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#AGENCY PORTAL NEW YORK LIFE PLUS#

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.

#AGENCY PORTAL NEW YORK LIFE PLUS#

Million Plus Level Term 10: If you need $1 million or more of coverage, this plan gives you 10 years of level premiums.

After the level premium period ends, premiums increase every year.

Level Premium Convertible Term: This option allows you to lock in a rate for 10 or 20 years.

New York Life has three term life options: The least expensive form of life insurance, term life insurance gives you temporary coverage, so your beneficiaries only receive a death benefit if you die within the policy’s term. New York Life issues eight policies: Term All of its policies are fully underwritten, meaning applicants have to get medical exams and bloodwork. New York Life sells term, whole, universal and variable universal life insurance products. While doing your research, that drawback can make it difficult to compare New York Life to other companies. To get details on age limitations, death benefit maximums or cost, you have to consult with an agent. New York Life provides minimal information about its policies online. You can only purchase policies through one of the company’s agents, which are paid on commission. If approved, you could be covered within minutes. Some insurers allow you to apply for coverage online. Policies must be purchased through an agent Instead, you must contact an agent to get details on premiums. Unfortunately, New York Life doesn’t have an online quote tool, nor does it give any indication of its rates on its site. With most life insurance companies, you can usually get a quote for coverage online for at least one policy option. Cons explained No online quotes or pricing However, New York Life has a lengthy list of optional riders, including accidental death benefits, chronic care riders and disability waiver of premium.

There are some life insurance companies that don’t allow you to add riders to your policy. Within those categories, New York Life has eight different plans available. Rather than offering just one type of permanent coverage, New York Life sells whole, universal and variable universal policies. Multiple permanent life insurance options In fact, the company announced that it declared a dividend of $1.9 billion to eligible policyowners in 2022. New York Life is a mutual company, and policyholders may qualify for dividend payments. Policies must be purchased through an agent.