchmarks.
• Voya Financial: Major provider of worksite voluntary benefits (life, accident, critical illness, disability) via broker and employer channels, with strong presence in retirement and employee benefits. Useful benchmark for an established multi-product worksite carrier.
• Lincoln Financial Group: Diversified life insurance and employee benefits carrier with a strong group life and voluntary/worksite product line. Comparable on life insurance product features and group/worksite distribution, with much greater scale and product breadth.
• Cigna Group Insurance (supplemental health): Sells supplemental accident, critical illness, and hospital indemnity insurance alongside group life, often at the worksite. Comparable on the accident and specified-disease product categories and employer-channel distribution.

Direct peers

• Aflac: The dominant worksite/worksite-voluntary benefits carrier, selling supplemental accident, critical illness, and life insurance primarily through payroll deduction at the workplace. Direct comparable on product mix, distribution model, and underserved-customer focus.
• Globe Life: Operates a direct-to-home and worksite voluntary life and supplemental health insurance model targeting working-class Americans. Closely comparable distribution motion (field reps, small face-value life, accident, and hospital indemnity products) and similar underserved-customer focus.
• Combined Insurance (Chubb): Sells supplemental accident, disability, and life insurance through a field-agent model targeting middle-income households and worksite enrollment. Comparable in product mix (accident, life, critical illness) and agent-led GTM.
• Colonial Life (Unum Group): Specializes in voluntary worksite benefits — accident, cancer/critical illness, life, and disability — sold via field reps at employer locations. Same product categories and worksite GTM, but with much larger scale and broader geographic footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Life Insurance Company of Boston & New York