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Individual Disability Insurance Help protect your most valuable asset—your ability to earn an income

Whether you own a business or you’re quickly moving up in your career, success has always been part of your plans. But are you prepared if something were to happen to you? If you suddenly couldn’t earn an income? While it’s difficult to imagine, more than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.1  That’s why it’s so important to protect your income with disability insurance for individuals.

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Consider Individual Disability Insurance if you’re looking for:

Protection for your income during your career and key working years

Coverage that can supplement an employer-sponsored disability plan

Access to financial professionals who can offer personalized guidance

Introducing MyIncome Protector

MyIncome Protector is an individual income disability insurance policy offered by New York Life. This valuable policy can protect your lifestyle and your future. By providing a monthly benefit, MyIncome Protector can replace a significant portion of your income if you’re unable to work for an extended period due to injury or sickness.

It pays to have income protection

Portable

Whether you work for yourself or an employer, you can take your coverage wherever you go. If you choose to change jobs, you’re still protected with coverage that stays with you. 

Customizable

Everyone’s needs are different. With individual disability insurance from New York Life, you can count on coverage that’s customizable to fit your individual needs and circumstances. 

Dependable safety net

Most of all, it’s a reliable way to replace a portion of your income and help maintain your lifestyle. You can breathe easy knowing you’ll be covered when you need it most.  

Choosing the right income protection for you   

With MyIncome Protector, you don’t have to settle for a “one size fits all” approach. We offer three packages to choose from—Core, Pro, and Max—each with their own set of valuable riders,2 like the Catastrophic Disability Rider3 and Partial Disability Benefit Rider.4  You’ll have the option to add riders and enhance coverage based on your specific needs. And if you’d like to work with your financial professional to customize your very own package, you have that option too.

Core package

With this package, you’ll receive the base definition of disability that provides the most cost-effective coverage with a benefit period of either 10 years or to age 65.

Pro package

If you would like even more financial security, this package provides "own occupation" coverage for the full benefit period or to age 67.

Max package

For the ultimate in protection, this package provides the most robust coverage with "true own occupation" coverage and a to age 70 benefit period.

Custom package

With the help of your financial professional, you can build your own plan with tailored coverage that fits your specific needs and circumstances.

Customize your coverage today

Connect with a financial professional to build an individual disability insurance package that works best for you.

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Why purchase personal disability insurance? 

Although you may be healthy now, it’s important to protect all of your working years. Because you never know what could happen—tomorrow, or down the road. 

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Disability is more common than you think

It’s easy to believe you can avoid a disabling event if you’re just careful. But the reality is, most accidents are unavoidable and can occur anywhere: at work, on a trip, or in the comfort of your own home. And studies have shown that many disabilities are the result of a sickness—like cancer, a heart attack or diabetes5—not injury.

But your lifestyle can remain the same

More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.1 That’s why individual disability insurance is a key source of protection. It can help provide financial security and peace of mind. And no matter what industry you’re in, your lifestyle doesn’t have to skip a beat. 

For small business owners

Your small business has been your big dream. Preserve what you’ve worked so hard to build. By protecting your income, you’re also protecting your business. 

For dual income families

Family is everything. And with two incomes keeping a household running, it’s doubly important to protect your ability to earn—for both yourself and your loved ones.

For those looking to supplement an employer plan

Even if you have an employer-sponsored disability insurance plan, it likely won’t cover your entire income. Bridge this gap with your own, private disability insurance. 

Insure while at your best

Qualifying for an individual disability insurance policy depends on many factors including occupation and current health. That’s why it is best to purchase your coverage when you’re at your best and can maximize your opportunity to obtain the valuable protection. 

Why New York Life?

There for you when you need us most

At New York Life, we honor our commitments. In fact, we have the highest financial ratings of all four major ratings agencies.6 So, when it comes to protecting what really matters—like your lifestyle and your future—you know you’ll have coverage when you need it most.

A legacy of stability

Our greatest legacy is helping others protect their legacies for generations—New York Life has been serving policy owners for over 175 years, in good times and bad.

Human guidance

Our financial professionals can help address your financial needs. But most of all, they can provide one-on-one guidance with flexible strategies that evolve as your life changes. 

In it together

As a mutual insurance company, we’re fully committed to you—not outside investors.  Since we answer solely to our policy owners, we have your long-term interests at heart.

Dividend-eligible

New York Life’s MyIncome Protector is one of very few individual disability insurance plans on the market that offers the potential for dividends7 to its policyholders.

Prepare for the road ahead. Protect your income today.

Connect with a financial professional to discuss how New York Life can help protect you and your family.

Approval for individual disability insurance is subject to underwriting and determined on a case-by-case basis.

This helps us understand your immediate needs.

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MyIncome Protector FAQs

The MyIncome Protector policy offers 3 different choices for definition of disability to meet your specific needs:

  • 2 Year Own Occupation/Any Occupation Thereafter
  • Extended Own Occupation
  • True Own Occupation

Under the base 2 Year Own Occupation/Any Occupation definition, for the first 24 months of a claim, totally disabled means you are unable to perform the substantial and material duties of your own occupation, are not otherwise working and are under the care of a physician.


After benefits have been paid for 24 months, total disability means you are unable to perform the substantial and material duties of any own occupation consistent with your education, training and experience; are not otherwise working; and are under the regular care of a physician.


The Extended Own Occupation Rider and True Own Occupation Rider can enhance the definition of disability. Talk to a New York Life agent for more information on the right coverage for you.

Unlike MyIncome Protector’s Individual Disability Insurance, Group Long Term Disability (Group LTD) plans are offered by, and subject to the discretion of, your employer. Your employer could change or potentially eliminate your plan. Some group LTD plans are not portable, so they may not go with you if you change jobs or occupations. Group LTD typically covers about 50%-60% of your salary, after tax, and may not cover incentives like bonuses, profit sharing or commissions.


Your MyIncome Protector policy can be fully customized to your needs. This policy belongs to you and will remain yours even if you change jobs or occupations as long as you continue to pay your premium. MyIncome Protector can cover your earned income from all sources. Premiums are guaranteed until age 67 and the policy cannot be cancelled or changed as long as you pay your premiums.

You decide how long your policy will pay disability benefits. You can choose a time period of 2 years, 5 years, or 10 years. Or you can choose to have coverage up to Age 65, Age 67, or Age 70. Not all benefits are available in all jurisdictions. 

An included benefit is the Suspension of Coverage While Unemployed, where you may voluntarily suspend your policy’s coverage for up to one year during a period of unemployment for which you are receiving federal or state unemployment benefits for at least 4 consecutive weeks.


During a period of suspension, your policy remains in force, but premiums are not due and policy benefits are not payable. Once coverage has been suspended, you may not suspend your Policy again until 2 years after the prior period of suspension has ended.

When you purchase a New York Life MyIncome Protector policy, you pay premiums in exchange for income protection in the event of a qualifying disability. After paying claims and expenses, we will then determine the amount of remaining divisible surplus to distribute to our policy owners. This is the dividend. 


My Income Protector policyholders are eligible to receive dividends. Dividends will become payable at the end of the fifth policy year during the non-cancellable period, up to age 67.  Dividends are not guaranteed.

1Social Security Administration 2022: https://www.ssa.gov/pubs/EN-05-10029.pdf

2Some riders are included with your package, and others may be added for an additional cost.

3The rider will have the same Elimination Period and benefit period as the policy; however, an insured must satisfy the Elimination Period for the policy and CAT rider separately as the requirements are different. The Catastrophic Disability Rider does not provide coverage for long-term care services.

4If you are partially disabled and lose at least 20% of your pre-disability income, this rider allows you to receive a proportionate amount of your monthly disability payments.

5Integrated Benefits Institute, Health and Productivity Benchmarking 2019 (released September 2020), Long-Term Disability, All Employers. Condition-specific results. https://files.ibiweb.org/uploads/general/Sample-Reports.zip.

6The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: A.M. Best A++ (as of 9/14/22), Fitch Ratings AAA (as of 10/18/22), Moody’s Aaa (as of 6/14/22), and Standard & Poor’s AA+ (as of 7/29/22). Source: third-party reports. Learn more: https://www.newyorklife.com/about/our-strength/what-rating-agencies-say.

7Dividends are not guaranteed. Not all participating policy owners are eligible for dividends.

ICC21-1912496 and 1912496