20 Year Level Term Life Insurance At-a-Glance

20-Year Level Term Life Insurance provides affordable, temporary life insurance protection. The premium payment is guaranteed to stay level for the first 20 years. It will not increase or decrease during this time.

Like all term life insurance policies, 20-Year Level Term Insurance offers pure insurance protection and may be ideal when you need life insurance to protect your family or your business but dollars are scarce. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends.

20-Year Level Term Life Insurance means

• Life insurance protection that may be an ideal way to provide a substantial amount of coverage for an extended period of time.
• Guaranteed level premiums for the first 20 years.
• A guaranteed death benefit, generally free from federal income tax.
• An Original Age Term Conversion privilege available to the tenth policy anniversary.
• An Attained Age Term Conversion privilege available until age 30 or the 10th policy anniversary, whichever is later.

20-Year Level Term Life Insurance Quick Hits

20-Year Term Life Insurance	Quick Hits
	At year 21, the policy can be renewed at a higher premium, without having to provide evidence of good health Provides pure insurance protection Does not build cash value and is not eligible for dividends Can be converted to a permanent policy which does build cash value and may earn dividends
A Good Choice When	There is a temporary need for protection, such as for a mortgage or a student loan Limited funds are available. In situations where life insurance is essential but dollars are scarce, 20-Year Level Term Life Insurance can serve as a stop gap. Young people starting their careers often choose 20-Year Level Term Life Insurance, then convert to a permanent plan when their finances improve. There is a need to cover outstanding loans for business owners, thus, shielding partners or shareholders from financial hardship if a business owner dies

Click here to download the 20-Year Term Life Insurance Fact Sheet

20-Year Term Life Insurance in Action

“We had always meant to buy life insurance, but just never got around to it. When we finally did, we knew we had done the right thing, but figured it would be a long time before we needed it. Then Jim died. Without the term insurance our daughter would not be attending college or would at least have huge student loans to pay off. Now she can start her adult life debt-free.” — Fran Schneider, Valley Forge, PA ^{*This is a hypothetical example}

Customize Your Policy
With 20-Year Level Term Life Insurance, as with nearly every New York Life Insurance policy, you can customize your policy with riders that let you be sure your policy does just what you need it to. Here are some of the many riders available to tailor your 20-Year Level Term policy to your needs:

The following riders have an additional charge associated with them:

Disability Waiver of Premium Rider
Waives premiums should the primary insured become totally disabled, as defined in the rider. Issue ages 15-59.

Accidental Death Benefit Rider
Provides an additional death benefit if the insured dies as a direct result of an accident. Issue ages 15-60.¹

The following riders are available at no additional cost to you:

Spouse’s Paid-up Insurance Purchase Option
Gives a spouse who is the beneficiary the right to purchase a new paid-up life insurance policy on his/her life upon the death of the primary insured, without providing evidence of good health. (Rider Insured's Paid Up Insurance Purchase Option in New York.) Issue ages 15-60.¹

Living Benefits Rider²
Gives the policyowner access to a portion of the policy’s eligible death benefit, should the insured be diagnosed with a terminal illness and have a life expectancy of 12 months or less.³ Issue ages 15-60.¹

(These are only partial descriptions of these riders. Not all riders are available in every state, and some states vary the terms of certain riders. We encourage you to speak to your New York Life agent for more complete information.)

Please note: All information is subject to the terms and conditions of the particular policy, including any exclusions or limitations.

¹ 20 Year Term Issue ages in New Jersey 15-59.

² Not available in all states.

³ State variations exist.

In Oregon, the Twenty Year Level Term policy form number is 207-130.27

The rider form numbers are as follows:
Accidental Death Benefit: 982-200
Disability Waiver of Premium: 996-235.27
Living Benefits: 206-496.27
Spouse's Paid-Up Insurance Purchase Option: 205-375

Last updated date 11/22/2010

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