Family Protection Insurance: Convenience and Affordability
Are your life insurance needs growing faster than your budget? Would you love to find a way to protect your family – adults and all dependent children – with one affordable life insurance policy? Would you like to buy the life insurance you need today and simply increase your coverage under the same policy in the future?
What makes New York Life's Family Protection Insurance so attractive to busy families with dependent children? This 10-year term policy offers such appealing features as a competitive cost, convenience and flexibility, including the ability to increase coverage automatically every two years for the first 10 policy years without having to apply for a new policy.
Our Family Protection Insurance could be called the easy, convenient way to buy life insurance, the insurance for people with better things to do than buy life insurance every few years.
- Family Protection Insurance is for people with better ways to spend their time. You know the value of life insurance and why it is important to make sure your coverage keeps pace with your changing family responsibilities.
At the same time, you are busy. Between work, family, and other responsibilities, you have better things to do with your time than shop for life insurance every few years. With Family Protection Insurance, your policy insures multiple lives. Plus, you can increase your coverage every other year without the need to provide proof of insurability or complete an additional application. We are not saying you will never have to buy life insurance again, but you can probably put it off for a few years.
Family Protection Insurance is for people with better ways to spend their money. Whether you are financially comfortable or checking the couch cushions for spare change to come up with pizza money, cost is always a factor. This ten-year term policy provides “pure” life insurance protection at a competitive rate, especially when you consider all the extra, value-added features and benefits it provides. Your premiums are locked in and guaranteed to remain level for the first ten years. Premiums increase annually on the 10th policy anniversary.
Additionally, since you can increase your coverage every two years, you can buy only the amount of insurance you need today, then increase it later. This is not a bare-bones, stripped down term life insurance policy.
- Family Protection Insurance is for couples. This joint-life policy covers multiple lives with a single contract. One policy insures both you and your spouse (or domestic partner). If one of you should die – either of you – the proceeds can be paid to the survivor to take care of your partner and your children.
- And their children, too. Your dependent children – whether you have one or a dozen…or even more -- are automatically insured too, each for $10,000 of term coverage. When they get older, they can convert their protection to permanent insurance as they build their own life insurance program. This option to convert to permanent insurance expires at age 25.
- Family Protection Insurance is for people who want additional peace of mind. If both insured adults die within the first ten policy years, New York Life will pay an additional $200,000 to your beneficiaries, above and beyond your selected death benefit, to provide for your loved ones.
Family Protection Insurance is for families that anticipate growing needs. You can start your coverage at $100,000. Then, every other year for the next ten years, you will have the opportunity to increase your coverage in increments of $50,000 to a maximum of $500,000 per adult.
Best of all, you will save money in the future. When you increase your coverage under this policy, your premium stays at the same rate per $1,000 of coverage (though the actual premium amount, of course, will increase to reflect your overall increase in coverage). That’s right. With term insurance, rates increase as you get older. With your Family Protection Insurance policy from New York Life, however, these automatic increase offers let you buy additional coverage at your original age rate.
- Is New York Life’s Family Protection Insurance right for you? That’s something only you can decide. However, if you would like to learn more about at least one option to protect your entire family – adults and all dependent children – with one affordable life insurance policy, contact your New York Life agent for an appointment. There will be no pressure, no cost, and no obligation.
This product is not available in all states. Please contact a local New York Life agent for more information.
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