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Five Ways to Receive Your Death Claim Money from New York Life

When the time comes to file a death claim, New York Life offers you many ways to receive the proceeds, plus a settlement alternative. They include:

  Check
You can receive a check for the claim, and use as you see fit. However, most financial advisers encourage beneficiaries not to make any rash decisions with their money for at least six months.

  Elected Income
With this option, New York Life makes equal payments every 1, 3, 6 or 12 months, as chosen by you, for an elected period of years or for an elected amount. The current interest rate is 1%.* For more information, see your policy.

  Guaranteed Life Income
If you select this option, we pay equal monthly payments during the lifetime of the named payee or payees. You can select guaranteed payment periods of 5, 10, 15 or 20 years. However, once this option is selected it may not be surrendered. The current interest rate is 1%.* For more information, see your policy.

 Corporation Certificate
New York Life also offers a five-year certificate guaranteed interest settlement alternative, providing you ample time to consider your future needs. The interest rate on the certificate is guaranteed for the duration of the certificate. The current interest rate for the five-year certificate is 1%.*

 Proceeds Left on Deposit
This option allows you to leave your settlement proceeds with New York Life at a competitive interest rate. Under this option, the interest can be paid to you - monthly, quarterly, semi-annually, or annually. You can also choose to leave the interest on deposit with us. The interest earned can be withdrawn at any time in sums of $100 or more. The current interest rate is 1%.* For more information, see your policy.

Please note: The Check option is the only settlement option available for policies issued by the NYLIFE Insurance Company of Arizona

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Consult a Life Insurance 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.

This material is being provided for informational purposes only. Neither New York Life nor its agents provide legal, tax or accounting advice. Please contact your own advisers for legal, tax and accounting advice.

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Five Ways to Receive Your Death Claim Money from New York Life

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