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FPI: Protection for the whole family

A term policy that covers parents and kids

While all life insurance policies protect a family, very few cover the whole family. New York Life's Family Protection Life Insurance is a unique 10-year level premium term life insurance policy that offers affordable protection for the family under one policy. The policy covers two adults. Family Protection Life Insurance also allows $10,000 coverage for each child at no additional cost. It also can be converted to permanent insurance, which can provide a covered child with the foundation for lifelong financial security. The premium is guaranteed level for the first 10 years and increases annually after that.

Like all term life insurance policies, Family Protection Insurance offers pure insurance protection. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends, if declared (dividends are not guaranteed). Policyowners have the option to increase or decrease the face amount in increments of $50,000 according to policy guidelines.

Family Protection Insurance can be issued for adults age 18 to 50. The policy expires in all states at age 90 of the older or remaining adult insured (age 80 in New York).

Family Protection Life Insurance quick facts:

  • A joint-life1 term life insurance policy
  • Offers pure insurance protection for the family
  • Minimum face amount $100,000 per adult insured
  • Issued in increments of $50,000 only
  • Maximum face amount $1,000,000 per adult insured
  • Premium guaranteed level for first 10 years
  • Premiums increase annually beginning on 10th policy anniversary
  • Family Protection Life Insurance policy includes $10,000 in coverage for each child ages 15 days to 17 years at no additional cost — including children yet to be born
  • Can be converted2 to permanent life insurance

FPI may be the right coverage for your family.

A local New York Life agent would be happy to meet with you to discuss your family’s financial protection needs. We can help you find an agent near you by clicking here.

1After policy conversion or death of one of the adult primary insureds, the policy can stay in force with one adult primary insured.
2A conversion privilege is available until the 10th policy anniversay or the policy anniversary at the insured's age 55, whichever is later.

In Oregon, the Family Protection Insurance policy form number is 206-110.27. Please note: All information is subject to the terms and conditions of the particular policy, including any exclusions or limitations. The policy is issued by New York Lfie Insurance Company.

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