This can be particularly helpful to married couples interested in business continuation or estate planning, including providing for a dependent with special needs. Partial surrenders may be taxable. At the end of the guarantee period, if only the required premium has been paid, the policy may lapse for insufficient cash surrender value. Rates are subject to change and payout will vary with age, gender, payout option selected, deferral period and premium amount. Permanent Protection and Flexible Payments NYLIAC universal life products are designed to give you added flexibility while preserving the benefits of a permanent life insurance policy. In addition, if cash value accumulation is a high priority for you, you can increase your regular premium payments or make additional unscheduled payments into your policy. Investors are asked to consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. There are fees and expenses associated with these contracts. Life Extension Rider extends the life insurance benefit beyond the policy anniversary on which the insured is age
The rider does not protect against day-to-day market fluctuation. That's why we offer a variety of competitively priced insurance and financial products to help you meet your goals—whether they include income protection for your family, long-term care preparation, or retirement planning. You have the freedom to choose the amount of coverage that suits you best—and choose a payment amount that works within your budget. Potential Business Benefits If you're a business owner, you're likely aware of the potential financial pitfalls if anything happens to you, a co-owning spouse, or a key employee. Coverage is convertible until the earlier of the policy anniversary when the rider insured is age 70, the policy anniversary on which the primary insured is age , or the primary insured's death. Please read the prospectuses carefully before investing. This rider ensures that if you fund the policy at a premium level required to maintain the guarantee, the policy will not lapse, even if the cash surrender value is not sufficient to cover the policy's monthly charges. At the end of the guarantee period, if only the required premium has been paid, the policy may lapse for insufficient cash surrender value. Your New York Life agent can provide you with policy-specific riders, and let you know which ones may be suitable for your needs. A Fortune company,9 New York Life and its affiliate, NYLIAC, have earned ratings for financial strength over the years that are among the highest offered by each of the four major independent rating agencies: Contracts in which a Life Only payout option is selected do not provide a death benefit either prior to, or after, the designated start date. Because your policy can be purchased for a variety of business or personal uses, it's important to select a life insurance benefit option in line with your intended policy use. Surrender charges may also apply. This feature can allow your coverage to be continuous through any circumstance. With its ability to conform to your needs, universal life can be an ideal insurance fit for you. Your life—and your goals—need protection and a product that can adapt to the changes you may face. Payouts are subject to change and will vary dependent upon age, gender, payout option and premium amount, and interest in effect at time of policy issue. Get Started Further Reading Through an optional rider available at an additional cost. Moreover, our agents—among the best trained in the industry—are duly committed to the clients they serve. The life insurance benefit options are: It better accommodates individuals and business owners whose primary concern is competitively priced death benefit protection. We're here to help. Please see the prospectus for more complete details. Universal life policies can also be purchased to cover the lives of key employees or business partners. Actual amounts are dependent upon interest rates in effect at time of policy issue. No Lapse Guarantee Rider3 The flexibility of a universal life policy—specifically your ability to change payment dates and premium and coverage levels—is a valuable feature, but it's also dependent on your policy having enough cash surrender value to cover the monthly policy charges. In addition, if cash value accumulation is a high priority for you, you can increase your regular premium payments or make additional unscheduled payments into your policy.
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