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Let’s begin by looking at a few factors to consider while building your custom term life policy.
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.
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.
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.
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Term insurance is a type of life insurance that provides coverage for a certain period, or a specified "term." If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.
No. Term life insurance pays a death benefit to your beneficiary if you die within the policy's term. It does not accumulate cash value while you're alive.
If you outlive the term period of your policy, your coverage will not lapse, but your premiums will increase annually. If your needs have evolved, you may want to consider converting to permanent protection.1
Your 20s could be a good time to buy term life insurance coverage. Generally, when you're younger and healthier, you pose less risk to an insurer, which is why you're offered rates that could be more favorable.
Everyone's life insurance needs are different and purchasing term insurance is based on your unique needs today and in the future. A New York Life financial professional can assess your needs and help determine which term policy is right for you.
It's always useful to learn a little more. Take a look at these helpful links.
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.