Available at an additional cost, riders can provide extra coverage for you or your family members. New York Life, like other major life insurance companies, allows policyholders to customize their coverage through optional riders. With this plan, you can choose your own investments, or you can use a model-based portfolio to invest in combinations selected by investing experts. New York Life has just one variable universal life policy available in all states: the Variable Universal Life Accumulator II. Some people opt for these policies to supplement their retirement savings or to aid their estate planning. Variable Universal: Variable universal life insurance is permanent, and it combines life insurance with tax-deferred investments to potentially grow your cash value.Protection Up to Age 90: If you need a significant amount of coverage for a specific length of time, this option gives $1 million of coverage - or more - up to age 90. Custom Guarantee: This plan provides a guaranteed death benefit, but you can pay a set premium for only as long as you need the policy.You can customize the death benefit amount, length of coverage and your premiums. Basic Universal Life: For those that want long-term protection - but are less concerned with growing cash value - the Basic Universal Life option may be a good choice.There are three universal life Policies from New York Life: Instead, the death benefit and premiums are adjustable, so you can increase or decrease them as your needs change. It doesn’t have a guaranteed death benefit. You can decide to pay premiums for as little as five years, but your policy will remain active for your lifetime.Īlthough universal life insurance is permanent, it’s more flexible than whole life insurance. Custom Whole Life: The Custom Whole Life plan allows you to decide how long you want to make premiums.Whole Life: This policy combines a guaranteed death benefit with cash value accumulation.Policyholders that have whole life coverage through New York Life are eligible to receive dividends. Along with a death benefit, whole life policies can also build cash value. Some people prefer it - despite its significantly higher cost - because it gives them peace of mind and lifelong protection. Unlike term life insurance, whole life coverage is permanent. Under this plan, your premiums increase every year. Yearly Convertible: This policy is for those who want a lower initial premium and may want to convert to permanent coverage later on. ![]()
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