New York Life Launches New Suite of Term Life Products
May 24, 2023 by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced the launch of a suite of new, attractively priced term life products that provide greater value for clients’ protection dollars and support preparedness for life’s financial challenges and opportunities.
“At New York Life, we believe that every financial strategy begins with protecting what matters most to our clients: their loved ones, their businesses, and their core assets,” said Dylan Huang, SVP and Head of Product Solutions, New York Life. “We know that term life insurance is often one of the first protection solutions that families add to their financial toolkit. It was critical for us to design an offering that ensures individuals are protected and prepared to take on the next phase of their financial journeys and supports our agents as they deliver protection-first guidance that meets a wide range of needs.”
Designed for individuals and small business owners, New York Life’s updated Term Life suite includes:
- Level Term – Available for 10-, 15-, and 20-year periods. Level Term enables customers to put financial protection in place for themselves and their families for a specified period, ensuring peace of mind and opportunity to address other long-term financial goals.
- Yearly Renewable Term – Delivers year-to-year protection for those with short term needs or who plan to convert* to long-term coverage within a few years.
- Options to purchase additional living benefits – Including access to a portion of the death benefit should a policyholder become terminally ill; and the ability to have their premiums waived if the policyholder becomes disabled.
Recent research has demonstrated a significant gap between the amount of life insurance consumers have versus the amount they believe they need. The gap stands at an all-time high of 18 points, more than double the gap 13 years ago.
“Often the amount of life insurance coverage in place is determined by how much individuals can afford to pay in premiums, versus the amount of income they need to replace and doesn’t reflect a changing financial picture,” said Amanda Kuhl, SVP and Head of Life Products, New York Life. “The competitive pricing on this new suite of term life products ensures clients can secure more value from their coverage and access policy features that support bigger goals, like keeping a business afloat, saving for retirement or a child’s college education.”
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ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
2Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
*Conversion guidelines and limitations, such as timing, may apply; for example, there may be a ten-year conversion privilege for some products and a five-year conversion privilege for others.
In most jurisdictions, the form numbers are: Level Term (ICC22423-60P); Yearly Renewable Term (ICC22423-135P); Living Benefits Rider (ICC22423-498R); Disability Waiver of Premium Rider (ICC22423-235R). State variations may apply.
Term life policies are issued by NYLIFE Insurance Company of Arizona (“NYLAZ”), a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), except in New York and Maine where it is issued by NYLIC. NYLAZ is not authorized in New York or Maine and does not conduct insurance business in those states.
New York Life Insurance Company
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