Compare types of term life insurance.

Discover the different types of term life insurance offered by New York Life. Compare policies and choose the option that best serves your needs.

Family sitting on steps

Many families—especially those that are just starting out—count on term life insurance to help protect their lifestyle and financial well-being. That’s because term insurance provides temporary protection, so it’s cost is initially lower than long-lasting policies like whole life. But that doesn’t mean you should judge all term policies by price. As you’ll see, we offer two types of term coverage, so it’s important to understand how they work before making a selection.


Not all term policies are the same.

Rather than take a one-size-fits-all approach, we have created two different categories of term life products. That way, you select the product that meets your specific needs, or even combine two products in case there are times when your family needs more financial protection than others—like when you add another child to the family.

  • Yearly renewable term may be the right choice if you want short-term protection or think you may want to convert to a permanent life policy soon. That’s because premiums generally start out lower than those of a level premium product, but they increase each year.
  • Level premium term can be a sound choice if you want your premiums to stay the same for 10, 15, or 20 years. After the level premium period that you select ends, premiums will increase annually.

Term life insurance comparison chart:

Yearly renewable term

May be good for people who:

  • Lower initial premium than other types of term life, but premiums increase annually.
  • Option to convert to permanent life insurance.1
  • Want our lowest initial premiums.
  • Are comfortable with premiums that increase each year. 
  • May be thinking about converting to long-term or permanent protection within the first several years of purchasing the policy. 
  • Need short-term protection or want to lock in their insurability. 
  • Need a short-term component as part of a life insurance portfolio.

Level premium term

May be good for people who:

  • Level premium term protection for 10, 15, or 20 years.
  • Guaranteed level premiums for the selected duration. 
  • Option to convert to permanent life insurance.1 
  • Want guaranteed, level premiums for 10, 15 or 20 years.
  • May want to convert to long-term protection at some point.
  • Need to add 10, 15, or 20 years of coverage to their life insurance portfolio. 

What is the best term life insurance?

It depends on your financial goals and needs. By working with an agent directly, you can identify strategies to meet your family’s specific needs for the short and the long term. Together, you’ll be able to explore alternatives and select the best life insurance for you.


Customize your term insurance coverage

Rather than take a one-size-fits-all approach, we can create a combination of term life policies to build a portfolio that meets your specific needs. Since term life insurance comes in a variety of durations—anywhere from one to 10, 15, or 20 years—it’s easy to match your coverage to your actual needs. Plus, you can convert some of your term coverage to permanent life protection if your plans change.


The benefits of a custom policy:

  • Customize your coverage
    Build your portfolio to protect what’s most important to you—and for the length of time that protection is needed.
  • Lock in an upgrade1
    Lock in the ability to convert to permanent protection if your needs change over time, without additional medical exams.

You’ve created the right foundation with term life insurance. If your needs have evolved and you want to build toward longer-term financial security, talk to your New York Life financial professional about how easy it is to upgrade to permanent protection and a host of living benefits.

Want to learn more about term life insurance?

A New York Life financial professional can help determine what’s right for you.

1This privilege is available for the first 10 policy years (except for conversions to universal life products and Variable Universal Life Accumulator II, where it is available for the first five years) or until the policy anniversary when the insured is age 55, whichever is later. The conversion privilege will vary at issue ages over 65.