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UNIVERSAL LIFE INSURANCE Flexible protection with universal life insurance
You can think of universal life insurance as a middle ground between the simplicity of term life and the permanent benefits of whole life insurance. Universal life provides long-term protection that potentially builds cash value and can be customized to you.
What a universal life insurance policy offers
Having a universal life policy is all about having flexibility to choose the benefits you want now with the ability to adjust your policy later as your needs evolve.
Adjustability
You can always change premium amounts, the total amount of insurance you have, and the length of time you’re covered1
Long-term death benefit
Provides ongoing financial protection for your loved ones for as long as you need
Cash value that can grow
If your policy is designed to accumulate cash value it may increase over time, providing a source of money you can use during your lifetime
Financial reliability
New York Life Insurance Company, parent company of New York Life Insurance and Annuity Corporation, which issues universal life policies, has been paying benefits consistently for 175+ years
Two main types of adjustable life insurance
Universal Life
Budget-friendly, long-term protection that you can adjust now or later, based on your needs, plus some accumulation of cash value
Custom Guarantee
Preset premiums that maintain coverage for as long as you need, creating a guaranteed death benefit but little to no cash value
Common questions about universal life insurance
Universal life insurance is a policy that can cover you for an extended period of time—often longer than a temporary term life policy, but customizable to your needs. It can give you access to cash value to help you protect the future of your family or business. But the most unique feature of universal life is the flexibility to set your own payment schedule and level of coverage. You can also make certain adjustments in the future, as needed.
Universal life can provide long-term coverage as long as there is enough cash value in the policy to cover your policy’s monthly deductions. If you decide to end (surrender) your policy, you would receive the surrender value (the cash value minus any charges associated with canceling).
Universal life is highly customizable, so you can adjust coverage in many ways to fit your budget. Your own costs may depend on the policy you choose, the benefits you prefer, the amount of coverage you need, how you choose to fund the policy, and the length of time you’re covered. Your agent will help you find the right solution for your budget and goals, and can help you make adjustments in the future if you need.
Universal life offers many benefits that you can customize to your needs and goals. It provides a long-term death benefit for your loved ones, helping to support them financially if you pass away while the policy is active. Universal life also builds cash value over time, which can help fund key expenses in your lifetime such as a down payment on a home or college tuition. You can access funds by taking out a loan from your policy or by taking out cash through what’s called a partial surrender.2
When you purchase a universal life policy, you choose how much to contribute with each payment (premium), how much coverage you have, and for how long. You’ll have the flexibility to change these features if your needs evolve. Additionally, as the policy grows in value over time, you’ll have several options: take out some of the cash value (a partial surrender) to support you in the short term; borrow cash from the policy and repay it to maintain the death benefit; and/or leave all cash in the policy to maximize the potential death benefit that would be paid to your loved ones if you pass away.
There’s more than one way to protect what you love
COMPARE YOUR LIFE INSURANCE OPTIONS
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Can be adjusted |
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Guaranteed minimum interest credited |
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Can be adjusted |
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Cash value growth subject to market risk |
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Remains level for a period of time you select, then increases over time |
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Always the same amount |
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Learn more about insurance
1The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or partial surrenders are taken, or if current interest rates or charges fluctuate.
2Accessing the cash value will reduce the available cash surrender value and the death benefit.
3Dividends are not guaranteed. Not all participating policy owners are eligible for dividends
4Conversions guidelines and limitations, such as timing, may apply.
5Variable universal life offers the opportunity for long-term life insurance and tax-advantaged asset growth and is only offered by prospectus.
In most jurisdictions, the form numbers are as follows (state variations may apply): Universal Life ICC24-324-51P; Custom Universal Life Guarantee ICC18-318-54P.
Universal Life insurance products are issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation and wholly owned subsidiary of New York Life Insurance Company).