New York Life

Glossary

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Option to Purchase Paid-Up Additions Rider
An economical way to increase your death benefit protection and build more cash value. OPP premiums are used to purchase additional, paid-up life insurance that has cash value and loan value, and is eligible for dividends. Please see your contract for specific details.

Optional Benefit
A rider or additional provision you can add to your life insurance policy on an elective basis usually by paying an additional premium. Examples include Waiver of Premium and Accidental Death Benefit riders.

Optional Non-Forfeiture Rider
The Optional Non-Forfeiture Rider provides a period of paid-up long-term care insurance coverage if the policy lapses after having been in force for at least three years. During this period, benefits will be payable in the same manner as if the policy had remained in force, based on the daily maximum benefit amounts in effect at the time of lapse.

Ordinary Life Insurance
Also known as whole life and straight life insurance, the type of life insurance that continues during the whole of the insured's life as long as premiums are paid. It features a fixed level premium, fixed death benefit and a fixed, guaranteed rate of cash value accumulation. Ordinary life, along with term life, is one of the original types of life insurance, and is still very much in use today.

Original Age Term Conversion
With some term policies that can be converted to permanent coverage, the company agrees to set the premium rate for the permanent coverage at the original age of the insured. As part of the conversion, the policyowner then pays all back premiums to present. The advantage is that future premiums are at the lower-age rate, which will be less than if the conversion took place at the insured's attained age.

Other Covered Insured Rider
The Term Insurance on Other Covered Insured Rider provides a level term insurance benefit for a named person. It is available on the Insured's spouse, children, parents and/or business partners.

Overloan Protection Rider
Subject to state availability, your policy will include the Overloan Protection Rider if you have elected the Guideline Premium Test as the policy’s Life Insurance Qualification Test. When activated, the Overloan Protection Rider guarantees that your policy will not lapse even if the policy’s Cash Surrender Value is insufficient to cover the current monthly deduction charges.

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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