1 Provided there is sufficient cash surrender value to pay the monthly deduction charges.
2 Accessing the policy’s cash value will reduce the available cash surrender value and death benefit.
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GOOD AT LIFE
New York Life launches new easier-to-manage Universal Life product.
New York Life | August 26, 2024
Offers flexible, long-term protection for your loved ones and your wallet.
Life insurance is an important part of any portfolio. Our 2024 New York Life Wealth Watch research found that owners of protection solutions like life insurance, annuities, and long-term care insurance secure better financial outcomes: They are more likely to have retirement savings, a financial strategy, and are more likely to take action toward their financial goals and feel better about their financial situation overall.
But choosing the right type of life insurance policy can be confusing, especially when considering that your financial situation and needs may change in the future.
That’s where New York Life’s new Universal Life solution comes in. For those looking for a flexible and efficient way to protect their family’s lifestyle in case they die, New York Life’s new Universal Life product, launched in August 2024, now offers more long-term protection for their dollar and a worry-free policy management solution to help keep their policy in line with their goals. This policy-management service inspires more peace of mind at no additional cost.
“Our customers aspire to many different financial and lifestyle goals, but no matter their individual goals, each is looking for better, more efficient ways to protect who and what matters most,” said Todd Taylor, senior vice president and head of Life Insurance Solutions at New York Life. “Our new Universal Life solution efficiently meets legacy and protection needs within a portfolio, while providing flexibility to accommodate changing financial priorities. It also includes a new mechanism to help policyholders keep policies on track with goals, and provides guarantees backed by the highest financial strength ratings currently awarded any US life insurer, which policy owners have come to expect from New York Life."
Why choose Universal Life insurance?
Long-term financial protection.
Universal Life offers long-term coverage that can last as long as you need it to — even for the rest of your life.1
Flexibility and versatility.
Unlike traditional permanent coverage, if your needs change, you can adjust the frequency and amount of your premium payments, the amount of your life insurance benefit, as well as the length of time you want to be covered. Lastly, you can customize your policy by adding optional benefits, features, and provisions that enhance your coverage or make it even more versatile.
Value.
If you’re looking for long-term coverage, Universal Life may provide the most protection for your dollar.
Tax advantages.
Beneficiaries typically do not pay federal income taxes on the payout they receive when the policy owner dies. As a result, Universal Life insurance can be an attractive option for wealth transfer and estate planning.
Cash value accumulation.
New York Life Universal Life policies offer the opportunity to build cash value based on the premiums paid, policy charges, and the interest credited to the account. This cash value can grow tax deferred over time and may serve as a useful resource in the future.2
What’s different about New York Life’s new Universal Life solution?
Improved policy management experience.
We’ve added peace of mind at no additional cost with Auto-Adjusted Billing. Policy maintenance is important with Universal Life, as there are several factors that can change over time such as changes in interest crediting rates, amount and timing of premiums, and accessing cash value. Now, with Auto-Adjusted Billing, New York Life automatically adjusts billed premiums each year and actively manages the policy for the client and agent annually, enabling a more positive, predictable experience for both clients and their agent, with no surprises.
Premium reductions.
To best meet needs in this market, our New York Life Universal Life features optimized premium costs relative to long-term death benefit protection. This results in a product that is extremely competitive (vs. other carriers in this space), especially at higher face amounts.
Product simplifications.
It’s now simpler than ever to model potential policy outcomes, clarifying the decision-making process for customers. Importantly, our new, streamlined solution still offers the most commonly elected features and riders, some that are not offered anywhere else in the industry.
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Media contact
Sara Sefcovic
New York Life Insurance Company
(212) 576-4499
Sara_M_Sefcovic@newyorklife.com