New York Life continues to expand its portfolio to help employers.
New York Life continues to show its dedication to providing benefit options for employers to offer their employees. In January 2017, the company began to offer Group Term and Disability Insurance. Now, as of May 2018, New York Life is adding more options to address employees’ retirement gaps and growing concern over chronic care.
The company has expanded their Employee’s Whole Life Insurance product to now offer a Chronic Care Rider. This option allows policy owners to access a portion of their death benefits to pay for chronic care expenses. Best of all, benefit payments are sent directly to the insured tax-free, and the money can be used however they want.
On top of that, Employee’s Whole Life now has a Select Paid-Up Option, which will allow people to make their own pay schedules. This allows someone to pay their premiums in as little as 15 years or as long as 52 years, as long as the policy is paid-up by the time they turn age 85. So, someone can choose to have their policy paid up within a timeframe that works for them - like when you plan to retire, when your kids go to college, or at the same time that you complete your mortgage payments.
Plus, once you’ve completed making payments, you get to keep your death benefit coverage—guaranteed. What’s more, the cash value will continue to grow after the policy is paid-up as well. In fact, the cash value may grow faster and accumulate more rapidly than it would in a standard Employee’s Whole Life policy.
Visit the Employee Benefits page to learn more.