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MyIncome Protector is an individual income disability insurance policy offered by New York Life. This valuable policy can protect your lifestyle and your future. By providing a monthly benefit, MyIncome Protector can replace a significant portion of your income if you’re unable to work for an extended period due to injury or sickness.
Whether you work for yourself or an employer, you can take your coverage wherever you go. If you choose to change jobs, you’re still protected with coverage that stays with you.
Everyone’s needs are different. With individual disability insurance from New York Life, you can count on coverage that’s customizable to fit your individual needs and circumstances.
Dependable safety net
Most of all, it’s a reliable way to replace a portion of your income and help maintain your lifestyle. You can breathe easy knowing you’ll be covered when you need it most.
With MyIncome Protector, you don’t have to settle for a “one size fits all” approach. We offer three packages to choose from—Core, Pro, and Max—each with their own set of valuable riders,2 like the Catastrophic Disability Rider3 and Partial Disability Benefit Rider.4 You’ll have the option to add riders and enhance coverage based on your specific needs. And if you’d like to work with your financial professional to customize your very own package, you have that option too.
With this package, you’ll receive the base definition of disability that provides the most cost-effective coverage with a benefit period of either 10 years or to age 65.
If you would like even more financial security, this package provides "own occupation" coverage for the full benefit period or to age 67.
For the ultimate in protection, this package provides the most robust coverage with "true own occupation" coverage and a to age 70 benefit period.
With the help of your financial professional, you can build your own plan with tailored coverage that fits your specific needs and circumstances.
Although you may be healthy now, it’s important to protect all of your working years.
Because you never know what could happen—tomorrow, or down the road.
It’s easy to believe you can avoid a disabling event if you’re just careful. But the reality is, most accidents are unavoidable and can occur anywhere: at work, on a trip, or in the comfort of your own home. And studies have shown that many disabilities are the result of a sickness—like cancer, a heart attack or diabetes5—not injury.
More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.1 That’s why individual disability insurance is a key source of protection. It can help provide financial security and peace of mind. And no matter what industry you’re in, your lifestyle doesn’t have to skip a beat.
For small business owners
Your small business has been your big dream. Preserve what you’ve worked so hard to build. By protecting your income, you’re also protecting your business.
For dual income families
Family is everything. And with two incomes keeping a household running, it’s doubly important to protect your ability to earn—for both yourself and your loved ones.
For those looking to supplement an employer plan
Even if you have an employer-sponsored disability insurance plan, it likely won’t cover your entire income. Bridge this gap with your own, private disability insurance.
There for you when you need us most
At New York Life, we honor our commitments. In fact, we have the highest financial ratings of all four major ratings agencies.6 So, when it comes to protecting what really matters—like your lifestyle and your future—you know you’ll have coverage when you need it most.
A legacy of stability
Our greatest legacy is helping others protect their legacies for generations—New York Life has been serving policy owners for over 175 years, in good times and bad.
Our financial professionals can help address your financial needs. But most of all, they can provide one-on-one guidance with flexible strategies that evolve as your life changes.
In it together
As a mutual insurance company, we’re fully committed to you—not outside investors. Since we answer solely to our policy owners, we have your long-term interests at heart.
New York Life’s MyIncome Protector is one of very few individual disability insurance plans on the market that offers the potential for dividends7 to its policyholders.
The MyIncome Protector policy offers 3 different choices for definition of disability to meet your specific needs:
Under the base 2 Year Own Occupation/Any Occupation definition, for the first 24 months of a claim, totally disabled means you are unable to perform the substantial and material duties of your own occupation, are not otherwise working and are under the care of a physician.
After benefits have been paid for 24 months, total disability means you are unable to perform the substantial and material duties of any own occupation consistent with your education, training and experience; are not otherwise working; and are under the regular care of a physician.
The Extended Own Occupation Rider and True Own Occupation Rider can enhance the definition of disability. Talk to a New York Life agent for more information on the right coverage for you.
Unlike MyIncome Protector’s Individual Disability Insurance, Group Long Term Disability (Group LTD) plans are offered by, and subject to the discretion of, your employer. Your employer could change or potentially eliminate your plan. Some group LTD plans are not portable, so they may not go with you if you change jobs or occupations. Group LTD typically covers about 50%-60% of your salary, after tax, and may not cover incentives like bonuses, profit sharing or commissions.
Your MyIncome Protector policy can be fully customized to your needs. This policy belongs to you and will remain yours even if you change jobs or occupations as long as you continue to pay your premium. MyIncome Protector can cover your earned income from all sources. Premiums are guaranteed until age 67 and the policy cannot be cancelled or changed as long as you pay your premiums.
You decide how long your policy will pay disability benefits. You can choose a time period of 2 years, 5 years, or 10 years. Or you can choose to have coverage up to Age 65, Age 67, or Age 70. Not all benefits are available in all jurisdictions.
An included benefit is the Suspension of Coverage While Unemployed, where you may voluntarily suspend your policy’s coverage for up to one year during a period of unemployment for which you are receiving federal or state unemployment benefits for at least 4 consecutive weeks.
During a period of suspension, your policy remains in force, but premiums are not due and policy benefits are not payable. Once coverage has been suspended, you may not suspend your Policy again until 2 years after the prior period of suspension has ended.
When you purchase a New York Life MyIncome Protector policy, you pay premiums in exchange for income protection in the event of a qualifying disability. After paying claims and expenses, we will then determine the amount of remaining divisible surplus to distribute to our policy owners. This is the dividend.
My Income Protector policyholders are eligible to receive dividends. Dividends will become payable at the end of the fifth policy year during the non-cancellable period, up to age 67. Dividends are not guaranteed.
1Social Security Administration 2021: https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
2Some riders are included with your package, and others may be added for an additional cost.
3Provides an extra benefit if your sickness or injury causes a severe cognitive impairment and/or you are unable to perform two of the six activities of daily living (ADLs) without assistance. The rider will have the same elimination period and benefit period as the policy, however, an insured must satisfy the elimination period for the policy and CAT rider separately as the requirements are different. The Catastrophic Disability Rider does not provide coverage for long term care services.
4If you are partially disabled and lose at least 20% of your pre-disability income, this rider allows you to receive a proportionate amount of your monthly disability payments.
5Integrated Benefits Institute, Health and Productivity Benchmarking 2016 (released November 2017), Long-Term Disability, All Employers. Condition-specific results.
6The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: AM Best A++ (as of 8/20/2020), Fitch Ratings AAA (as of 10/15/2020), Moody’s Aaa (as of 5/27/2020), and Standard & Poor’s AA+ (as of 10/14/2020). Source: third-party reports. Learn more: https://www.newyorklife.com/about/our-strength/what-rating-agencies-say.
7Dividends are not guaranteed. Not all participating policy owners are eligible for dividends.
ICC21-1912496 and 1912496