Settlement Alternatives

When the time comes to file a death claim, New York Life offers you a variety of ways to receive the proceeds. The default option is the Continued Interest Account, an interest-bearing money market account that allows you to write checks against your benefit immediately. However, you should be aware that there are other alternatives. You can read about the Continued Interest Account and your other alternatives here.

Continued Interest Account
Payments of $5,000 or more are generally paid through the Continued Interest Account. You'll receive a personalized checkbook that gives you immediate access to all or any part of your funds, from $500 up to the full amount in your account. There is no charge to you for the account or for the checks and your money will be earning interest at competitive interest rate. Of course, you may chose a lump sum cash payment or, if available, one of the settlement options outlined below.*

Proceeds Left on Deposit
This option allows you to leave your settlement proceeds with the Company at a competitive interest rate. Under this option the interest can be paid to you — monthly, quarterly, semi-annually, or annually. You can also choose to leave the interest on deposit with us. The interest earned can be withdrawn at any time in sums of $100 or more. For more information, please see Settlement Options 1A, 1B in your policy.

Elected Income
If you select this option, we make equal payments every month, every three months, every six months, or once each year, as chosen by you, for an elected period of years or for an elected amount. For more information, please see Settlement Options 2A, 2B in your policy.

Guaranteed Life Income
If you select this option, we pay equal monthly payments during the lifetime of the named payee or payees. You can select guaranteed payment periods of 5, 10, 15, or 20 years. This option may not be surrendered once it is chosen. For more information, please see Settlement Options 3A, 3B, 3C in your policy.

Corporation Certificates
New York Life also offers a five-year certificate guaranteed interest settlement alternative, providing you ample time to consider your future needs. The interest rate on the certificate is guaranteed for the duration of the certificate.

Additional options may also be provided under the terms of your life insurance contract. Please refer to your policy for information regarding these options.

Click here to consult an agent who will be glad to help you with any of these options and with additional ways to use your proceeds to address your income, education, business, retirement, and estate needs. Or, if you prefer, you may use the telephone number found on the Claim Form.

* The Continued Interest Account and the lump sum check are the only settlement options available for policies issued by the NYLIFE Insurance Company of Arizona.

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