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Consider term life if you’re looking for:
- Temporary coverage that allows you to convert to long-term coverage later.
- Customizable add-ons that can adapt to your individual needs, even as they change.
- Protection for your family that’s still flexible.2
With term life insurance, you can balance immediate needs with ongoing goals.
Let’s begin by looking at a few factors to consider while building your custom term life policy.
Your coverage
With term life, you can choose exactly how long you will be covered. Some of our clients find it helpful to match their coverage length with various milestones, like paying off a mortgage or seeing their children through college. Whatever your needs are, you can build a custom term policy and convert to a permanent policy later.
Your budget
You can select a product that best suits your wallet and goals. For example, you can lock in premiums that are guaranteed to stay the same for a selected period. Or you can start with smaller premiums that increase every year. That could be a good choice if you plan to convert to permanent insurance relatively quickly. Our flexible options allow you to construct a strategy to fit your family’s needs and your budget.
Choose a term life insurance policy that’s right for you.
Yearly Convertible Term
This may be the right choice for people who need protection at the lowest initial cost and may want to convert to a permanent policy soon. Premiums start out lower than those for a level premium product, and then they gradually increase each year.
Level Premium Convertible Term 10-20
You might consider this product if you want predictable payments. You can lock in level premiums for 10 to 20 years and make plans knowing your payments won’t change. After the level premium paying period ends, premiums will increase annually.
Million Plus Level Term 10
Consider this policy if you need $1 million or more of protection. It’s our most competitively priced 10-year level premium product. (Premiums increase annually thereafter.) The conversion period for this product is five years, so the product will work best for someone who plans to convert within the first five policy years or who does not plan to convert at all.
You can customize your term life insurance policy with the following riders:
Protect your loved ones - now and into the future.
Tell us about yourself and we'll connect you with a financial professional in your area.
Term life insurance FAQs
Learn more
It's always useful to learn a little more. Take a look at these helpful links.
Tips for first time life insurance buyers
Looking to buy life insurance, but not sure where to start or how much coverage you need? Learn 6 tips from New York Life on how to get life insurance today!
What is term life insurance?
If you're interested in buying term life insurance, but not sure how it works, check out our term life guide to learn about policy and coverage.
Converting term to whole life
The option to convert a term policy to whole can be very valuable. Learn from New York Life about the opportunity that convertible term life insurance provides.
Insurance that fits your needs
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Guarantees are based on the claims-paying ability of the issuing insurance company.
1Additional guidelines for term conversions, such as timing, may apply.
2Term life insurance offers temporary protection for a critical period of time and is generally less expensive than permanent life insurance.
3Rider Insured’s Paid-Up Insurance Purchase Option in New York.
4Not available in every state. There is a cost to exercise this rider. Products and riders are available in approved jurisdictions, and names and features may vary.
For select riders, the condition applies to the insured. See the product and rider fact sheets for details. Yearly Convertible Term (ICC18218-135P); Level Premium Convertible Term and Million Plus Term (ICC18218-60P); Living Benefits Rider (ICC18218-498R); Spouse’s Paid-up Insurance Purchase Option (Rider Insured’s Paid-Up Insurance Purchase Option in New York) (ICC17217-375R); Disability Waiver of Premium Rider (ICC18218-235R); Policy Purchase Option Rider (208-413). State variations may apply. SMRU 1798028