NYLIAC's3Instant LegacyTM is a single premium universal life insurance policy that helps to keep your money safe,1 allows the policy cash value to accumulate tax-deferred and provides access2 to your money when you need it. And, Instant Legacy can provide an income tax-free legacy for your loved ones.
Instant Legacy is a life insurance policy that is funded with a single, up-front premium payment. Like all life insurance policies, it helps provide a legacy to your heirs or beneficiaries, generally income tax-free. The “instant” piece is part of what
makes this product unique.
Instant Legacy has a simple medical approval process. You answer a one-page questionnaire and find out on the spot if you are pre-approved for the policy. There is no medical exam or blood test.
NYLIAC Instant Legacy Quick Hits
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What is it?
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NYLIAC Instant Legacy is
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Instant Legacy is a permanent life insurance policy, which means you own it for your entire lifetime (as opposed to term life insurance, which is temporary insurance for a specific amount of time.). You pay one single premium payment up-front that purchases a guaranteed4 life insurance benefit. |
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QUICK FACTS
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- Access to Policy loans2: You may borrow against the policy's cash value to meet unforeseen financial needs.
- Access Cash Value: Utilizing charge-free surrenders5, if you wish, you may access up to a maximum of 10% of the cash value each year in years two through eight of the contract without incurring a charge.
- A money-back guarantee6— At any time during the life of the policy, you may elect to have your cash surrender value returned to you, ending the policy.
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A GOOD CHOICE WHEN
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- When there is an interest in life insurance that provides death benefit protection, tax deferred cash value and the potential to pass on a legacy in a tax-advantaged way to your beneficiaries
- When there is an interest in leveraging the legacy money you plan to leave to your children, grandchildren or favorite charity
- When there is a concern about the safety of your assets
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1NYLIAC Instant LegacyTM is not a banking product and is not FDIC insured. It is a life insurance contract that is backed by the claims-paying ability of the issuer.
2Partial surrenders and unpaid loans, including loan interest, will reduce the cash surrender value and life insurance benefit, anmd may carry a 10% IRS tax penalty if the policy is a modified endowment contract and the policyholder is not yet age 59½. Please consult your tax advisor for more information.
3NYLIAC Instant LegacyTM is issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company.
4Guarantees are backed by the claims-paying ability of the issuer.
5In years two through eight, you can access up to 10% of the policy's cash value each year without incurring a surrender charge. Partial surrenders will reduce the cash value and life insurance benefit.
6You may request that the cash surrender value of this policy be paid to you. As stated in the policy, the cash surrender value will never be less than the premium you paid into the policy, less any partial surrenders and outstanding loans, including loan interest.
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