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.

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.

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.

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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.

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.