New york term life insurance

 New York Term Life Insurance

Guaranteed protection now that can also help you prepare for your future.

With term life insurance from New York Life, you get so much more than coverage for a set period. Our term insurance goes beyond protecting your family for the short term; it puts you and your loved ones on a path toward financial preparedness in the future. Term life locks in your immediate protection and grants you access to features like converting to permanent coverage in the future if your life changes.1 This means it can help you achieve your goals at every stage of life.

With term life insurance, you can balance immediate needs with ongoing goals.

Let’s begin by looking at a few factors to consider while building your custom term life policy.

Your coverage 

With term life, you can choose exactly how long you will be covered. Some of our clients find it helpful to match their coverage length with various milestones, like paying off a mortgage or seeing their children through college. Whatever your needs are, you can build a custom term policy and convert to a permanent policy later.

Your budget

You can select a product that best suits your wallet and goals. For example, you can lock in premiums that are guaranteed to stay the same for a selected period. Or you can start with smaller premiums that increase every year. That could be a good choice if you plan to convert to permanent insurance relatively quickly. Our flexible options allow you to construct a strategy to fit your family’s needs and your budget.

Choose a term life insurance policy that’s right for you.

Yearly Convertible Term

This may be the right choice for people who need protection at the lowest initial cost and may want to convert to a permanent policy soon. Premiums start out lower than those for a level premium product, and then they gradually increase each year.

Level Premium Convertible Term 10-20

You might consider this product if you want predictable payments. You can lock in level premiums for 10 to 20 years and make plans knowing your payments won’t change. After the level premium paying period ends, premiums will increase annually.

Million Plus Level Term 10

Consider this policy if you need $1 million or more of protection. It’s our most competitively priced 10-year level premium product. (Premiums increase annually thereafter.) The conversion period for this product is five years, so the product will work best for someone who plans to convert within the first five policy years or who does not plan to convert at all.

You can customize your term life insurance policy with the following riders:

Spouse’s Paid-Up Insurance Purchase Option Rider3

Only available through New York Life. With this rider, your spouse can use the proceeds from your policy, in the event of your passing, to get paid-up insurance without a medical exam.

Disability Waiver of Premium

If you become disabled, New York Life will cover your premiums with this rider option, available at an additional cost. 

Living Benefits Rider4

This rider allows you to use a portion of your death benefit to pay for treatment or care if you are terminally ill. 

What is a term life insurance policy?

Term insurance is a type of life insurance that provides coverage for a certain period, or a specified “term.” If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.

Can you cash out term life insurance?

No. Term life insurance pays a death benefit to your beneficiary if you die within the policy’s term. It does not accumulate cash value while you’re alive.

What if you outlive the term period of your policy?

If you outlive the term period of your policy, your coverage will not lapse, but your premiums will increase annually.  If your needs have evolved, you may want to consider converting to permanent protection.

What is the appropriate age to buy term life insurance?

Your 20s could be a good time to buy term life insurance coverage. Generally, when you’re younger and healthier, you pose less risk to an insurer, which is why you’re offered rates that could be more favorable.

How long should I have term life insurance?

Everyone’s life insurance needs are different and purchasing term insurance is based on your unique needs today and in the future. A New York Life financial professional can assess your needs and help determine which term policy is right for you.

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