NEW YORK, N.Y., August 19, 2004 — New York Life Insurance Company announced today the introduction of enhanced Increasing Premium Term (IPT) Insurance. This new insurance product offers consumers life insurance at very competitive rates with an innovative conversion option giving policyowners the security of life insurance coverage today and flexibility, with a conversion credit to convert to a permanent plan as their financial situation allows in the next few years.
"There is a large segment of consumers in the middle market that want the benefits and security that come with permanent life insurance options, but lacks the necessary funds right now to commit to permanent insurance," said Michael Gallo, senior vice president, in charge of life and annuity. "In situations where life insurance is essential but dollars are limited, IPT can help consumers bridge the gap, locking in insurability and providing temporary life insurance until an individual is ready to convert to permanent insurance. This product can also act as supplemental insurance for an individual, a family or for business owners, to help protect and enhance their financial futures. Supported by the financial strength and integrity of New York Life, IPT is another way to offer consumers affordable insurance options tailored to help them achieve their long-term goals."
Policy features include:
- Conversion option allows consumers to transform their coverage to a permanent policy without providing insurability. The conversion can be done at their current age or as of the date of their original term insurance.
- A unique conversion credit that puts money toward a new permanent life insurance policy's first year premium if the policyowner converts on a current date basis within the first five years. The conversion credit is equal to 50 percent of the first year IPT premium.
- Conversion policy choices to a variety of permanent policies including traditional whole life policies that are eligible for dividends which are not guaranteed.
In most cases, IPT's death benefit is free from federal income tax. IPT can be customized to fit a consumer's unique needs using our wide variety of policy riders, including:
- Waiver of Premium
- Accidental Death Benefit
- Spouse's Paid-up Insurance Purchase Option (not available in New York)
- Spouse and Children's Insurance
- Policy Purchase Option
IPT can be issued to individuals ages 15 through 65. The expiry age is 90 for all states with the exception of New York, where the expiry age is 80.
New York Life and New York Life Insurance and Annuity Corporation (NYLIAC) continue to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Standard & Poor's (AA+), Moody's Investor Services (Aaa) and Fitch (AAA). Source: Individual Third Party Ratings Reports (as of 3/5/04).
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
New York Life
Rating: 0/0 (0 votes cast)
Consult an Agent:
At no charge to you, a New York Life Agent — professionally trained and experienced — can help you analyze your needs and recommend appropriate solutions through insurance and financial products and concepts. Request a no-obligation review with a New York Life Agent.
New York Life Insurance and Annuity Company does not provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
|New York Life Launches New Increasing Premium Term|