Policy Purchase Option (PPO) Rider: Multiple benefits for policyholders.
PPO protects your insurability.
The Policy Purchase Option (PPO) Rider guarantees the right to purchase another life insurance policy with a face amount up to $150,0001 periodically, without providing evidence of insurability. This guarantee, which can be exercised on scheduled “Option Dates,” is available until you reach age 46 regardless of your health or occupation.2
This rider can be purchased at issue with New York Life's Whole Life, Custom Whole Life, and Level Premium Convertible Term 5, Level Premium Convertible Term 10-20, and Yearly Convertible Term policies. The new policies you purchase by exercising the PPO Rider may be any one of the permanent insurance products offered by New York Life (with the exception of Survivorship policies or policies that offer increasing amounts of insurance).
Highlights of the PPO Rider:
- Guarantees you the right to purchase additional coverage through a new policy without having to provide a physical examination or other evidence of insurability;
- Gives you the flexibility to regularly assess and cost effectively increase life insurance protection as your needs and circumstances change;
- In certain circumstances, provides automatic, temporary additional term insurance protection at no cost;
- Offers you the option of including the Disability Waiver of Premium, Living Benefits, and Accidental Death Benefit Riders in the new policy (if those same riders are part of the original policy);
- Enables parents and grandparents to guarantee insurability for their children and grandchildren, by purchasing policies on the lives of those children; and
- Entitles you to an underwriting savings allowance or credit that helps reduce the first year's premium on the new policy you purchase on each exercised Option Date.
Option dates and amount.
The scheduled Option Dates3 when you can purchase additional coverage are the policy anniversaries4 at ages 22, 25, 28, 31, 34, 37, 40, 43, and 46. The owner’s application for the new policy can be submitted to the company during the 60 days before or 31 days after the Option Date. (The insured must be living.)
Any new policy you purchase5 takes effect on the Option Date on which you exercise the rider. (The maximum available Option Amount is $150,000.) The Option Amount—which will determine the maximum face amount of any new policy—is selected when the rider is issued. The new policy must have a face amount of at least $25,000, and cannot exceed the Option Amount selected for the rider.
Please see your Agent for more information about this valuable option and for a copy of the product and the rider Fact Sheet.
1Option amount or $150,000, whichever is less.
2Some illnesses or occupations may disqualify applicants from adding the PPO Rider to a policy.
3While New York Life will attempt to notify the policyowner 60 days in advance of each Option Date, the policyowner is solely responsible for making timely application on each Option Date, whether or not such notice is actually received.
4These anniversaries must occur while the rider is in effect, and if they have not been eliminated by a policy purchase on a previous Special Option Date. See the section titled “Special Option Dates.”
5The new policy cannot be a Survivorship policy, Asset Preserver policy, or a policy offering an increasing amount of insurance.
New York Life Whole Life and Term policies are issued by New York Life Insurance Company. In Oregon, the Whole Life and Custom Whole Life policy form number is ICC12213-50. The Yearly Convertible Term policy form number is 210-340.27. The Level Premium Convertible Term policy form number is 210-450.27. In most jurisdictions, the rider form number is as follows: Policy Purchase Option: 208-413.