Insurance Offerings
Term life insurance is the simplest type of coverage offered by New York Life. It offers a level premium at an affordable price over a specific time period — typically 10, 15 or 20 years. Coverage may extend past the life of the policy for at a higher rate. If you pass away while the term coverage is in place, your designated beneficiary will receive a payout to cover expenses such as burial costs, mortgage payments, loss of income and more. This benefit is usually paid income-tax free.
People who meet the following criteria may want to consider this type of plan:
- You need life insurance but have a limited budget
- You need life insurance for a certain period of time
- Your family depends on your income to meet basic needs
- Your business needs protection
Whole life insurance offers significant bang for your buck, providing protection for your family and business from plan purchase to death. Benefits of this plan may be used to cover business expenses, mortgage payments, wealth transfer, philanthropy and survivor income. With this type of plan, cash accumulation can be accessed via loan for things like a down payment on a home, college tuition expenses, supplemental retirement income and emergencies.
New York Life offers standard and custom whole life policies. Standard whole life includes a death benefit, cash accumulation and potential dividend earnings. Custom whole life offers the same coverage as standard whole life with the option to pick how many years you pay your premium. This plan accumulates cash more quickly that can be accessed when the policy is paid in full.
Universal life insurance offers you a choice in the amount of protection needed to secure your family and business with options to increase and decrease coverage as time goes on. It fuses benefits of permanent life insurance plans plus cash value accumulation with customizable premiums and payment schedule, providing complete coverage with customization. With this plan, cash grows at competitive interest rates tax-deferred. With these options, you are able to protect your loved ones and business, accumulate wealth and adjust your benefits as your needs evolve, adapting to your age, lifestyle and finances.
Variable universal life is another flexible plan. This permanent life insurance policy is for investment-minded individuals looking for potential cash value gains along with death benefit coverage. Tax-deferred cash accumulation is available, but comes with a higher risk to the death benefit payout.
