When it comes to choosing a life insurance provider, having options is key. While some companies may specialize in one or two types of policies, New York Life stands out for offering a wide variety of coverage options. With four different types of policies available, New York Life is a top choice for those looking for flexibility and customization in their life insurance coverage.
The four main types of policies offered by New York Life are term life, whole life, universal life, and variable universal life insurance. Each type of policy serves a different purpose and caters to different needs, making it easy for customers to find the right coverage for their individual situation.
Term life insurance is a popular choice for those looking for straightforward coverage for a set period of time. New York Life offers three options for term coverage, with the ability to convert some policies into a whole life policy if needed. Optional riders such as a spouse’s paid-up insurance purchase option, disability insurance, and living benefits can be added to enhance the coverage provided by a term life policy.
Whole life insurance policies provide permanent coverage along with a savings component that allows the policy to increase in value over time. New York Life offers two whole life options, with the opportunity to earn an annual dividend on the policy. Custom policies are also available, allowing customers to set their payment duration and pay off their policy in a shorter amount of time.
Universal life insurance is a middle ground between term and whole life policies, offering longer coverage at a lower cost. New York Life’s universal coverage options include standard and custom policies, with the ability to customize the policy to suit individual needs. Riders focus on death benefits and value in relation to the policy face value and cash value, providing additional coverage options for policyholders.
For those looking to combine investing with life insurance, variable universal life insurance may be the right choice. This type of policy allows policyholders to grow their wealth through investments in mutual funds, annuities, and government-backed bonds. New York Life’s variable universal life policies do not require minimum annual distributions, allowing the policy to grow in value until needed.
Overall, New York Life’s variety of life insurance policies and optional riders make it a top choice for those looking for flexibility and customization in their coverage. Whether you’re looking for straightforward term coverage, permanent whole life protection, a middle ground with universal coverage, or the opportunity to grow your wealth with variable universal life insurance, New York Life has a policy to suit your needs. With a long history of paying dividends and a range of customizable options, New York Life is a trusted provider in the life insurance industry.