Five Year Level Premium Term
What Is It?
Affordability is key. Level Premium Convertible Term 5 insurance provides affordable life insurance protection where the premiums are guaranteed and remain level for the first five years. Starting in year six, premiums will increase annually.
Generally an affordable form of life insurance, term coverage provides pure insurance protection only. It does not accumulate cash value, nor is it eligible for dividends.
Is It For Me?
Level Premium Convertible Term 5 from New York Life Insurance company can be appropriate when coverage is needed for a well-defined period of time.
Level Premium Convertible Term 5* can be the optimal choice when:
- You need life insurance coverage, but also need to consider your budget
- You need coverage for a well-defined period of time
- You want to ensure your family is protected (insurance benefits can help pay a mortgage or fund a child’s education)
- You want to protect your business (benefits can ensure business continuation by helping to cover business expenses)
Most importantly, Level Premium Term 5 offers a conversion privilege that is generally available for 10 years (depending on issue age) giving you the ability to exchange your term policy to a permanent life insurance policy which can build cash value and may earn dividends, if declared (dividends are not guaranteed).
* In Oregon, The Level Premium Convertible Term policy form number is 210-60.27. All guarantees are based upon the claims paying ability of the issuer.