Life insurance FAQs.
How do I change a beneficiary?
Visit the Virtual Service Center. Click on the Access Service for the selected policy, and choose the option to Change Beneficiary Designation in the Beneficiary Information section.
How can the ownership of a policy be changed?
To change the ownership of a policy, the current policyowner must fill out a Transfer of Ownership/Designation of Successor Owner Form (obtained from the Service Center) and return it to the Service Center.
Visit the Virtual Service Center to download a Transfer of Ownership/Designation of Successor Owner Form. Click on the Service Form Library to select the appropriate form for your state and policy.
How do I change my banking information for my Check-O-Matic payments?
To change banking information on your Check-O-Matic premium payments, visit the Virtual Service Center.
In certain instances, a Check-O-Matic signed by the policyowner(s) will be required. Contact a customer service representative by calling: 800-695-4331, or e-mail a rep by clicking here to request a form. You can also download the form from the Virtual Service Center forms library.
How can I pay my premium online?
There are several ways to pay your premiums:
- You can set up automatic payments by signing up for Check-O-Matic; click here to sign up.
- Visit the Virtual Service Center to make a payment online.
- Call 800-695-4331 to speak to a customer representative.
- Contact a customer service representative for the payment address and information via e-mail.
Please note if you pay your premium other than annually, the total premium paid each year will be more than the annual premium.
What should I do if I can’t pay my premiums?
You should notify the Service Center right away. Contact a customer service representative by calling: 800-695-4331 or e-mail a customer service representative by clicking here.
How do I take out a loan on my policy? What provisions apply to repaying a loan against my policy?
Loan value is the amount of cash value that can be borrowed on a policy. A policyowner may be able to make a loan against the cash value of the policy, based on the type of policy owned. A loan allows access to the cash value of the policy, while still maintaining the insurance coverage. When a loan is made against a policy, the death benefit is generally reduced by the amount of the loan plus any interest that is owed. Loan interest rates vary and specific provisions are generally explained in the policy itself.
Generally, a policyowner can request a loan by calling a Service Center. However, in certain instances, a loan form or written request signed by the policyowner will be required. Please remember a policy loan accrues interest and will reduce the death benefit. A loan form or written request signed by the policyowner must be sent to a Service Center if:
- The policyowner requests that the loan check be sent to a temporary address
- There is a change of address pending when the loan is requested
- The policy is company owned. Signatures and titles of two officers will be required for corporations; the sole proprietor’s signature will be required for sole proprietorships
- The proceeds of the loan are being transferred to a bank
- The policy has multiple owners. Signatures of all owners required.
- The policy is owned by a trust. Signatures of all trustees required.
- The policy is assigned. Signature of assignee is required, along with policyowner’s signature.
- The loan amount is over $499,999.99.
For repaying a loan you should understand that loan interest rates vary, and specific provisions may differ based on product type. For specific information, please refer to your policy contract, or contact one of our customer service representatives.
How do I change the dividend option on my policy?
A permanent life policy from New York Life Insurance Company gives you the following dividend options:
- Purchase additional paid-up insurance—insurance that requires no future premium payments, already has cash value, and is itself eligible for dividends. As with the cash value of your basic policy, the cash value of paid-up insurance grows tax-deferred.
- Repay policy loans—use your dividends to repay loan interest, then principal.
- Reduce the premium of your basic policy with dividends.
- Leave on deposit to compound at interest. (The interest you earn on these dividends, however, is taxable.)
- Take your dividends in cash.
- With some policies, you may be able to purchase one-year term insurance to inexpensively increase your overall insurance protection. (Electing this option requires underwriting.)
In order to change the dividend option on a policy, the policyowner must submit a signed, written request or fill out a form with the necessary information, and return it to the Service Center. Generally, a policyowner can withdraw dividends from a policy by calling a Service Center. However, in certain instances, a form or written request signed by the policyowner will be required. A dividend withdrawal form or written request signed by the policyowner must be sent to a Service Center if:
- There is a change of address pending when the dividend withdrawal is requested.
- The policy is company owned. Signatures of two officers and their titles will be required for corporations, and a sole proprietor’s signature will be required for sole proprietorships.
- The proceeds of a dividend withdrawal are being transferred to a bank.
- The policy has multiple owners.
- The policy is owned by a trust.
- The policy is assigned.
How can I cancel my policy?
Contact a customer service representative by calling: 800-695-4331 or e-mail a customer service representative.
How much life insurance do I need?
At no charge to you, a New York Life agent—professionally trained and experienced—can help you analyze your needs and recommend an appropriate amount of insurance to meet your needs. Click here to request a no obligation review with a New York Life agent.
How do I get a quote for life insurance?
Click here to request a no obligation review with a New York Life agent.