New Survivorship Universal Life offers more flexible, long-term protection for the dollar.

New York Life | December 23, 2024

Life insurance can address a variety of planning, protection, and wealth-building needs, and therefore is an important part of any financial portfolio.

For those looking for a joint life insurance policy (covering two lives) that offers a flexible and efficient way to protect their family’s lifestyle, their heirs, or even their business stakeholders, in case they die, New York Life’s new Survivorship Universal Life product, launched in November 2024, may be the right solution.

Survivorship Universal Life from New York Life now offers more long-term protection for policy owners’ dollar and a worry-free policy management solution to help keep their policy in line with their goals, in alignment with our Universal Life product enhancements launched in August 2024. This policy-management service inspires more peace of mind at no additional cost.

“Every life insurance policy owner has a personal financial picture, and life insurance can play a role to help fill specific gaps and support unique goals,” said Todd Taylor, head of Life Insurance Solutions. “Our new and improved Survivorship Universal Life product provides customized long-term financial protection designed to meet a variety of unique financial needs, including estate planning and business succession planning.”

Why choose Survivorship Universal Life insurance?

Long-term financial protection for unique needs. Survivorship life insurance is a type of joint life insurance — one policy covers two individuals (usually spouses) and pays the benefit only after both have passed. This can be leveraged to address a variety of unique needs including supporting lifelong dependents with special needs, estate planning, business succession planning and others. Survivorship 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, within limits. Lastly, you can customize your policy by adding optional benefits, features, and provisions that enhance your coverage or make it even more versatile.

Joint protection and value. If you’re looking for flexible long-term coverage for two people that can accumulate cash value, Survivorship Universal Life may provide the most protection for your dollar. Typically, a survivorship policy is less expensive than two policies that add up to the same amount. For some, it may make sense to consider a survivorship policy if your desired amount of coverage is too expensive with individual policies.

Tax advantages. The cash value growth of a life insurance policy grows tax-deferred, and beneficiaries typically do not pay federal income taxes on the payout they receive. As a result, Survivorship Universal Life insurance can be an attractive option for wealth transfer and estate planning.

Cash value accumulation. New York Life Survivorship 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 Survivorship Universal Life solution?

Improved policy management experience. At no additional cost, we’ve added Auto-Adjusted Billing, a feature that will help you achieve your long-term coverage goals with more peace of mind. Policy maintenance is important with universal life policies, 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 enabling a more positive, predictable experience for clients with no surprises.

A simplified purchase experience. We’ve introduced product simplifications that make it easier than ever to understand potential policy outcomes, clarifying the decision-making process as our clients work with their agent to customize their protection.

More protection for every dollar. Survivorship Universal Life from New York Life now offers more long-term protection for policy owners’ dollar in alignment with our Universal Life product enhancements launched in August 2024.

In most jurisdictions, the policy form number for New York Life Survivorship Universal Life is ICC24-324-180P.

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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