Protection is the foundation of every confident plan. We help you identify what needs protecting, then match the right tools to the job, explaining how each one works and what it costs before you commit.
WHO THIS IS FOR
For a physician or attorney, the most valuable asset you own is your ability to keep practicing, which is why the first conversation is usually about own-occupation disability coverage and whether the group policy at work would really replace your income. For a young family living on one or two salaries, it is term life sized to the mortgage, the kids’ education, and the years until they are on their own. For business owners, it is key-person coverage and the policies that fund a buy-sell agreement. For families with a taxable estate or a charitable goal, it may be permanent coverage used deliberately, as one part of a plan, never as the whole plan.
Annuities get the same treatment: we will tell you when guaranteed income makes sense in your retirement picture, and when it does not.
Some of the products we often use include:
Life insurance isn't only for young families. It can anchor an estate plan, fund a business succession, support charitable goals, and, with permanent coverage, offer living benefits such as tax-deferred cash value accumulation. For all of these reasons, life insurance can be important for someone starting out, or for someone starting over.
Whole life is permanent life insurance. You receive coverage for your entire life, as long as premiums (a set amount per period) are paid when due, and the policy accumulates cash value on a tax-deferred basis.
Term life provides coverage for a specific period, such as one, 10, or 20 years. Premiums are often lower than whole life initially, but coverage ends when the term is complete unless the policy is renewed, typically at a much higher rate, and term policies do not accumulate cash value.
Universal life offers customizable death benefit protection with flexible, non-guaranteed planned premiums and a non-guaranteed death benefit. Depending on the product and the premium you pay, coverage can last as long as you need it, to age 80, 90, 100, or longer. Because much of the policy is non-guaranteed, it must be funded properly and actively managed as interest crediting rates and policy charges change. The policy will terminate if the cash surrender value becomes insufficient to pay monthly deductions, which can happen through insufficient premiums, loans or withdrawals, or changes in interest rates or charges.
Variable universal life combines the premium and death benefit flexibility of universal life with investment opportunities. You may allocate premiums among professionally managed investment divisions plus a fixed account. With investment opportunity comes risk along with the potential for reward.
These products are offered by prospectus through NYLIFE Securities LLC (Member FINRA/SIPC), a Licensed Insurance Agency and a New York Life company.
Survivorship life insurance, available as whole life, covers two people and pays the proceeds when the second insured person dies. It is often used to help meet estate planning or business continuation goals.
An annuity is designed to help you accumulate money for retirement and/or convert a lump sum into a guaranteed stream of income payments. Deferred annuities offer tax deferral while you accumulate; income annuities turn savings into payments that are guaranteed to last as long as you need them, even for the rest of your life.* Some of the different types of annuities are:
With a fixed deferred annuity, the interest rate on your policy is guaranteed never to fall below a stated minimum,* which provides a measure of predictability for many people.
A fixed deferred annuity is subject to charges for early surrenders or withdrawals. In addition to income taxes that may be due, distributions prior to age 59½ may also be subject to a 10% federal tax penalty.
*Guarantees are dependent upon the claims-paying ability of the issuing insurer.
A lifetime income annuity begins paying income one period after purchase and is designed to provide guaranteed, predictable payments monthly, quarterly, semiannually, or annually for as long as you live, regardless of how the financial markets perform.
All guarantees associated with annuity contracts are based on the claims-paying ability of the issuing insurance company. Withdrawals may be subject to ordinary income taxes and, if made prior to age 59½, a 10% IRS tax penalty; early surrender charges may apply.
A variable deferred annuity offers tax deferral and can be used to accumulate money for retirement. The policy's accumulated value, and sometimes the amount of annuity benefit payments, fluctuates with the performance of the variable investment options you choose. There are fees, expenses, and risks associated with the contract, and assets in the investment divisions are subject to market risk and will fluctuate in value.
Offered through NYLIFE Securities LLC (Member FINRA/SIPC), a Licensed Insurance Agency and a New York Life company.
Coverage that fits your life today and adapts as it changes. We’ll walk you through the options in plain English.