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 policy owner 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 form signed by the policy owner(s) will be required. Contact a customer service representative by calling: 800-695-4331, or email a representative 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 email.
Please note that 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 email 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 policy owner 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 policy owner can request a loan by calling a Service Center. However, in certain instances, a loan form or written request signed by the policy owner will be required. Please remember that a policy loan accrues interest and will reduce the death benefit. A loan form or written request signed by the policy owner must be sent to a Service Center if:
- The policy owner 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 are required.
- The policy is owned by a trust. Signatures of all trustees are required.
- The policy is assigned. Signature of the assignee is required, along with the policy owner’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, which are not guaranteed. 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 the dividends.
- Leave the dividend on deposit to accrue compounded 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 policy owner must submit a signed, written request or fill out a form with the necessary information, and return it to the Service Center. Generally, a policy owner can withdraw dividends from a policy by calling a Service Center. However, in certain instances, a form or written request signed by the policy owner will be required. A dividend withdrawal form or written request signed by the policy owner 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 emailing 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.