Your wisdom is just
one gift that can
last a lifetime.
Saving is smart.
Getting more out
of your savings
is smarter.
NYLIAC Instant Legacy
®is a single premium universal life
insurance policy issued by New York Life Insurance and Annuity
Corporation (A Delaware Corporation), a wholly owned subsidiary
of New York Life Insurance Company. It lets you quickly and easily
turn your money into a federal income tax-free legacy. With a
single premium payment, you get life insurance protection —and
you can increase the money you have to leave behind for your
loved ones, your alma mater, your favorite charity—the choice is
yours. NYLIAC Instant Legacy is not a banking product and is not
FDIC insured. It is a life insurance contract that is backed by the
claims-paying ability of the issuer.
You’ve made some smart decisions and you’ve
set some money aside. Maybe you have extra
savings, a CD, cash that you’ve stashed away for a
rainy day. It’s nice to have an extra cushion, but
is there something smarter you could do with it?
How Instant
Legacy works.
All you need is a lump sum of money from a CD, money market, or any
other liquid savings account to fund a single, upfront premium payment
for the life insurance policy. In exchange, you’ll receive permanent life
insurance protection that also provides a guaranteed death benefit to
your children, grandchildren, a favorite charity, whoever you name as
beneficiary.
The entire process is simple and easy to complete. There are no medical
exams or blood tests. After completing a one-page questionnaire, you’ll
learn right away if you’re preapproved for coverage.
Fast and easy approval process.
After answering a few simple questions, you’ll learn in minutes whether you’re preapproved for coverage.
Ability to leverage savings into a
larger legacy.
Instant Legacy is an ideal tool for transforming “idle” money from a bank CD or other liquid savings accounts into a generous inheritance for your beneficiaries.
Guaranteed death benefit.
1Your policy’s death benefit is guaranteed to be passed on to your heirs free of probate and legal red tape.
Safe access to your money.
2You’ll have immediate access to the policy’s cash value through loans and partial withdrawals to help with any unforeseen financial needs.
With NYLIAC Instant Legacy
you’ll receive these valuable benefits.
Charge-free surrenders.
2You may access up to a maximum of 10% of the cash value each year in years two through eight of the contract without incurring a charge.
Tax advantages.
Like all permanent life insurance policies, your policy accumulates cash value on a generally tax-deferred basis and distributes a federal tax-free death benefit to your beneficiaries.
Money-back guarantee.
3If your circumstances or needs change, your policy offers a provision that refunds your total premium (less any loans and partial surrenders) if you need access to your policy’s funds.
1 The guarantees of a life insurance policy are based on the claims-paying ability of the issuer.
2 Loans, partial withdrawals, and partial surrenders will reduce the cash surrender value and death benefit. 3 If your circumstances or needs change, you can request that the cash surrender value be returned to
Let’s see what Instant Legacy can
do for you by looking at an example.
Helen, a 65-year-old non-smoker who lives a healthy lifestyle,
currently has $50,000 that she would like to leave to her
heirs. Here’s a closer look at what she could leave her heirs if
she purchases Instant Legacy versus what they will receive if
she chooses to leave them cash.
Helen’s one-time
premium payment
Cash
Helen’s guaranteed death
benefit from day one
Total amount received
by Helen’s heirs
Total amount received
by Helen’s heirs
Potential federal income tax paid
by Helen’s heirs (28% tax bracket)
Potential federal income tax paid
by Helen’s heirs (28% tax bracket)
$50,000
$50,000
$83,000
$0
$14,000
$83,000
$36,000
With Instant Legacy
Without Instant Legacy
With Instant Legacy, Helen’s heirs would receive $47,000
more than if she had just left them cash. And because life
insurance doesn’t pass through probate, her beneficiaries
will receive the death benefit almost immediately.
State and inheritance taxes may apply in both cases. Be sure
to consult your tax advisor for specific tax information.
A closer look…
The initial death benefit may vary and is based on gender, risk class, age, and premium paid. This scenario is for illustrative purposes only.
So let’s get right
to the point…
Instant Legacy offers:
Potentially more money for your heirs
• Instantly increase the size of your estate.
• Your entire death benefit is guaranteed from the very first day of coverage.
Help minimizing taxes on your legacy
• In most cases, your beneficiary will not have to pay federal income tax on the death benefit.
• Your policy’s cash value is not taxable unless withdrawn.
Continued access to your funds—just in case
• If your needs change, the money-back guarantee assures you will receive a full refund of premiums, minus any loans and partial surrenders you have taken. • Use loans and partial withdrawals to access your policy’s cash value. Keep in mind
that a partial withdrawal could be subject to tax consequences.
Quick and easy application
• No medical exams or blood tests required. • You can be preapproved in minutes.
One-time payment
• You’re paid-in-full from day one.
• No need to worry about missed payments.
Policy riders provide flexibility and added protection.
Your NYLIAC Instant Legacy policy automatically includes two important riders:
The Accelerated Death Benefit for Terminal Illness rider allows you to have early access to a portion of the policy death benefit if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less. The rider is included with your policy; however, there’s a cost for this rider.
The Spouse’s Paid-Up Insurance Purchase Option rider allows your spouse to purchase a single-premium paid-up whole life insurance policy equal to the face amount of the original policy at your death, without showing evidence
The company you choose
can make all of difference.
When it comes to protecting the ones you love, you want to be sure to do business with a reliable and reputable insurance company.
New York Life, the parent company of New York Life Insurance and Annuity Corporation, is one of the nation’s oldest and largest mutual life insurance companies. We’ve been keeping the promises we make to our policy owners since 1845, and our old-fashioned principles of financial strength, integrity, and humanity still guide everything that we do. For policy owners, that means we will continue to be there when you need us most.
We’re ready when you are.
NYLIAC Instant Legacy
In Oregon, the NYLIAC Instant Legacy policy form number is ICC13313-130.
New York Life Insurance Company
New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)
51 Madison Avenue New York, NY 10010 www.newyorklife.com
