Launch of new term life products by New York Life
New York Life Insurance recently announced the launch of “attractively priced term life products.”
Designed for individuals and small business owners, New York Life’s updated products includes:
- Level Term – Available for 10-, 15-, and 20-year periods. Level Term enables customers to put financial protection in place for themselves and their families for a specified period, ensuring peace of mind and opportunity to address other long-term financial goals.
- Yearly Renewable Term – Delivers year-to-year protection for those with short term needs or who plan to convert to long-term coverage within a few years. There may be a ten-year conversion privilege for some products and a five-year conversion privilege for others.
- Options to purchase additional living benefits – Including access to a portion of the death benefit should a policyholder become terminally ill; and the ability to have their premiums waived if the policyholder becomes disabled.
“At New York Life, we believe that every financial strategy begins with protecting what matters most to our clients: their loved ones, their businesses, and their core assets. We know that term life insurance is often one of the first protection solutions that families add to their financial toolkit. It was critical for us to design an offering that ensures individuals are protected and prepared to take on the next phase of their financial journeys and supports our agents as they deliver protection-first guidance that meets a wide range of needs.” – Dylan Huang, SVP and Head of Product Solutions, New York Life.
“Often the amount of life insurance coverage in place is determined by how much individuals can afford to pay in premiums, versus the amount of income they need to replace and doesn’t reflect a changing financial picture. The competitive pricing on this new suite of term life products ensures clients can secure more value from their coverage and access policy features that support bigger goals, like keeping a business afloat, saving for retirement or a child’s college education.” – Amanda Kuhl, SVP and Head of Life Products, New York Life.