If you want the safety and security of permanent life insurance—at an affordable price—look no further than Custom Universal Life Guarantee (Custom Guarantee for short).1 That’s because this dependable product gives you the most guaranteed protection per dollar of all our permanent life products.2
But that’s only part of the story. In addition to being cost-effective, Custom Guarantee offers a unique combination of flexibility and stability, making it a potentially powerful estate planning, wealth transfer, or business continuation tool. Here are a few reasons why this coverage could be right for you:
- Guaranteed life insurance benefit: This policy offers guaranteed protection for a specific amount of time (the benefit period you select). As long as you make your payments in-full and on-time and do not have any outstanding loans or partial surrenders, you can be sure this coverage will be there for you when needed.3
- Customizable features: With Custom Guarantee, you get to choose how long your coverage—and your premium payments—will last.4
- Premium Stability: Once you have determined your payment schedule, your premiums will remain fixed and level for the life of your policy. That way, you never have to worry about interest rates or other economic factors increasing your costs.
- Money Back Option Rider: If you decide you no longer need this coverage, this rider gives you the option to surrender your policy in exchange for a portion—or in some cases all—of your premiums back. It’s like taking your life insurance for a test drive. Best of all, this rider is free on all eligible policies.5
- Chronic Care Rider: This optional rider lets you use some of your policy’s face amount—while you are living—to help with the cost of a chronic illness (not currently available in CA or NY).6
In Oregon, the policy form number for Custom Universal Life Guarantee is ICC13313-54
1 Issued by New York Life Insurance and Annuity Corporation (NYLIAC), a wholly owned subsidiary of New York Life Insurance Company.
2 The guarantees of a life insurance policy are backed solely by the issuer.
3 If you make any changes to your policy, it may affect the Custom Guarantee Period.
4The policy must be illustrated to last for a minimum of 20 years.
5There are two 60 day windows during which you can exercise the Money Back Option Rider: The first window is the 60 days following the later of the end of policy year 20 or the end of the policy year in which you turn attained age 65. The second window is the 60 days following the later of the end of policy year 25 or the end of the policy year in which you turn attained age 70. (Refunds may not exceed 40% of the policy’s lowest face amount.) The rider involves a premium test. This test is designed to ensure that coverage will last to age 100.
6 This rider is available for an additional cost and is subject to additional underwriting. Before a claim is approved, New York Life reserves the right to have the Insured examined by a Licensed Health Care Practitioner the company designates, at the company’s expense. Verification may include a review of the medical facts to substantiate the certification, copies of the daily notes of care (including notes made by any Licensed Health Care Practitioner) and/or copies of itemized bills for the Insured’s care and services. New York Life will only use these to determine eligibility at the start of a claim or at recertification. They will not be used to determine the benefit amount. Once the insured is certified as chronically ill as described in the policy, and meets the 90 day elimination period, the policy owner will begin receiving an unrestricted cash benefit, with no receipts or plan of care needed.
This is a life insurance rider providing for an accelerated payment of the base policy face amount in the event that the insured is certified as chronically ill as described in the policy. The primary purpose of life insurance policies is death benefit protection, with certain riders available at a cost that provide the client with additional policy features, such as additional protection for future chronic illness expenses.
This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Since this rider is not a Qualified Additional Benefit and an implicit rider premium is included in premiums paid, each rider charge deducted would reduce basis. In addition, for any acceleration of face amount, the entire face amount would reduce basis (not the proportionate amount of basis associated with that portion of face amount). This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay clients more than the federal per diem limits. If the benefit option elected exceeds the current IRC per diem limits, the benefit period will be extended accordingly. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Care Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC.
Receipt of an accelerated death benefit may affect client eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.