Here are some factors to consider when thinking about Universal Life:
Guarantee vs. flexibility
For some people, a guaranteed death benefit is the most important aspect of their policy. It means peace of mind. For others, flexible premium payments are more important, which means the death benefit could fluctuate.
Your level of oversight
Perhaps you're the kind of person who prefers to buy something, put it away, and then expect it to be there when needed. Others may prefer to monitor their policies and make changes as desired, but this can introduce more risk.
Universal Life: Current Performance
If you're looking for flexibility, Current Performance allows you the freedom to customize and update premiums or benefits as your needs change. Some of our clients prefer this product because it gives them long-term protection with the ability to manage costs to stay within their budget.
Universal Life: Custom Guarantee
If you are like our clients who value a guaranteed death benefit, then Custom Guarantee might work for you. You pay the same premium to maintain coverage for as long as you choose.
Work with a financial professional to customize your policy with these add-ons, which are also known as riders:
Protecting for health events
If you want to tap into your policy’s death benefit tax free, to protect against financial hardship should you become chronically ill, you might want to purchase our Chronic Care option1. This is available for Custom Guarantee policies only.
Get your money back
You will always have the security of being able to get money back if something changes down the road with the Money Back option2. It automatically comes with a Custom Guarantee policy.
It's always useful to learn a little more. Take a look at these helpful links.
Issued by New York Life Insurance and Annuity Corporation, a subsidiary of New York Life Insurance Company. The guarantees of a Universal Life policy are based on the claims-paying ability of the issuer.
In Oregon, the New York Life Universal Life policy form number is 311-51.27. The New York Life Custom Universal Life Guarantee policy form number is ICC13313-54.
1The Chronic Care Rider is currently unavailable in the states of California and New York.
2In the state of New York, the Money Back Option Rider is referred to as the Premium Back Option Rider.