#WHOLE LIFE INSURANCE NEW YORK LIFE PLUS#
Secure Wealth Plus is a whole life insurance policy for those age 60 and younger that has a $10,000 minimum annual premium for 10 years. You can apply for a Wealth Plus policy by filling out an application online and be approved within 48 hours of submitting the application. Wealth Plus policies are designed to work in tandem with a traditional retirement savings plan.
Wealth Plus policies are a good fit for those who want a death benefit with the ability to grow retirement assets in the earlier years of a policy.
#WHOLE LIFE INSURANCE NEW YORK LIFE SERIES#
New York Life offers two life insurance policies in its Wealth Plus series of products. Most have expense ratios below 1%, with average 10-year returns ranging from -0.43% to 22.94%, depending on asset type. With this policy, you can either build your own portfolio or choose from over 80 portfolio types based on your time horizon and risk tolerance. New York Life’s Variable Universal Life Accumulator II features a guaranteed death benefit and a cash value that grows based on market performance. Variable universal life insurance policies accumulate cash value based on how well the investment options in your policy perform. Variable universal life insurance is a type of permanent life insurance policy that allows you to invest your cash value in different investment options such as stocks, bonds and mutual funds. New York Life variable universal life insurance It’s ideal for business owners or families who need at least $1 million in coverage up until age 90. New York Life Protection Up to Age 90 is an alternative to permanent life insurance. You lock in a fixed premium and pay that price for as long as you choose. New York Life Custom Guarantee is a good option if you don’t want your policy to build cash value but do want a guaranteed death benefit. New York Life Universal Life Insurance is a basic policy that builds cash value and lets you customize the death benefit amount, coverage length and premium to fit your lifestyle and budget.
All have flexible death benefit options and are geared toward specific policyholder needs. New York Life has three types of universal life insurance options. This product is available for people up to age 70 with a minimum face amount of $50,000. The premium pay period can’t be less than five years. New York Life’s custom whole life insurance may be a good option if you want to adjust your policy’s cash value limit or want to pay off premiums early. This product is available for people up to age 90 in minimum face amounts ranging from $25,000 to $100,000, depending on the risk classification assigned by the company. It’s particularly useful if you want to use your cash value to supplement income in retirement. New York Life’s whole life insurance policy strikes a balance between guaranteed coverage and cash value accumulation. This money can be borrowed against or withdrawn to help cover expenses when needed. Whole life insurance policies also accrue a cash value over time. Whole life policies can last for the insured’s lifetime and typically feature a guaranteed fixed premium that remains the same throughout the policy’s lifetime. It comes with a 10-year term and can be converted into a permanent policy within the first five years. New York Life Million Plus Level Term 10: This is best for those who need at least $1 million in life insurance coverage.After your term expires, if you choose to renew, premiums will increase annually. It comes in 10- and 20-year terms and your premium stays the same during the 10 or 20 years. New York Life Level Premium Convertible Term 10-20: This is New York Life’s standard term life insurance.It starts out with a low monthly premium, then gradually increases if renewed yearly. New York Life Yearly Convertible Term Life: This type of policy is intended for people who plan to convert term life to a permanent life insurance policy eventually.New York Life offers three types of term life insurance-all with the option to convert the term life to permanent life insurance down the road:
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