Life Insurance Policies | New York Life (2024)

Life Insurance Policies | New York Life (1)

When considering your family’s future, you may want to ensure they’ll be protected financially if something ever happens to you. Once you decide how much life insurance you need, you can choose from several options and even combine different products.

Connect with an agent

Life insurance products can help you achieve different goals

Whether you need short- or long-term protection, we can help you find the life insurance policy that fits your budget and offers the financial benefits you want.

Financial protection for your family

All life insurance policies offer a guaranteed death benefit, a payout to your loved ones if you pass away. It’s a core feature of term life insurance, a type of temporary coverage available at a lower cost than some other options.

Cash value to use during your lifetime²

Permanent whole life insurance has accessible cash value that’s guaranteed to grow. Variable universal life insurance, another lifetime option, can grow in value through investments​​, although market risk is involved.

Flexibility to adapt to changing needs

Universal life insuranceoffers long-term coverage that’s ​​flexible in terms of the timing and amount of premiums paid (within limits). You can adjust your payments (premiums) and benefits when your needs change.

Long-term wealth accumulation

Tackling multiple goals at once,accumulation-focused life insurancehelps you tackle multiple goals at once. You can protect your loved ones while building wealth for long-term needs such as retirement.

Compare different life insurance types

COMPARE YOUR LIFE INSURANCE OPTIONS

Your payments (premiums)

Payout for loved ones (death benefit)

Builds

cash value

Guaranteed cash value growth

Potential earnings (dividends1)

Market growth potential and/or risk

May go from term to permanent

Term life insurance

Whole life insurance

Universal life insurance

Variable universal life insurance

Accumulation- focused life insurance

Gradually increase after a certain period

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Always the same amount

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Can be adjusted

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In some cases

Guaranteed minimum interest credited

Can be adjusted

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In most cases (market risk)

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Consistent amounts, ending after a specified period

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Secure Wealth Plus

Secure Wealth Plus

Market Wealth Plus

See a detailed comparison of whole vs term life

Common questions about life insurance

Life insurance is a policy (or, a contract between you and an insurance company) that provides financial protection for your family. If you pass away, your policy will pay cash (death benefit) to your loved ones. Many families use this money to cover funeral costs, make up for lost income, or build wealth by leaving money for the next generation. Working with a New York Life agent, you can choose between a temporary option like term life insuranceor something permanent like whole life insurance. We also offer universal life insurance, which has some flexibility in terms of the timing and amount of premiums paid, and variable universal life, which gives you the option to invest in the markets.

No matter where you are today, life insurance is a valuable tool to help protect what’s important to you, now and in the future. All life insurance policies, includingterm life insurance, provide a cash payment (death benefit) that helps to support your family financially if you pass away. Long-term options such as universal lifeandvariable universal life insurancealso have cash value that you can use during your lifetime for things like a down payment on a house or supplemental retirement income. (Accessing the cash value will reduce the available cash surrender value and death benefit.) With permanentwhole life insurance, the cash value is guaranteed to grow over time, helping you to also build wealth for future generations. Connect with an agent to discuss the best options for you.

The right amount of life insurance coverage for you may depend on many factors, including your budget, your family situation, your needs, and your goals for the future. Connect with an agent who can help you determine the most important considerations for you, along with possible solutions.

It can be a nice benefit to have life insurance that’s offered through, and possibly funded by, your workplace. The downside is that your life insurance ends if you leave your job. You may also have fewer coverage options from which to choose. When you buy individual life insurance (either to replace employer-sponsored life insurance or in addition to it) you hold onto that policy for as long as you continue making payments.Connect with an agentto learn more about individual life insurance options.

Learn more about life insurance

ARTICLE The differences between term and permanent life insurance Read article
ARTICLE 6 reasons to buy life insurance Read article
ARTICLE Life insurance 101 Read article
ARTICLE Should I get life insurance in my 20s? Read article

Which type of life insurance policy is right for you?

We can help you clarify your needs and goals

New York Life Variable Universal Life Accumulator II and Market Wealth Plus variable universal life are sold only by prospectus. Ask your registered representative for a policy prospectus containing more complete information about New York Life Variable Universal Life Accumulator II and Market Wealth Plus including investment objectives, strategies, risks, charges and expenses. Please read the prospectus carefully before investing. Variable universal life insurance involves fluctuating returns and unit values; investment losses are possible.

1Guarantees are based on the claims paying ability of the issuer.

2Accessing the cash value will reduce the available cash surrender value and the death benefit.

The Oregon Policy Form Number for New York Life Whole Life and Secure Wealth Plus is ICC18217-50P (4/18). The Oregon Policy Form Number for Market Wealth Plus is ICC22-322-32P.

Life Insurance Policies | New York Life (2024)

FAQs

How to answer life insurance questions? ›

Medical history: Your life insurance application will ask about significant medical conditions you have or have experienced including chronic illnesses, past surgeries or other major medical treatments. Be as specific and detailed as possible about each situation, its duration and your ongoing or past treatment.

How many questions are on the NY life insurance exam? ›

The New York life insurance exam contains a total of 100 scored questions that cover two sections: general and state-specific knowledge.

What not to say when applying for life insurance? ›

For example, applicants might lie about their age, income, weight, medical conditions, family medical history or occupation. It's also relatively common for applicants to lie about their alcohol or drug use.

What is a short answer to life insurance? ›

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

How do you answer insurance questions? ›

Try to answer each question in as few words as possible. Don't explain. If you are specifically asked to explain, do so in as few words and with as little detail as possible. Don't volunteer information.

What is easy solve in life insurance? ›

Easy Solve calculates the premium or face amount for the policy to endow at the insured's age 120. A policy 'endows' when the policy's cash surrender value is projected to equal or exceed the death benefit.

What is the hardest insurance exam to pass? ›

Each insurance licensing exam presents its own challenge. Between Life and Health, students say that the Health insurance exam is the more difficult. Health insurance policies are simply more complicated than life insurance policies. The Property insurance exam is easier than the Casualty insurance exam.

How many times can you take the NY insurance exam? ›

There is no limit on the number of times you can take an insurance license exam in New York. Having said that, you will need to wait at least 24 hours between each attempt.

What disqualifies a person from life insurance? ›

They can include engaging in risky hobbies and behaviors like skydiving; having a history of DUIs or speeding tickets; having a dangerous job like roofing; having a criminal record or a less than ideal financial history; being a smoker; and failing a drug test.

Who gets denied life insurance? ›

Reasons to be denied life insurance

Some examples of things that life insurance underwriters consider are: Health issues — Many health problems fall into a high-risk category like diabetes, high blood pressure, obesity, chronic illness or an earlier health condition, such as cancer.

Does income matter for life insurance? ›

Many people use income as a way to determine how much life insurance they should buy. The goal is to make sure the policy provides a big enough payout for income replacement if loved ones can't depend on that salary anymore. A general rule of thumb is typically about seven to 10 times your income.

What is insurance in one word answer? ›

An insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances.

Under what circumstances will life insurance not pay? ›

Life insurance covers death due to natural causes, illness, and accidents. However, the insurance company can deny paying out your death benefit in certain circumstances, such as if you lie on your application, engage in risky behaviors, or fail to pay your premiums.

What is the simplest way to understand life insurance? ›

What Is Life Insurance? Life insurance is a contract between you and an insurance company. In exchange for your premium payments, the life insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death, as long as your policy is in force.

How do I prepare for a life insurance interview? ›

How to prepare for your life insurance phone interview
  1. Identification and financial information. The agent will need these details to verify your identity and get a sense of how much coverage you need.
  2. Health history and medical information. ...
  3. Your habits and hobbies.
Aug 15, 2023

How honest do you have to be for life insurance? ›

Whether you're applying for life insurance or critical illness insurance or any other kind of personal health insurance, being honest and transparent about your health is not just a matter of ethical responsibility—it's a vital component for securing the financial protection you and your loved ones need.

What three questions should one ask when deciding on life insurance? ›

Income: Take your salary and multiply by the number of years you think your family needs protection – or at least as long as you have children at home. Mortgage: Look at your last statement and get the payoff amount. Education: The anticipated cost for sending each of your children to college.

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