- term life insurance
- whole life insurance
- universal life insurance
- variable universal life insurance
term life insurance in new york
new york life offers three types of term life insurance, all with the option to convert term life insurance to permanent life insurance in the future:
- new york life annual convertible term life: This type of policy is for people who plan to convert term life to a permanent life insurance policy over time. It starts with a low monthly premium, then gradually increases if you renew annually.
- New York Life Level Premium Convertible Term 10-20: This is New York Life’s standard term life insurance. It comes in 10 and 20 year terms and your premium stays the same for the 10 or 20 years. after your term expires, if you choose to renew, premiums will increase annually.
- new york life million plus level term 10: This is best for those who need at least $1 million in life insurance coverage. It comes with a 10-year term and can be converted to a permanent policy within the first five years.
whole life insurance in new york
Whole life policies can last the entire life of the insured and generally have a guaranteed fixed premium that stays the same for the life of the policy. Whole life insurance policies also build cash value over time. this money can be borrowed or withdrawn to help cover expenses when needed.
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new york life’s whole life insurance policy strikes a balance between guaranteed coverage and cash value accumulation. it’s particularly helpful if you want to use your cash value to supplement income in retirement. This product is available for people up to 90 years of age in minimum nominal amounts ranging from $25,000 to $100,000, depending on the risk classification assigned by the company.
new york life personalized whole life insurance may be a good option if you want to adjust your policy’s cash value limit or want to pay your premiums early. the premium payment period cannot be less than five years. This product is available to people up to age 70 with a minimum face amount of $50,000.
universal life insurance new york life
new york life has three types of universal life insurance options. all have flexible death benefit options and are geared toward the specific needs of policyholders.
new york life universal life insurance is a basic policy that builds cash value and allows you to customize your death benefit amount, coverage duration, and premium to fit your individual needs. lifestyle and budget.
new york life’s personalized guarantee is a good option if you don’t want your policy to build cash value, but do want a guaranteed death benefit. you secure a fixed premium and pay that price for as long as you choose.
new york life protection up to age 90 is an alternative to permanent life insurance. is ideal for business owners or families who need at least $1 million in coverage through age 90.
variable universal life insurance life new york
Variable universal life insurance is a type of permanent life insurance policy that allows you to invest your cash value in different investment options, such as stocks, bonds, and mutual funds.
Variable universal life insurance policies accumulate cash value based on the performance of the investment options in your policy.
the new york life variable universal life accumulator ii features a guaranteed death benefit and a cash value that grows based on market performance.
With this policy, you can create your own portfolio or choose from over 80 portfolio types based on your time horizon and risk tolerance. most have expense ratios below 1%, with average 10-year returns ranging from -0.43% to 22.94%, depending on asset type.
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