An Alternative to a Single Check for a Lump Sum
When you are dealing with the loss of a loved one, you need time for the truly important things. The last thing you need is to be bothered with the financial responsibility of filing a death claim and then deciding how to manage the proceeds. Receiving a single check for a lump sum can be very overwhelming for anyone dealing with a loss. Therefore, at New York Life we provide all beneficiaries with the opportunity to place death claim proceeds over $5,000 into a Continued Interest Account.

How a Continued Interest Account Works
This option offers you the convenience of receiving a personalized checkbook with immediate access to all or part of your proceeds. New York Life will not charge you for any monthly fees or for the supply of personalized checks. The Continued Interest Account gives you the personal control to write as many checks as you wish from $250.00 to the full available proceeds amount in the account. This enables you to resolve any immediate financial needs while taking as much time as needed to invest in any long term opportunities such as education, business or retirement. Your Continued Interest Account balance remains safe and fully guaranteed by the New York Life company that maintains it. In addition, you may name your own beneficiary or authorize a family member to assist with your draft account.

Interest
As an additional advantage, your proceeds will also collect interest. These interest rates are updated weekly and compounded daily making them subject to weekly change. The rates are based upon the average interest paid by the largest banks and thrifts on their money market accounts. Every month you will receive a statement showing your account balance, all checks written, interest earned and the current effective annual yield.

Account Access
Furthermore, you may access your account balance, last interest amount posted or the amount of the last three checks all from a touch-tone phone. This option is available 24 hours a day, 7 days a week through our toll free number at (800) 628-5817.

Current Continued Interest Account Rates
Please click here for current Continued Interest Account rates.

 Rate This
Rating: 0/0 (0 votes cast)

 Be the first to Comment