The Family Protection Insurance Policy

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Why you should consider coverage for your whole family:

Family Protection Insurance is a unique and innovative 10-year term insurance plan that covers your family using just one policy. It protects the lives of both parents and each dependent child (age 15 days to 17 years) - even children born or adopted after purchase of the policy.

  1. Ensure your family is adequately protected. Both you and your spouse or domestic partner need life insurance, not just the primary breadwinner. Even if one parent is a stay at home spouse, his or her contribution to the family is quantifiable. Childcare, household management, and food purchasing and preparation all have "replacement value."

  2. Family Protection Insurance is an affordable way to protect your family — the one you have now, and the one you will have in the future.

  3. Family Protection Insurance is a smart and cost-effective way to lock in the insurability of your children. (Remember: Children are included in the policy at no additional cost.) Your children will likely need more life insurance coverage in adulthood and, by locking in their insurability now, you’re helping to ensure they will have an easier time getting extra insurance coverage when they need it.

  4. As your life insurance needs grow over time, so, too, can your coverage. You can increase the amount of your policy’s coverage (subject to the policy's limitations) for either or both adults without having to provide additional medical information for underwriting purposes.

  5. When you’re ready to move on to permanent life insurance coverage, you can convert all or part of your policy to one of our many permanent life insurance policies.**

*Premium is based on our most favorable rate class. Other rate classes are also available. Premiums are guaranteed to remain level for the first 10 policy years. After year 10, premiums will increase annually.

**Up to the 10th policy anniversary or the policy anniversary at the insured's age 55, whichever is later.

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The Family Protection Insurance Policy
 

New York Life Insurance Company