Individual Disability Insurance Help protect your income with individual disability insurance

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.