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 their kids finishing school. Whatever your needs are, you can build a custom policy—and you can convert to a permanent policy later on.
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 a permanent solution. Our flexible options allow you to construct the strategy to fit your family’s needs—and your budget.
Yearly Convertible Term
This is the right choice for people who need protection for a defined period of time and may want to convert to a permanent policy in the near future. Premiums start out lower than a level premium product and then 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, thereafter 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) and may work best for someone who plans to convert within the first five policy years or who does not plan to convert at all.
Work with a financial professional to customize your policy with these add-ons, which are also known as riders:
Future coverage for your spouse
In the event of your death, your spouse can use the proceeds from your policy to get insurance without a medical exam with the Spouse's Paid-Up Insurance Purchase Option Rider3. This is available only from New York Life.
Planning for health events
If you become disabled, New York Life will cover your premiums with the Disability Waiver of Premium option, available at an additional cost. Additionally, if you are terminally ill, you could use a portion of your death benefit to pay for treatment or care with the Living Benefits4 option. The majority of our clients take advantage of these features.
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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.