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Consider Universal Life Insurance if you’re looking for:
- The most long-term protection for your dollar.
- Protection for a longer period than typical term insurance.
- The ability to customize your protection up front and make adjustments down the road.
What makes Universal Life different from other long-term insurance policies?
Here are some factors to consider when comparing life insurance policies:
Guarantee vs. adjustable
For many people, a guaranteed death benefit is the most important aspect of their policy.* It means peace of mind for them—and their loved ones. For others, having the flexibility to adjust their policy, including premiums, is more important, even if it means the death benefit could fluctuate.
- Your level of oversight
With some kinds of life insurance, you can purchase a policy, put it away, and simply pay your premiums as they come due. With universal life, though, you can make changes to your policy within limits, including adjusting your premiums and coverage.1 That flexibility can be very helpful if your circumstances change. It requires you to regularly review your policy, however, to help avoid risks. - Our level of oversight
There are factors impacting your policy that you can control and factors that you cannot control. Our auto-adjusted billing service actively monitors your policy and informs you annually if any changes are needed. This optional service is available at no additional cost to you and is a great way to make sure the objectives of your policy remain on track.
We offer two types of universal life insurance.
Universal Life
If you're looking for long-term protection and the ability to accumulate some cash value over time, New York Life Universal Life may be for you. Some of our clients prefer this product because it allows them to customize the protection (including the insurance amount, the length of coverage, and the premiums) to best meet their needs and manage their costs.
Custom Universal Life Guarantee
If you value a guaranteed death benefit but don’t need to accumulate cash value, New York Life Custom Universal Life Guarantee might work for you. You pay a set premium to maintain the coverage you need for as long as you choose.**
You can customize your universal life insurance policy with the following riders:
In most cases, there are a variety of ways to increase your level of protection or customize your policy. Your New York Life financial professional will be happy to brief you on all the add-ons, which are also known as riders, that are available with each policy. Some of the riders are free.
You also can choose how your death benefit will be paid to your beneficiaries. You can choose to provide a level death benefit equal to the policy’s face amount or an increasing death benefit that is equal to the policy’s face amount at the time of issue plus the cash value. Your New York Life financial professional will be able to help you decide which option best fits your needs.
- Death Benefit Option 1
Provides a level death benefit that equals the face amount of your policy. - Death Benefit Option 2
Provides a fluctuating death benefit that equals the face amount of your policy plus the policy’s cash value, so the total benefit amount is based—in part—on the potential growth of your policy. - Return of Premium Rider (formerly Death Benefit Option 3)
Provides a fluctuating death benefit that equals the face amount of your policy plus the adjusted total premiums you paid into your policy. Available for an additional cost. Limitations regarding availability and other guidelines apply. - Money Back Option Rider2
Gives you the ability to get money back if something changes in the future and you no longer need the protection. This rider automatically comes with most Custom Guarantee policies and involves a minimum premium requirement.
Learn more
It's always useful to learn a little more. Take a look at these helpful links.
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Life insurance tips for first-time buyers.
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* Any guarantees of a Universal Life policy are based on the claims-paying ability of the issuer
** Maintaining the guarantee involves making sure the Custom Guarantee Value is more than zero and there are no unpaid loans. Making changes to the policy can cause the Guarantee expiration date to change.
1The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen because of insufficient premium payments, because of loans or withdrawals, or because current interest rates or charges fluctuate.
2 In New York, it is called the Premium Back Option Rider. The opportunity to surrender the policy in exchange for some or possibly all premiums is available during two 60-day windows beginning in policy year 20 or 25. The surrender is subject to a 40% premium cap, and there is a minimum premium requirement (the monthly premium must be that needed to keep the policy in force until age 100).
In most jurisdictions, the New York Life Universal Life form number is ICC19-319-51P and the New York Life Custom Universal Life Guarantee form number is ICC18-318-54P. State variations may apply. The Money Back Option Rider form number is ICC18-318-292R. State variations may apply. The Chronic Care Rider form number is ICC18-318-291R. State variations may apply.
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