Consumer needs drive product innovation: New York Life launches Million Plus Term Insurance

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Introducing product offerings to meet consumer needs

“Our latest term insurance is another example of how we continue to enhance solutions we provide to new and existing clients,” said Kyle Mickas, Corporate Vice President, Insurance Solutions. “New York Life Million Plus Term Insurance was designed to help meet the needs of growing families, high-earning pre-retirees, and business owners, with added benefits and riders available to ensure policy owners have what they need, no matter what the future may bring – at a more competitive price than our other term products at higher coverage levels .”

Because some people may realize they need more than a million dollars’ worth of life insurance coverage and want to start with a term insurance product – life insurance with coverage set for a certain amount of time or ‘term’ – the company launched this solution in March 2021 as a way to provide protection for clients and capture an opportunity to introduce a competitive solution to the market. New York Life Million Plus Term Insurance also provides the option to convert1 from term to permanent or long-term life insurance within five years of the policy being in force.

This type of term product helps a variety of consumers, including small business owners, pre-retirees and growing families. For example, growing families with at least one high-earning partner may decide to incorporate an added level of preparedness to their portfolios in order to provide income replacement for a number of years, help fund potential private or higher education costs that may be part of the family’s longer-term financial goals and equipping them with the ability to achieve other financial goals should their situation change. Within the first five years, the family may choose to convert to permanent life insurance, through which they have an opportunity to accumulate cash value over time.

New York Life Million Plus Term at a glance:

  • $1 million (or more) in coverage
  • Our lowest-cost 10-year level premium product—a valuable protection option for pre-retirees
  • Five-year convertibility—in case needs change and long-term life insurance is desirable
  • Level rates for 10 full years2, ensuring protection and consistent premiums

A tradition of meeting consumer needs

New York Like Million Plus Term Insurance joins New York Life’s suite of life insurance solutions at a time when consumer needs and expectations are rapidly changing. Throughout the course of the company’s more than 175-year history, New York Life has been focused on pioneering innovation in the life insurance space, from product development, to implementing accelerated underwriting initiatives, to partnering with leaders in the digital health record space.

“New York Life’s focus on making decisions for the long-term and providing human guidance to help consumers through the different phases of life, and the necessary financial decisions which accompany them, has enabled our financial professionals to serve our communities and be confident that the solutions we deliver can help policy owners achieve their financial goals,” said Mickas. “This product is one in a broader slate of offerings that help customers go beyond being insured to being prepared.”

To learn more about our different term and other life insurance policies, click here or contact a financial professional.

1Conversion guidelines and limitations, such as timing, apply.

2Premiums will not increase during the 10-year level premium period. After the 10-year level premium period, premiums will increase annually.

The Million Plus Level Term policy form number is: ICC18218-60P.

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