New York Life Insurance Company Review 2022 – Forbes Advisor
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
New York Life Term Life Insurance
New York Life offers three types of term life insurance, all with the option to convert term life to permanent life insurance along the way:
- New York Life Annual Convertible Term Life Insurance: This type of policy is for people who are considering eventually converting a term life insurance policy into a permanent life insurance policy. It starts with a low monthly premium and then gradually increases if renewed every year.
- New York Life Level Premium Convertible Term 10-20: This is New York Life’s standard term life insurance. These are 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, the premiums will increase each year.
- New York Life Million Plus Temporary Level 10: Best for those who need at least $1 million in life insurance. It comes with a 10 year term and can be converted to a permanent policy within the first five years.
New York Life Whole Life Insurance
Whole life insurance policies can last for the life of the insured and usually have a guaranteed fixed premium that remains the same throughout the life of the policy. Whole life policies also accumulate cash value over time. This money can be borrowed or withdrawn to help cover expenses when needed.
The New York LIFE Whole Life Insurance Policy balances guaranteed coverage with cash value accumulation. It’s especially useful if you want to use your cash value to supplement your retirement income. This product is offered to people under the age of 90 for minimum insured amounts ranging from $25,000 to $100,000, depending on the risk classification assigned by the company.
Personalized Whole Life Insurance from New York Life can be a good option if you want to adjust your policy’s cash value limit or want to pay premiums sooner. The premium payment period cannot be less than five years. This product is available to people under age 70 with a minimum face amount of $50,000.
New York Life Universal Life Insurance
New York Life offers three types of universal life insurance options. All have flexible death benefit options and are tailored to the specific needs of policyholders.
New York Life Universal Life Insurance is a basic policy that increases cash value and allows you to customize the death benefit amount, duration of coverage and premium to suit your lifestyle and budget.
New York Life’s personalized benefit is a good option if you don’t want your policy to accumulate cash value, but want a guaranteed death benefit. You lock in a fixed premium and pay that price for as long as you want.
New York Life protection up to age 90 is an alternative to permanent life insurance. It is ideal for business owners or families who need coverage of at least $1 million until age 90.
New York Life variable universal life insurance
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.
Open-ended universal life policies accumulate cash value based on the performance of your policy’s investment options.
New York Life Variable Universal Life Accumulator II offers a guaranteed death benefit and a cash value that grows with market performance.
With this policy, you can either build your own portfolio or choose from over 80 types of portfolios depending 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 the asset type.
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