Whole Life Insurance Riders (PDF, 63KB)

Whole Life insurance policies from New York Life are feature-rich insurance plans that can be tailored to meet your changing protection needs. They combine an income tax-free death benefit with tax-deferred cash values. The cash values, as they accumulate, may be borrowed¹ against to help purchase a home, pay for a child's education, or supplement retirement income. And, through the use of various policy options called riders, you can customize your policy to fit your unique needs and circumstances. Read on for a summary of the many benefits available with our Whole Life policy riders.

Accidental Death Benefit (ADB)
The ADB rider provides an additional death benefit equal to the face amount of the policy if the insured dies as the result of an accident, up to $300,000 maximum, to age 70.

Children's Insurance (CI)
The CI rider provides level term insurance for the children of the primary insured. After the first three policy years, CI term insurance may be converted to permanent insurance of up to five times the face amount of the term insurance, without evidence of insurability required. (Only attained age conversions are permitted.) It may be converted to permanent insurance on the policy anniversary when the child is married or age 25, or the insured is age 65 — whichever comes first.

Child's Protection Benefit (CPB)
The CPB rider protects the ability to continue paying for insurance purchased on a child. If a parent or guardian becomes disabled, the policy premiums on the child's policy will be waived by New York Life until the child is 25 years old.

Dividend Option Term (DOT)
The DOT rider is a combination of a decreasing term insurance rider and base plan paid-up additions. It is ideal in situations where you need permanent coverage but can't afford the full Whole Life premium. It can be converted to a Whole Life or Modified Premium Whole Life policy in the first ten policy years.

Five Year Term (5YT)
A 5YT rider is an affordable way to provide additional insurance on the base insured, a spouse, a child, a parent or a business partner. It can be converted to permanent insurance in the future on an attained age basis. Premiums are guaranteed and level for the first five years. Premiums in years 6-10 increase and are expected, but not guaranteed, to remain level. Thereafter, premiums increase annually.

Increasing Premium Term (IPT)
An IPT rider can be an affordable way to provide additional insurance for the insured covered under the base plan. It can be converted to permanent life insurance during the conversion period without providing additional evidence of insurability. Premiums increase annually and are guaranteed for the first three years.

Insurance Exchange (IE)
The IE rider provides for the exchange of a Whole Life policy to a successor insured, subject to evidence of good health. It can be used in a business arrangement where, if a key employee decides to leave the company, the coverage could be used for the employee taking his/her position.

Living Benefits Rider (LBR)
The LBR gives the policyowner access to a portion of the policy's eligible death benefit during the insured's lifetime should the insured be diagnosed with a terminal illness and found to have a life expectancy of 12 months or less.² The LBR can be added to a Whole Life policy at the request of the policyowner at any time. Various states have established different life expectancy periods once terminal illness is diagnosed. Your agent or service center can provide you with the specific information.

Option to Purchase Paid-Up Additions (OPP)
The OPP rider gives the policyowner the contractual right to purchase additional paid-up permanent life insurance, at an affordable cost, which has cash value and loan value, and is eligible for dividends.³ These cash values can be borrowed⁴ against to help fund retirement, education, or other needs. OPP cash values can also be used to help reduce out-of-pocket premium payments.

Policy Purchase Option (PPO)
The PPO rider guarantees the contractual right to purchase additional insurance at critical junctures in a lifetime, when life insurance needs are likely to increase, such as a marriage, or the birth or adoption of a child. This additional insurance may be purchased, without evidence of insurability, at option dates every three years between ages 22 and 46. The amounts you may purchase at each option date range from a minimum of $10,000 up to $100,000 depending on your original issue age.

Spouse and Children's Insurance (SCI)⁵
The SCI rider allows the insured to purchase term insurance for a spouse and child(ren). After the first three years, this insurance may be converted to permanent insurance. For a child(ren), it may be converted without evidence of good health required on the policy anniversary when the child is married or age 25, or the insured is age 65 — whichever comes first.

Spouse's Paid-Up Insurance Purchase Option (SPPO)⁶
The SPPO rider gives the beneficiary/spouse the right to purchase a new paid-up Whole Life policy on his/her life without providing evidence of insurability at the time of the insured's death. Since all the proceeds need not be used for the new policy, SPPO provides first and second death liquidity, and may serve to insure someone otherwise uninsurable. This rider can be an effective estate planning tool.

Survivor Purchase Option (SPO)
The SPO rider allows the beneficiary of the death benefit proceeds to purchase a new life insurance policy on a designated insured (usually a spouse) without proof of insurability. The amount of coverage can be from one to five times the base policy. SPO is available to policyowners at an affordable cost.

Unemployment Rider (UR)
The UR provides that New York Life will waive premiums for up to one year in the event of the primary insured's unemployment.

Upromise Rider
Provides for the one-time deposit of the Upromise Contribution Amount of $25 for each whole life policy into the Upromise College Savings Account⁷ that you designate.

Waiver of Premium (WP)
The WP rider provides that New York Life will waive premiums if the insured should become totally disabled, as explained in the rider, and total disability has continued for at least six months. This rider is also available on the Option to Purchase Paid-Up Additions rider.

(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.)

¹ Loans against your policy accrue interest at the current rate and decrease the death benefit by the amount of the outstanding loan and interest.

² State variations exist.

³ Dividends are based on the policy's applicable dividend scale or interest crediting rate which is neither guaranteed nor an estimate of future performance.

⁴ Loans against your policy accrue interest at the current rate and decrease the death benefit by the amount of the outstanding loan and interest.

⁵ Not available in Vermont or California.

⁶ Not available in New York.

⁷ All contributions will be held in a brokerage account with Upromise, Investments, Inc., Member FINRA/SIPC and a wholly owned subsidiary of Upromise, Inc., neither of which are affiliated with New York Life or its subsidiaries. Upromise is not available in all states.

00269242CV (exp. 01/13/2007)

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