Universal Life Insurance Overview

Universal Life insurance is a flexible life insurance policy that combines the benefits of permanent life insurance protection and cash values with the convenience of adjustable premiums and payment schedules.^* And, within a Universal Life insurance policy, cash value accumulations grow tax-deferred at competitive interest rates.

Generally less expensive than other permanent life insurance but more expensive than term insurance, universal life gives you the flexibility to choose the amount of protection that best suits your family or business, and it enables you to increase or decrease your coverage level as your business or personal insurance needs change. ^**

New York Life Protection Series offers several universal life policies issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation) :

NYLIAC Instant Legacy^TM

• Instant Legacy is a universal 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 beneficiaries, generally income-tax free. The "instant" piece is part of what makes this product unique in that the product 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 and no blood test. In an instant, you can increase the legacy you'll leave your loved ones.
• We understand that having :"just-in-case" money is important to you. Instant Legacy allows you to access your money should you need it — or even get your money back — at any time...just in case. One way in which you could do so is by withdrawing up to an amount within the policy that will not allow the available cash surrender value to be less than $10,000. This is called a partial surrender. ^***** There is an eight-year surrender charge period. If you wish, you may withdraw up to a maximum of the 10% of the cash value year without incurring a charge in years two through eight. A surrender charge-free withdrawal is not allowed in year one.

NYLIAC Protector®

• NYLIAC Protector is a universal life insurance policy that provides a lifetime of life insurance protection while allowing you the flexibility to make changes if your financial needs or objectives change. NYLIAC Protector offers coverage at a more affordable price compared to other permanent life insurance products. If you are willing to place some limitations on your policy’s flexibility, you may want to safeguard your coverage by purchasing the Lifetime No Lapse Guarantee rider.^***
• With the No Lapse Guarantee rider, the NYLIAC Protector is guaranteed to remain in force as long as you pay your required premium and satisfy the conditions of the required premium test. The NYLIAC Protector is available at all face amounts for policies with the 10-year, 20-year, Age 85 and Age 100 No Lapse Guarantee rider and at face amounts of $25,000 - $999,999 for policies with the Lifetime No Lapse Guarantee rider or without the Lifetime No Lapse Guarantee rider selected.

New York Life Universal Life® (NYL UL)

• NYL UL provides a permanent, cost-effective and flexible solution to your life insurance planning needs. This product provides higher coverage amounts, often more cost-effectively than other permanent life insurance products. Because circumstances and priorities can change quickly, NYL UL is designed to be flexible.
• Should your protection needs grow, you have the ability to increase your policy’s coverage amount. You can also tailor your premium payments and your life insurance benefit to help meet your financial goals.^*,** The NYL UL is available at face amounts of $1,000,000 up to company retention limits.

• New York Life Survivorship Universal Life® (NYL SUL)
  

• NYL SUL provides a permanent, cost-effective and flexible solution to your life insurance planning needs. This product provides higher coverage amounts, often more cost-effectively than other permanent life insurance products. NYL SUL's life insurance benefit provides an immediate source of funds to address a variety of estate and business needs. NYL SUL can also be used to provide long-term financial care for a dependent with special needs.
• Because circumstances and priorities can change quickly, NYL SUL is designed to be flexible. Should your protection needs grow, you have the ability to increase your policy’s coverage amount. You can also tailor your premium payments and your life insurance benefit to help meet your financial goals.^*,** The NYL SUL is available at face amounts of $1,000,000 up to company retention limits.

• New York Life Universal Life Lifetime Guarantee® (NYL UL-LTG)
  

• NYL UL-LTG is designed to provide a cost-effective, flexible, low maintenance solution to your life insurance planning goals, such as death benefit protection, wealth transfer or business continuation.
• The NYL UL-LTG has a built-in lifetime no lapse guarantee so it is guaranteed to remain in force as long as you pay your required premium and satisfy the conditions of the required premium test.^**** The NYL UL-LTG is available at face amounts of $1,000,000 up to company retention limits.

• New York Life Survivorship Universal Life Lifetime Guarantee® (NYL SUL-LTG)
  

• NYL SUL-LTG is designed to provide a cost-effective, flexible, low maintenance solution to your life insurance planning goals, such as death benefit protection, wealth transfer, estate planning or business continuation.
• The NYL SUL-LTG has a built-in lifetime no lapse guarantee so it is guaranteed to remain in force as long as you pay your required premium and satisfy the conditions of the required premium test.^**** The NYL SUL-LTG is available at face amounts of $1,000,000 up to company retention limits.

^*The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or partial surrenders are made, or if current interest rates or changes fluctuate.

^**Increased coverage may be subject to underwriting requirements.

^***Failure to satisfy the cumulative required NLGR monthly premium test will cause the rider and the guarantee to become inactive, and increase the potential that the policy may lapse for insufficient cash surrender value. At the end of the guarantee period, if only the required premium has been paid, the policy may lapse for insufficient cash surrender value. Referred to as the Coverage Protection Rider in Illinois.

^****Failure to satisfy the Cumulative Required Lifetime NLGB Monthly Premium Test will cause the lifetime guarantee to become inactive and increases the risk that the policy may lapse for insufficient cash surrender value. In the state of Illinois, this test is called the Lifetime Coverage Protection Benefit Monthly Premium Test.

^***** In years two through eight, you can access up to 10% of the policy’s cash value each year without incurring a surrender charge. The policy’s cash value is one of three values compared to determine the policy’s cash surrender value. Partial surrenders will reduce the cash surrender value and life insurance benefit.

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