New York Life is continuing its important focus on providing protection-oriented solutions to customers and meeting their evolving needs at every stage of life with the launch of a new participating individual disability insurance (IDI) solution. Available exclusively through New York Life financial professionals, MyIncome Protector helps consumers protect what is often their greatest asset: their ability to earn an income.
What is disability insurance?
Disability insurance provides policy owners with income replacement should they be injured or develop a sickness that prevents them from working. Many disability claims are attributed to sickness – like cancer, heart attack, musculoskeletal conditions and diabetes.
Despite these relatively well-known conditions, many families are often not prepared financially if they become unable to earn an income due to injury or sickness. In fact, a recent LIMRA study* revealed that 56 million consumers have a need for disability insurance but don’t have adequate coverage.
IDI is a valuable and portable tool to help replace a portion of income beyond what may be available through employer-sponsored benefits. MyIncome Protector gives people a tool to help protect future earnings that could be lost due to a disabling injury or sickness.
“With one in four 20-year-olds likely to become disabled at some point before retirement1, it’s important to protect against the loss of income with a solution that helps maintain a family’s lifestyle and savings potential by providing funds to help pay ongoing household expenses,” said Aaron Ball, SVP and Head of Insurance Solutions, Service and Marketing, New York Life. “The launch of MyIncome Protector enables New York Life’s financial professionals to provide trusted guidance and help their clients become more financially secure.”
Get to know MyIncome Protector
New York Life’s MyIncome Protector product is available in 42 states plus Washington, D.C. Fromm describes it as not only competitive, but unique in that we offer three prepackaged solutions—Core, Pro, and Max. The product can also be customized and the customer can choose their elimination period (how long they must wait before benefits begin), their benefit period (how long their benefits can be paid), and additional coverage riders.
There is a 5 percent loyalty discount on annual premiums for existing New York Life policyholders, and MyIncome Protector is a participating product – meaning policy owners are eligible for a dividend2.
The continued expansion of our broad suite of solutions including life insurance, annuities, long term care, and group benefits backed by the financial strength of New York Life3, enables our financial professionals to provide trusted guidance that helps clients protect what matters most.
To learn more about MyIncome Protector, click here .
*2016 Insurance Barometer Study, LIMRA
1 Social Security Administration, Social Security Basic Facts, 2019
2 If one is declared; dividends are not guaranteed.
3 New York Life has received the highest financial strength ratings currently awarded to any U.S. life insurer by Standard & Poor’s (AA+); A.M. Best (A++); Moody’s (Aaa); and Fitch (AAA). Source: Individual Third-Party Ratings Reports as of 10/15/2020
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