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Universal Life Insurance overview

Universal Life Insurance fact sheets and product brochures

Universal Life insurance is a flexible life insurance policy that combines the benefits of permanent life insurance protection and cash values with the convenience of adjustable premiums and payment schedules1,2. And, within a Universal Life insurance policy, cash value accumulations grow tax-deferred at competitive interest rates.

Generally less expensive than other permanent life insurance but more expensive than term insurance, universal life gives you the flexibility to choose the amount of protection that best suits your family or business, and it enables you to increase or decrease your coverage level as your business or personal insurance needs change. 1

New York Life Protection Series offers several universal life policies issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation):

New York Life Universal Life® (NYL UL)

  • NYL UL provides a permanent, cost-effective and flexible solution to your life insurance planning needs. This product provides a lifetime of life insurance protection for your family or business.
  • Should your protection needs grow, you have the ability to increase your policy’s coverage amount. You can also tailor your premium payments and your life insurance benefit to help meet your financial goals.1,2 The NYL UL is available at face amounts of $25,000 up to company retention limits.

New York Life Survivorship Universal Life® (NYL SUL)

  • NYL SUL provides a permanent, cost-effective and flexible second-to-die solution to your life insurance planning needs. NYL SUL's life insurance benefit provides an immediate source of funds to address a variety of estate and business needs. NYL SUL can also be used to provide long-term financial care for a dependent with special needs.
  • Because circumstances and priorities can change quickly, NYL SUL is designed to be flexible. Should your protection needs grow, you have the ability to increase your policy’s coverage amount. You can also tailor your premium payments and your life insurance benefit to help meet your financial goals.1,2 The NYL SUL is available at face amounts of $250,000 up to company retention limits.

New York Life Custom Universal Life Guarantee® (NYL UL-CG)

  • NYL UL CG can help you meet your planning needs with life insurance coverage that is guaranteed for life, or as long as you choose. It provides lifetime coverage that can be more cost-effective than other permanent life insurance plans. And, by allowing you to choose the duration of your guarantee period3, it can provide a personalized solution to your needs. NYL UL CG is available at face amounts of $100,000 up to company retention limits.
  • NYL UL CG is designed to provide you with personalized solutions to your life insurance needs such as estate planning, wealth transfer or business continuation.

New York Life Custom Survivorship Universal Life Guarantee® (NYL SUL-CG)3

  • NYL SUL CG can help you meet your planning needs with second-to-die life insurance coverage that is guaranteed for life, or as long as you choose. It provides lifetime coverage that can be more cost-effective than other permanent life insurance plans. And, by allowing you to choose the duration of your guarantee period3, it can provide a personalized solution to your needs. NYL SUL CG is available at face amounts of $100,000 up to company retention limits
  • NYL SUL CG is designed to provide you with personalized solutions to your life insurance needs such as estate planning, wealth transfer or business continuation.

1 Increases are subject to underwriting.

2 The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or partial surrenders are made, or if current interest rates or charges fluctuate.

3 The Custom Guarantee Benefit is a policy benefit that, while in effect, will ensure your coverage will continue, and not enter the late period, when the policy cash surrender value is insufficient to cover the monthly deductions. The Custom Guarantee Benefit will remain in effect, unless: the Custom Guarantee Value is less than or equal to zero, or the cash surrender value of the policy is insufficient to cover the monthly deduction charge and the policy has an unpaid loan. If the Custom Guarantee Benefit is not in effect, the policy will enter the late period if the policy cash surrender value is insufficient to cover the monthly deductions.

Guarantees are backed by the claims paying ability of the issuer.

In Oregon the New York Life Universal Life form number is 311-51.27

In Oregon the New York Life Survivorship Universal Life form number is 311-180.27

In Oregon the Custom Guarantee Universal Life form number is 311-54.27

In Oregon the Custom Guarantee Survivorship Universal Life form number is 311-184.27

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