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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.
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Many families, especially those just starting out, rely on term life insurance to help protect their lifestyle and financial well-being. That’s because term insurance provides temporary protection, so its 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.
Which type of term life insurance is right for you?
Rather than take a one-size-fits-all approach, we offer two different categories of term life products. That way, you can 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 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 ends, premiums will increase annually.
Term life insurance comparison chart:
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Can you borrow from term life insurance?
No, you can’t borrow money from a term life policy. That’s because these policies do not accumulate cash value, which is a resource only found in permanent life policies such as whole life insurance. If the ability to borrow is something you want, you may want to ask one of our financial professionals about converting your term life policy to permanent life insurance.1
Getting term life insurance without a medical exam
If you have health concerns and are worried about qualifying for coverage, you may want to apply for a simplified issue (or guaranteed acceptance) term life policy. While you will not be required to take a medical exam, some companies may ask you to answer a few general health questions to qualify.
Where can I find simplified issue or guaranteed acceptance policies?
Many life insurance companies offer these policies (including New York Life) and you can usually purchase them online, over the phone, or through the mail. You may also be able to find them through professional and membership groups such as the American Medical Association and AARP.
Related: Life Insurance With No Medical Exam
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
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
Guarantee your ability to convert to permanent protection if your needs change over time, without additional medical exams..
Term life insurance FAQs
Term life insurance is coverage that provides financial protection for a specific period or limited amount of time (the term). In some cases, you can secure protection for 10, 15, or 20 years—and policies can often be renewed (at a higher cost) if needed.
When you purchase term life insurance, your premiums and protection are guaranteed to last the entire length of your term.2 When your initial term expires, you may be able to renew your coverage for another term; however, your premiums will be repriced to reflect your current age.
To answer that question, you need to ask yourself why you are purchasing life insurance in the first place. For example, you will need a lot more if you are hoping to replace your income and provide for your family than you will if you just want to cover final expenses. Either way, a financial professional can help you arrive at the right figure.
No, since term life insurance policies do not accumulate cash value, you cannot borrow or withdraw money from them.
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.
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1The conversion 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.
2Death benefits are guaranteed, provided all premiums have been paid in full and on time.