NYLIAC Instant Legacy®: At-a-glance.
NYLIAC Instant Legacy®1 is a single-premium universal life insurance policy that can help leverage the money you have set aside for your heirs into a larger legacy through a Guaranteed Death Benefit.2
Here are some benefits of NYLIAC Instant Legacy®:
- Fast and simple: NYLIAC Instant Legacy’s® simplified underwriting does not require medical exams or blood work, just a one-page questionnaire and no recurring premiums.
- More for your beneficiaries: The single premium can provide a generally income tax-free legacy for your loved ones.
- Access to funds: NYLIAC Instant Legacy® provides a money-back guarantee3 of the initial premium and access to the policy’s cash value through loans and partial withdrawals,4 which can be used “just in case” you need them.
1Issued by New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company.
2Guarantees are backed by the claims-paying ability of NYLIAC. The guaranteed life insurance benefit will be reduced by any partial surrenders and unpaid loans, including accrued loan interest.
3At any time during the life of the policy, you may elect to have your cash surrender value returned to you, ending the policy. As stated in the policy, the cash surrender value will never be less than the premium you paid into the policy, less any partial surrenders and outstanding loans, including loan interest.
4Partial surrenders and unpaid loans, including loan interest, will reduce the cash surrender value and life insurance benefit, and may carry a 10% IRS tax penalty if the policy is a modified endowment contract and the policyholder is not yet age 59 ½. Please consult your tax advisor for more information.
In Oregon, the NYLIAC Instant Legacy® policy form number is 306-130-27
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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.