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Statement Troubleshooting Guide - FAQ

The consolidated statement, or account summary, which was first provided on paper to most of our individual policyholders, is now available online. And new features are regularly added to our online Virtual Center, allowing policy holders to make a greater array of service requests and process select transactions via the Internet.

This page contains answers to frequently asked questions. It also includes definitions of terms. The form "React to Statement" at the bottom of the page allows you to send an e-mail to a service representative.

Guide to Understanding Statement (Requires Flash Player 7 or higher.) 
Frequently Asked Questions
Definitions of Terms
React to Statement

Frequently Asked Questions

  • How can I obtain my current account information?
    Login to the Virtual Service Center. or your Account Summary to access account information.
  • How do I make a change to my annuity? (change my beneficiary, change my address, file a death benefit claim, etc.)
    Login to the Virtual Service Center and request various transactions/changes to your account. You can also download necessary service forms to suit your needs.
  • How can I change my name on an annuity contract?
    To change the name on an annuity, the current contract owner must send a signed Name Change Request form, a written request, a copy of a marriage certificate, or other court document with the necessary information to the Service Center.

    Login to the Virtual Service Centerand download a Name Change Request Form.

  • How can I find out if my deceased relative had life insurance with New York Life?
    Try our Unclaimed Funds Finder or contact a Customer Service Representative by calling: (800) 695-4331 or email a rep by clicking here.
  • How do I change a beneficiary?
    Login to the Virtual Service Center and download a Change of Beneficiary form.

  • I have changed my name, how do I update this information?
    To change the name on a policy, the current policy owner must send a signed form, a written request, and a copy of a marriage certificate or other court document to the Service Center.
  • Login to the Virtual Service Center and download a Name Change Request Form.

  • How can I update my home address?
    Login to the Virtual Service Center and update your address and/or phone number online. You can also e-mail a representative and send us your new address and phone number information.

  • How can the ownership of a policy be changed?
    To change the ownership of a policy, the current policyowner must fill out a Transfer of Ownership/Designation of Successor Owner form (obtained from the Service Center) and return it to the Service Center.
  • Login to the Virtual Service Center and download a Transfer of Ownership/Designation of Successor Owner Form.

  • What are my different options for paying premiums?
    There are several ways to pay your premiums:
    • You can set up an automatic payment service by signing up for Check-O-Matic; click here to sign up or login to the Virtual Service Center and download a Check-O-Matic form.
    • Contact a service rep for the payment address and information via email
    • Please note if you pay your premium other than annually, the total premium paid each year will be more than the annual premium.

    • What is Check-O-Matic?
      This is a mode of payment in which premiums are paid monthly by deducting the money directly from a policyowner's bank account. This can be initiated by filling out a Check-O-Matic (C-O-M) Request Form with the necessary information and returning it to the Service Center.

      Login to the Virtual Service Center and download a Check-O-Matic form.

      Any time it becomes necessary to change the bank information, the policyowner must fill out a new form and return it to the Service Center.

    • How do I change my banking information for my Check-O-Matic payments?
      The policy owner must fill out a new form previously obtained from the Service Center with the necessary information and return it to the Service Center.

      Login to the Virtual Service Center and download a Check-O-Matic form or e-mail a representative to request a form.

    Terms & Definitions
    The following are terms that you may find in your statement and what they mean:

    • Account Balance: In Account Summary, the value of the assets in the account on the specified "as of date." This value may be subject to a contingent deferred sales charge.
    • Account Type: In Account Summary, the designation indicates the type of account or contract that has been established and helps define ownership roles and the tax qualification status of the account or contract.
    • Accumulation Value: In Account Summary, the value of the annuity on the specified "as of date." Upon surrender of this policy, this value may be reduced by a surrender charge, policy fee, or outstanding loan.
    • Annuitant: The person whose lifetime is used as the measuring period to determine how long payments under an annuity policy may be made.
    • Client: A policy owner or a person who has an account with New York Life or a New York Life subsidiary. For example, a client is the person who has the rights of ownership for a NYLIFE Securities account or the owner of a New York Life Insurance policy.
    • Client ID Number: In Account Summary, you, as the owner of the products and/or accounts listed herein, have been assigned a client identification number with New York Life and its subsidiaries.
    • Contract: In insurance, this is another name for the policy. With the completed and signed application attached, the issued life insurance or annuity policy forms a legally binding contractual agreement between the insurance company and the policyowner.
    • Death Benefit: Life insurance policy proceeds payable to the beneficiary upon proof of the insured's death. Also available in some annuities. In Account Summary, the total Death Benefit that would be payable if the insured had died on the specified "as of" date. This amount includes the Death Benefit amount(s) of the base policy and any term riders, any dividends, and interest earned. It has been reduced by any outstanding loan, loan interest due, and unpaid premiums due on that date, and, if applicable, amounts accelerated due to terminal or chronic illness. This value includes only the death benefit amount applicable to the insured listed on the statement and not any other insured covered by riders.
    • Insured: The name of the person or persons covered by the insurance of the policy.
    • Net Cash Value: In Account Summary, the net amount payable to the policyowner if the policy is surrendered to the Company on the specified "as of" date. This value includes any dividends, interest or investment gain/loss credited to date, and is reduced by any outstanding policy loans and loan interest due, any policy charges due and any surrender charges which may apply. A surrender may result in a taxable gain that may be subject to federal and state withholding.
    • Plan Type: In Account Summary, this designation indicates the type of contract that has been established (e.g., IRA, TSA, Non–Qualified, etc.).
    • Policy: In insurance, the written document or contractual agreement between the insurer and the policy owner, including all endorsements and riders. Also known as the "contract" or insurance policy.
    • Policy Date: The date on which coverage goes into effect.
    • Policyholder: Another term for "policyowner," the individual or entity having ownership of the policy, along with all policyowner rights.
    • Policy Maximum Benefit: The maximum dollar amount of benefits to be paid during the lifetime of the Long-Term Care Insurance policy.
    • Policy Owner: Another term for "policyholder," the individual or entity having ownership of the policy, along with all policyowner rights.
    • Policy Period: This is the term during which your policy is in force. With a term life insurance policy, for example, the policy period has a starting and ending date, such as from midnight on September 12, 2000 to midnight on September 11, 2010. Many term policies can be renewed prior to expiration by paying the renewal premium. Also sometimes called "policy term."

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Statement Troubleshooting Guide - FAQ

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