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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 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. Keep it simple: Put some protection in place today, and then change your coverage as life changes down the road.
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.
Choose a term life insurance policy that’s right for you.
Yearly renewable term
A yearly renewable term product 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 for as long as you choose to keep your coverage.
Level premium term
You might consider a level premium term policy if you want predictable payments. You can lock in level premiums for 10, 15, or 20 years and make plans knowing your payments won’t change. After the level premium paying period ends, if you want to keep the coverage, premiums will increase annually.
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.
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. In most jurisdictions, the form numbers are: Yearly Renewable Term (ICC22423-135P); Level Term (ICC22423-60P); Yearly Convertible Term (ICC18218-135P); Level Premium Convertible Term (ICC18218-60P); Living Benefits Rider (ICC22423-498R); Spouse’s Paid-up Insurance Purchase Option (In New York, “Rider Insured’s Paid-Up Insurance Purchase Option”) (ICC22423-375R); Disability Waiver of Premium Rider (ICC22423-235R); Policy Purchase Option Rider (ICC22423-413R); State variations may apply. SMRU 5013877
Term life insurance is issued by NYLIFE Insurance Company of Arizona (NYLAZ), a wholly owned subsidiary of New York Life Insurance Company (NYLIC), except in Maine and New York, where it issued by NYLIC. NYLAZ is not authorized in Maine or New York and does not conduct insurance business in those states.