Sometimes
it’s best to
start with
the basics.
An overview of
term life insurance.
Protection
that’s
easy and
affordable.
More things should be that way.
Term life insurance is
the simplest form of life
insurance. It provides
basic protection for a
predetermined period
of time and guarantees
that your beneficiaries
will receive a death
benefit if you die while
the policy is in force.
Term insurance is a great way to obtain temporary coverage. You should be aware, however, that unlike permanent life insurance, which provides coverage for your entire life as long as premiums are paid, term insurance has an
“expiration date.” This means that, even if you have consistently renewed your coverage, once you reach this date you are no longer insured.
You can also elect to convert your term policy to a permanent life insurance policy that builds cash value and may earn dividends.1
1 For participating whole life policies only. Dividends are not guaranteed.
2 For our renewable term products only. Guarantees are based on the claims-paying ability of the issuing company.
Term insurance
provides you with:
An affordable way
to obtain maximum
coverage for your family
A generally income-tax-
free death benefit
Guaranteed
2renewable
coverage until the policy
expires
The right to convert your
policy to a permanent
policy that builds cash
value with no additional
medical underwriting
Flexible conversion
options
The benefits
of term life
insurance:
1.
2.
3.
4.
5.
A look at your
term choices
from New York Life.
Yearly Convertible Term
Issue ages: 15-75
When policy expires: Age 90 Minimum face amount: $250,000 Premium guarantee: First 10 years
Premium structure: Annually increasing premiums
Conversion privilege: Generally, later of 10th policy anniversary or anniversary at age 553
Level Premium Convertible Term:
10-20 Year Level Premium
Issue ages: 15-65
When policy expires: Age 90 Minimum face amount: $100,000
Premium guarantee: All years – Level premiums for level- premium paying period selected (10-20 years) Premium structure: After level-premium
paying period, premiums increase annually
Conversion privilege: 10 years4
One-Year Nonrenewable Term
Issue ages: 18-90
When policy expires: End of one-year term Minimum face amount: $100,000
Premium guarantee: One year, nonrenewable Conversion privilege: Available to issue ages
18-64
Family Protection Insurance
Issue ages: 18-50 (each adult insured)
When policy expires: Age 905 (older or remaining adult insured)
Minimum face amount: $100,000
Premium guarantee: All years – Level premiums for first 10 years
Premium structure: Level for first 10 years, annually increasing premiums starting in year 11
Conversion privilege: Adults: Later of 10th anniversary or anniversary at age 55 Children: Full
conversion on an option date, which is every three years until age 25
3 For issue ages 66-70, the final date for conversion is the anniversary at age 75; for issue ages 71-75, the final date for conversion is the fifth anniversary.
4 The option to extend the conversion privilege to match the level- premium period chosen is available at an additional cost at issue, and cannot be removed from the policy.
5 Age 80 in New York.
An overview of
sample term rates.
The tables below show initial monthly premiums for both a male and female, purchasing a $250,000 or a
$1 million policy, using select preferred rates, for a Yearly Convertible Term policy and a Level Premium Convertible Term: 10-Year Level Premium policy.
Yearly Convertible Term6 Monthly Premiums7 — Male Age Select Preferred
$250,000 $1 million
25 $11.25 $25.00
30 $11.50 $26.00
35 $12.00 $27.00
40 $13.75 $31.00
45 $17.75 $45.00
50 $24.50 $67.00
Yearly Convertible Term6 Monthly Premiums7 — Female Age Select Preferred
$250,000 $1 million
25 $10.25 $22.00
30 $10.50 $22.00
35 $11.00 $23.00
40 $12.50 $26.00
45 $15.00 $38.00
50 $21.50 $62.00
6 Yearly Convertible Term features an annually increasing premium that is guaranteed for the first 10 years of the policy. Subsequent premiums will never exceed the maximum stated in the policy.
7 Monthly bank draft payment method. If you pay your premium other than annually, the total premium you pay each year will be more than the annual premium. Premiums are based on our most favorable, nontobacco risk class. Other risk classes are also available. Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid.
Level Premium Convertible Term: 10-Year Level Premium8
Monthly Premiums7 — Male Age Select Preferred
$250,000 $1 million
25 $15.00 $31.00
30 $15.25 $31.00
35 $15.50 $31.00
40 $20.50 $35.00
45 $27.75 $60.00
50 $39.00 $90.00
Level Premium Convertible Term: 10-Year Level Premium8
Monthly Premiums7 — Female Age Select Preferred
$250,000 $1 million
25 $13.50 $25.00
30 $13.75 $25.00
35 $14.25 $27.00
40 $17.50 $33.00
45 $23.50 $53.00
50 $31.25 $78.00
8 Level Premium Convertible Term: 10-Year Level Premium features a level premium guarantee for the first 10 years of the policy. Beginning in year 11, premiums increase annually.
Riders
For an additional cost (unless otherwise indicated), you can also customize your coverage with riders designed to meet a variety of needs. These riders include:
Disability Waiver of Premium Yearly Convertible Term Rider9 Level Premium Convertible Term Rider – 5 Years9 Spouse’s Paid-Up
Insurance Purchase Option10 (at no additional cost)
Living Benefits Rider 11
(included at no additional cost) Children’s Insurance
Policy Purchase Option Accidental Death Benefit
Renewal
For most term products, New York Life offers renewal of your term policy until the policy owner reaches age 90,12 without the need for additional medical underwriting.
Conversion
If you’d like to convert your term policy to a permanent one, New York Life offers a comprehensive portfolio of permanent life insurance policies. Choose from whole life, universal life,13 variable universal life,14 or survivorship policies depending on your needs, budget and long-term goals. Permanent life insurance provides coverage for your entire life (as long as the premiums are paid when due), has cash value accumulation that can be accessed if needed,15 and is
eligible for dividends. If permanent life insurance is not within your budget right now, the term conversion privilege guarantees your insurability if you want to convert your term policy in the future.
About New York Life.
New York Life Insurance Company has been providing top-quality insurance products to individuals, families, and businesses since 1845. We are one of the oldest and largest mutual life insurance companies in the U.S., with agents who are trained to find the best solutions for your needs.
Learn more.
To find out more about term life insurance and how it might benefit your personal situation, contact your New York Life agent or visit www.newyorklife.com.
9 Available on primary insured and other covered insureds.
10 Rider Insured’s Paid-Up Insurance Purchase Option in New York.
11 Not available in every state. There is a cost to exercise this rider.
12 Age 80 in New York for Family Protection Insurance.
13 Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company.
14 Offered by properly licensed Registered Representatives through NYLIFE Securities LLC (Member FINRA/SIPC), a licensed insurance agency and a wholly owned subsidiary of New York Life Insurance Company.
15 Accessing the policy’s cash value through policy loans and partial withdrawals will decrease the policy’s cash value and death benefit, and may cause the policy to lapse.
New York Life Insurance Company 51 Madison Avenue
New York, NY 10010 www.newyorklife.com
14242.RB.072014 SMRU492155(Exp.07.01.2016)
New York Life
Term Life Insurance
The rider form numbers are as follows: Accidental Death Benefit: 208- 200; Children’s Insurance: 208-247; Disability Waiver of Premium: 210- 235.27 for Level Premium Convertible Term and Yearly Convertible Term, 206-245.27 for Family Protection Insurance; Level Premium Convertible Term 5 Rider: 210-450; Living
Benefits Rider: 991-495 for Level Premium Convertible Term and Yearly Convertible Term, 206-496.27 for Family Protection Insurance; Policy Purchase Option: 208-413; Spouse’s Paid-Up Insurance Purchase Option: 205-375; and Yearly Convertible Term Rider: 210-340.27.
In Oregon, the policy form numbers are as follows: Family Protection Insurance: 206-110.27; Level Premium Convertible Term Insurance: 210- 60.27; Yearly Convertible Term Insurance: 210-135.27; and One Year Nonrenewable Term Insurance: 209-125.27.
