New York Life Legacy Creator Single Premium Variable Universal Life (SPVUL).
New York Life Legacy Creator (SPVUL) is a flexible, single premium variable universal life insurance product that offers death benefit protection and the potential for tax’deferred cash value accumulation through policy investment options. Your single premium payment is immediately leveraged into a life insurance benefit.
Some of the benefits of New York Life Legacy Creator SPVUL include:
- Fast and easy underwriting approval process. Answer a simple questionnaire to find out if you are preapproved for the policy; no medical examinations are required.
- A Guaranteed death benefit. Your beneficiaries are guaranteed1 to receive a life insurance benefit that is never less than the adjusted total premiums paid.2
- Generally income tax–free distribution3 of the policy’s death benefit. Help leave more of your assets to your beneficiaries in a way that they pay less federal income taxes on your legacy.
Product is available in all states except California.
Investors are asked to consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. You can request a prospectus from your Registered Representative. Both the product and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the prospectus carefully before investing. A VUL policy involves insurance-related fees and charges such as a mortality and expense risk charges, surrender charges, cost of insurance, administrative charges, and underlying fund charges.
1Any guarantees associated with a variable universal life insurance policy, including the life insurance benefit, are based on the claims paying ability of New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), and do not apply to the investment performance or safety of the underlying investment options.
2The adjusted total premium is the initial single premium plus any underwritten increases, less any partial surrenders and any applicable surrender charges in excess of policy gain and any loans and accrued loan interest, The death benefit guarantee will not apply if the sum of any outstanding loans plus accrued loan interest is greater than the policy's cash value, The death benefit guarantee will not apply if the sum of any outstanding loans plus accrued loan interest is greater than the policy's cash value.
3Notwithstanding the tax-advantaged death benefit, there can be tax consequences to certain withdrawals from a VUL policy while the insured is living. If a VUL policy is a modified endowment contract (MEC), then a partial withdrawal from the policy is taxable only to the extent that it exceeds the total investment in the policy. Certain partial withdrawals made within the first 15 years after the policy is issued may be fully or partially taxable. If a VUL policy is a MEC, then partial withdrawals and loans are taxable to the extent of the gain in the policy, and if the policy owner is under age 59½, may also be subject to a 10% tax penalty. Taxable distributions from VUL policy would be taxed as ordinary income.
Registered products are offered by properly licensed Registered Representatives of NYLIFE Securities LLC (Member FINRA/SIPC), A Licensed Insurance Agency. New York Life Variable Universal Life Products are issued by NYLIAC and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC). NYLIFE Securities, NYLIAC and NYLIFE Distributors are wholly owned subsidiaries of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
In most jurisdictions, the New York Life Legacy Creator SPVUL policy form number is 308-95.
In Oregon, the policy form number is 308-95.27.
The Flexible Single Premium Variable Universal Life Insurance Policy is approved under Oregon state filing number LI 04120
This material is for informational purposes only. Neither New York Life nor its Agents provide tax, legal or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.