Let’s begin by looking at a few factors to consider while building your custom term life policy.
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.
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.
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.
Tell us about yourself and we'll connect you with a financial professional in your area.
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. 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