Universal Life Insurance

Looking for long-term protection while building cash value? Explore universal life insurance policies from New York Life and learn about flexible and guaranteed solutions to meet your specific needs.

People who choose universal life insurance are typically looking to maximize their long-term coverage and are less concerned with building cash value. They need an efficient way to give their families the long-term insurance protection they deserve.

What makes Universal Life different from other long-term insurance policies?

Here are some factors to consider when comparing life insurance policies:

Guarantee vs. adjustable

For many people, a guaranteed death benefit is the most important aspect of their policy.* It means peace of mind for them—and their loved ones. For others, having the flexibility to adjust their policy, including premiums, is more important, even if it means the death benefit could fluctuate.

Father helping daughter brush her teeth
  • Your level of oversight
    With some kinds of life insurance, you can purchase a policy, put it away, and simply pay your premiums as they come due. With universal life, though, you can make changes to your policy, including adjusting your premiums and coverage.1 That flexibility can be very helpful if your circumstances change. It requires you to regularly review your policy, however, to help avoid risks.
  • Our level of oversight
    There are factors impacting your policy that you can control and factors that you cannot control. Our auto-adjusted billing service actively monitors your policy and informs you annually if any changes are needed. This optional service is available at no additional cost to you and is a great way to make sure the objectives of your policy remain on track.

Is there more than one type of universal life policy?

There are several different kinds of universal life Insurance, each designed to meet a unique set of needs. Here’s a quick overview.

Universal Life (basic)

If you’re looking for long-term protection and the ability to accumulate some cash value over time, our Universal Life may be for you. Some of our clients prefer this product because it allows them to customize the protection (including the insurance amount, the length of coverage, and the premiums) to best meet their needs and manage their costs.

Custom Guarantee

If you value a guaranteed death benefit but don’t need to accumulate cash value, Custom Universal Life Guarantee (Custom Guarantee) might work for you. You pay a set premium to maintain the coverage you need for as long as you choose.**

Protection Up to Age 90

If you’re a business owner or someone who needs a significant amount of life insurance protection for a specific period (not lasting beyond age 90), Protection Up to Age 90 offers an alternative to permanent insurance. It allows people to get the level of protection they need (at least $1 million), the way they need it.

You can customize your universal life insurance policy with the following riders:

In most cases, there are a variety of ways to increase your level of protection or customize your policy. Your New York Life financial professional will be happy to brief you on all the add-ons, which are also known as riders, that are available with each policy. Some of the riders are free.

You also can choose how your death benefit will be paid to your beneficiaries. You can choose to provide a level death benefit equal to the policy’s face amount or an increasing death benefit that is equal to the policy’s face amount at the time of issue plus the cash value. Your New York Life financial professional will be able to help you decide which option best fits your needs.

  • Death Benefit Option 1
    Provides a level death benefit that equals the face amount of your policy.
  • Death Benefit Option 2
    Provides a fluctuating death benefit that equals the face amount of your policy plus the policy’s cash value, so the total benefit amount is based—in part—on the potential growth of your policy.
  • Return of Premium Rider (formerly Death Benefit Option 3)
    Provides a fluctuating death benefit that equals the face amount of your policy plus the adjusted total premiums you paid into your policy.  Available for an additional cost.
  • Money Back Option Rider2
    Gives you the ability to get money back if something changes in the future and you no longer need the protection. This rider automatically comes with most Custom Guarantee policies and involves a minimum premium requirement.

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Universal Life Insurance