Family Protection Insurance: The Facts.
New York Life's Family Protection Life Insurance is a unique 10 year level premium term life insurance policy that offers affordable protection for the family under one policy. The policy covers two adults. The premium is guaranteed level for the first 10 years and increases annually after that.
Like all term life insurance policies, Family Protection Insurance offers pure insurance protection. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends. Family Protection Life Insurance allows $10,000 coverage for each child at no additional cost. It also can be converted to permanent insurance. Policyowners have the option to increase or decrease the face amount in increments of $50,000 according to policy guidelines.
Family Protection Insurance can be issued for adults age 18 to 50. The policy expires in all states at age 90 of the older or remaining adult insured (age 80 in New York).
Family Protection Life Insurance quick hits.
- A joint-life1 term life insurance policy.
- Offers pure insurance protection for the family.
- It does not build cash value, nor is it eligible for dividends.
- Minimum face amount $100,000 per adult insured.
- Issued in increments of $50,000 only.
- Maximum face amount $1,000,000 per adult insured.
- Premium guaranteed level for first 10 years.
- Premiums increase annually beginning on 10th policy anniversary.
A good choice when:
- Needs change and families grow. A Family Protection Life Insurance policy is one that includes $10,000 in coverage for each child ages 15 days to 17 years at no additional cost — including children yet to be born.
- Need to change to permanent life insurance while locking in a premium guaranteed to remain level for the first 10 years. Premiums increase annually beginning on the 10th policy anniversary.
Family Protection Life Insurance Fact Sheet.
Click here to download the product Fact Sheet for Family Protection Life Insurance.
Family Protection Life Insurance in Action.*
Les and Mary Slater both 26, got married two years ago. They knew they needed insurance but wanted something that would provide them with flexibility and could expand with their needs without a lot of hassle. Family Protection Insurance fit the bill. The joint term life insured them for $100,000 each initially. After the twins were born, money was tight, so they accepted the $10,000 coverage on each child at no additional cost, but did not increase the face amount on their policy. After Les got a big promotion and they moved to a new house, they decided to increase both policy face amounts and increased Les’ by $200,000 over a three year period and Mary’s by $100,000 over the same period. After Les’ next promotion they have promised themselves they will convert a portion of the policy to permanent insurance so they can begin to build up cash value. *This is a hypothetical example.
Customize your policy.
With Family Protection Life Insurance, as with nearly every New York Life Insurance policy, you can customize your policy with riders2,3 that let you be sure your policy does just what you need it to. Here are some of the many riders available to tailor your Family Protection policy to your needs:
The following rider has an additional charge associated with it:
Disability Waiver of Premium Rider. Waives all future premiums and keeps the policy in force if the Insured becomes totally disabled as defined in the rider. Available to one or both Insureds at issue only.
The following riders are available at no additional cost to you:
Living Benefits Rider.2 Lets the policyowner take a portion of the policy’s death benefit if the insured is diagnosed with a terminal illness with a life expectancy of 12 months or less.3
In Oregon, the Family Protection Insurance policy form number is 206-110.27.
In Oregon, the rider form numbers are as follow: Disability Waiver of Premium Rider: 206-245.27 and Living Benefits Rider: 206-246.27.
Please note: All information is subject to the terms and conditions of the particular policy, including any exclusions or limitations.
(These are only partial descriptions of these riders. Not all riders are available in every state, and some states vary the terms of certain riders. We encourage you to speak to your New York Life agent for more complete information.)
1After policy conversion or death of one of the adult primary insureds, the policy can stay in force with one adult primary insured.
2Not available in all states.
3State variations exist.