Only Insurance Company To Offer Comprehensive Plan That Gives Families the Flexibility to Increase Coverage Without Additional Underwriting and Can Insure Both Parents and Children Under One Policy
NEW YORK, N.Y., September 6, 2006 — New York Life Insurance Company has announced the introduction of Family Protection Insurance1 – a comprehensive family life insurance plan that can meet families’ changing needs over time, all in one simple term policy.
Designed to serve younger families that often lack adequate insurance coverage, Family Protection Insurance covers both parents under one policy and gives them the ability to increase their level of coverage without requiring further proof of insurability. In addition, any increase in insurance coverage is calculated at the same premium rate that was offered when the policy was initially purchased.
“With September being Life Insurance Awareness Month, this is a perfect time for families to take stock of their insurance coverage. This innovative new product may be just the thing many families need to get started with an insurance program to protect their future,” said Scott Berlin, senior vice president, Individual Life Department, New York Life. “Young couples and hardworking families often recognize the need for life insurance planning and coverage, but the complexities of finding the right policy can be daunting. Family Protection Insurance provides one-stop shopping, making life insurance simple and accessible for the entire family.”
Family Protection Insurance offers a wealth of benefits, including:
- Coverage for both adults, including domestic partners;
- Ability to increase face amounts without proof of insurability;2
- Conversion privileges for adults and children;
- Dependent child insurance;
- Maximum face amount is $500,000 per adult3 ; and
- An additional $200,000 death benefit.4
“Research indicates that one out of every three middle-class families feel they need more life insurance coverage5,” Mr. Berlin added. “Life insurance should be part of every family’s financial plan. Our goal is to offer an inclusive, flexible, and convenient way for families to obtain insurance coverage that can evolve to meet their needs. Backed by the financial strength of New York Life, Family Protection Insurance can provide the security and peace of mind of quality life insurance coverage while minimizing the hassle and confusion of finding the right policy.”
New York Life Insurance Company continues to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Fitch (AAA), Moody’s Investor Services (Aaa) and Standard & Poor’s (AA+). Source: Individual Third Party Ratings Reports (as of July 18, 2006).
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 and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
1This product is currently not available in all jurisdictions.
2Both adult insureds are able to increase face amounts every two years without underwriting; face amount increases are calculated on an original age premium rate per $1,000.
3Ability to have up to $1 million of coverage per adult; total coverage between Family Protection Insurance and amount converted to permanent coverage cannot exceed $1million per adult.
4$200,000 extra death benefit available if both adults die within the first ten years.
5LIMRA study, “The Forgotten Middle Market,” June 18, 2003.
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|New York Life Introduces Single-Policy Life Insurance Protection for the Entire Family|