Get the life insurance coverage you need how and when you want it.
Managing your financial security on your terms.
If you’re looking for the traditional protection life insurance provides, but need a flexible way to customize your benefits, consider a Custom Universal Life Guarantee product from New York Life.
A New York Life Custom Universal Life Guarantee (NYL CULG) or New York Life Custom Survivorship Universal Life Guarantee (NYL CSULG)1 policy may be the right solution for you in the following circumstances:
- You have specific financial goals which fall within a specific time frame, even if you’re not around, such as paying for a child’s education, estate planning, or caring for a loved one.
- Your primary need is a guaranteed death benefit and cash value is not a priority.
- Stability is a concern, and you want a set premium payment schedule for a guaranteed coverage period.
Whether you choose NYL CULG to insure one individual or NYL CSULG to insure two people‐you’ll enjoy these key benefits.
- Guarantee. As long as you make the scheduled payments as agreed to when purchasing your policy‐and you don’t take any unpaid loans or partial withdrawals/surrenders‐your policy’s Custom Guarantee Benefit will be paid should you die within the Custom Guarantee Benefit Period.
- Stability. Unlike other Universal Life insurance policies, premium payments for NYL CULG or NYL CSULG are stable and predictable; fluctuations in interest rates will not require you to modify your premium payments.
- Customization. Both your premium paying period and your Custom Guarantee Benefit Period are fully customizable.
What’s more, NYL CULG and NYL CSULG offer lifetime coverage that can be more cost effective than other permanent life insurance plans. And, by allowing you to choose the duration of your guarantee period,2 they can provide a personalized solution for your estate planning, wealth transfer, or business continuation goals. For more product details, see Custom Universal Life Guarantee Fact Sheet, Custom Survivorship Universal Life Guarantee Fact Sheet, and Custom Guarantee brochure.
To provide you with extra flexibility, New York Life offers a range of policy riders.3
New York Life Custom Universal Life Guarantee riders:
Insurance Exchange Rider. Provides for the transfer of policy coverage to a successor insured, subject to underwriting requirements.
Living Benefits Rider. Offers access to a portion of your policy’s eligible death benefit if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less.4 There is a cost to exercise this rider.
Spouse’s Paid Up Insurance Purchase Option Rider (SPPO).5 Gives your spouse, if a beneficiary (or family member in New York), the right to purchase a new paid-up whole life policy on his/her life without providing evidence of insurability at the time of your death.
Monthly Deduction Waiver Rider. Available for purchase with your policy, this rider waives the monthly cost of insurance, rider, and administrative charges during times when the insured is totally disabled, as explained in the rider, and total disability has continued for at least six months.6
New York Life Custom Survivorship Universal Life Guarantee riders:
First to Die Rider. Provides a level term face amount and pays a death benefit upon the death of the first insured.
Estate Protection Rider. Provides extra protection in instances where the ‘contemplation of death rule’ might be applied, and pays an additional death benefit to the beneficiary if both insureds die before the fourth policy anniversary.7
Living Benefits Rider. Available after the first death, this rider offers access to a portion of your policy’s eligible death benefit if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less.4 The Living Benefits rider is included with your policy; however, there is a cost to exercise the rider.
Ten Year Level Term Rider. Available only at issue, this rider provides an additional face amount and death benefit that is paid to the beneficiary upon the death of the second insured during the first 10 years of the policy. All or part of the rider can be converted to a qualifying permanent life insurance policy.8
Our family of products can help protect your family.
New York Life understands the importance of having enough money to meet your financial obligations and pursue your personal goals. That's why we offer a variety of competitively priced insurance and financial products‐whether they include income protection for your family, long-term care, or retirement planning. Your financial future is important to us because it is important to you. Moreover, our agents‐among the best trained in the industry‐are committed to the clients they serve. Please speak to your agent about all of your financial and insurance needs, and how New York Life can help.
The strength behind our promises.
Since 1845, New York Life, the parent company of New York Life Insurance and Annuity Corporation (NYLIAC), has provided quality insurance products for individuals, families, and businesses. A Fortune 100 company,9 New York Life and its affiliate, NYLIAC, have the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies.10
A New York Life agent can help you find the right financial solution for your need and situation. Fill out the Contact an Agent form on this page, and an agent in your area will contact you at your convenience.
In Oregon, the New York Life Custom Universal Life Guarantee policy form number is ICC13313-54. The rider forms are as follows: In Oregon: Living Benefits: 929‐495.17; and Monthly Deduction Waiver: 898‐225.27. In Hawaii, the Return of Premium at Death Rider form number is 311-255.07. In most jurisdictions: Insurance Exchange: 309‐470; and Spouse’s Paid‐Up Insurance Purchase Option: 305‐375.
In most jurisdictions the policy form number for New York Life Custom Survivorship Universal Life Guarantee is ICC13313-184, the Estate Protection rider form number is 308‐405 and the First‐to‐Die rider form number is 309‐336. In Oregon, the 10‐Year Level Term Rider form number is 311‐325.27, and the Living Benefits rider form number is 929‐495.17. State variations exist.
1 Issued by New York Life Insurance and Annuity Corporation (NYLIAC), a wholly owned subsidiary of New York Life Insurance Company. All guarantees are based on the claims-paying ability of the issuer.
2 The Custom Guarantee Benefit guarantees your policy will not end during the guarantee period when the cash surrender value is insufficient to cover the monthly policy charges, as long as the policy’s Custom Guarantee Value is greater than zero and your policy has no unpaid loan. Failure to maintain a positive Custom Guarantee Value or withdrawing an amount, via partial cash surrender or loan, increases the risk that the policy may lapse. Changes to the policy and/or changes to the planned premium may cause the Custom Guarantee Benefit Expiry Date to change. The annual policy summary will reflect any changes in the Custom Guarantee Benefit Expiry Date.
3 Not all riders are available in all jurisdictions. State variations apply.
4 Various states have established different life expectancy periods once terminal illness is diagnosed.
5 Referred to as the Rider Insured’s Paid-Up Insurance Purchase Option in New York.
6 The disability must be sustained for at least six months, at which time six months’ worth of monthly deductions will be added back to the cash value of the policy. If the disability begins before age 60 and continues to age 65, deductions will be waived until the policy anniversary when the insured is age 121. If the disability begins after age 60 but before age 65, waiver of monthly deductions will continue only until the policy anniversary when the insured is age 65.
7 The amount must be selected at issue and the maximum percentage is 122% of the base policy face amount.
8 Conversions to SUL CG are eligible within 5 years of the original term coverage issue date. The coverage provided by this rider will terminate at the end of the 10th year if the policy is not converted.
9 New York Life ranked #80 on the Fortune 500 list published in 2015. http://fortune.com/fortune500/
10 Standard & Poor’s (AA+), A.M. Best (A++), Moody’s (Aaa,) and Fitch (AAA). Based on individual independent rating agency commentary as of 8/11/15.