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Many families count on term life insurance for temporary protection that’s initially more efficient than a whole life policy. It’s typically used to cover a period in which financial security is needed most. But it’s important to remember that not all term insurance is alike.
While term life protection is crucial, it protects your loved ones for a limited period only. Fortunately, your policy comes with an option to convert1 your term life protection to safeguard your family for life. Upgrading portions of your term life insurance over time can be an easy way to get started. If your conversion privilege is active, you can upgrade all, or some, of your coverage without additional underwriting. And you can maintain the same face amount, year after year.
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. While income replacement is a long-term priority, it’s likely that your family has some shorter-term obligations as well.
As a result, there may be times when your family needs more protection. To find the right product, start by thinking about your needs and how long you’ll want protection to be in place.
Yearly Convertible Term | May be good for people who: |
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Level Premium Convertible Term | May be good for people who: |
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Million Plus Level Term | May be good for people who: |
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It depends on your financial goals and needs. By working with a financial professional 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.
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 or 10 to 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.
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.
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1Conversion guidelines and limitations, such as timing, apply.