Single premium life insurance.
New York Life Insurance and Annuity Corporation offers three single premium life insurance products.
NYLIAC ASSET PRESERVER®.
NYLIAC Asset Preserver® is a single premium universal life policy that includes an option to accelerate the death benefit during the insured’s lifetime to cover qualified long-term care expenses on an income tax-free basis if the insured becomes chronically ill and satisfies the requirements necessary to accelerate benefits. Asset Preserver offers a unique opportunity to leverage existing assets that may have otherwise been used to self-insure the risk of becoming chronically ill and also provides a guaranteed death benefit. The Lifetime Money Back Guarantee1 provides peace of mind and allows the owner to maintain control over his or her assets by ensuring a refund of the premium payment prior to the acceleration of benefits should clients change their mind for any reason.
NEW YORK LIFE LEGACY CREATOR SINGLE PREMIUM VARIABLE UNIVERSAL LIFE (SPVUL).*
New York Life Legacy Creator Single Premium Variable Universal Life (SPVUL)* provides permanent life insurance, in one convenient payment. You decide how to allocate premium dollars among professionally managed investment options and a fixed account. No matter how the underlying investment options perform, your beneficiaries are guaranteed2 to receive a life insurance benefit that is equal to the policy’s Face Amount.3 Legacy Creator has a fast and easy approval process. Just answer a simple questionnaire to find out whether you are pre-approved for the policy. The cash value of an SPVUL policy investment will fluctuate. Investors are asked to consider the investment objectives, risks, charges, and expenses of Legacy Creator insurance carefully before investing. This and other information is contained in the policy prospectus. Request a prospectus from your Registered Representative for the policy and the underlying investment options. Please read the prospectus carefully before investing.
NYLIAC INSTANT LEGACY®.
A single premium universal life insurance product,4 NYLIAC Instant Legacy® provides death benefit protection. Although NYLIAC Instant Legacy is not FDIC-insured, it can turn relatively liquid assets a client may have in savings accounts5 into a larger legacy for their children, grandchildren, or a favorite charity. NYLIAC Instant Legacy® instantly leverages clients’ premium dollars through a guaranteed death benefit6 and offers a tax-efficient transfer of the policy proceeds to beneficiaries upon the insured’s death. A money-back guarantee7 helps provide peace of mind by ensuring a refund of the premium payment should clients change their mind for any reason. The company’s approval process involves completing a one-page questionnaire, so clients find out on the spot if they are pre-approved for the policy. There are no medical exams or blood tests, and final approvals are made quickly.