INSURANCE AND ANNUITIES

Whole life insurance is a permanent life insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid when due. Whole life policies accumulate cash value tax-deferred.

Term life insurance policies provide coverage for a specific amount of time—such as one year, 10 years, or 20 years. Term premiums are often initially less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates, unless policyowner elects to renew the policy often at a much higher rate. There is no accumulation of cash value for term life policies.

Universal Life insurance is designed to offer customizable death benefit protection with non-guaranteed planned premiums and a non-guaranteed death benefit. Depending on the product selected and the amount of premium you pay, Universal Life insurance can allow you to keep your coverage for as long as you need it: to age 80, 90, 100 or longer. Because of the policy’s flexible and non-guaranteed nature, it is important to fund your policy properly and actively manage your policy to reflect changes in interest crediting rates and policy charges over the duration of your policy.  This policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or withdrawals are made, or if current interest rates or charges fluctuate.

Variable universal life Insurance combines the premium and death benefit flexibility of a universal life policy with investment opportunities. You may allocate your premium among a variety of professionally managed investment divisions plus a fixed account. Of course, with investment opportunities comes risks along with the potential for reward.

These products are offered by prospectus through NYLIFE Securities LLC. (member FINRA/SIPC), and a Licensed Insurance Agency and a New York Life Company.

Survivorship life insurance—available as whole life—covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals. 

With a fixed deferred annuity, the interest rate on your policy is guaranteed never to fall below a certain fixed rate.^* For many people, this provides a measure of security.

( A fixed deferred annuity is subject to charges for early surrenders or withdrawals. In addition to paying 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 is an annuity in which income payments begin—one period after the annuity is purchased. It is designed to provide you with guaranteed, predictable income monthly, quarterly, semiannually, or annually, no matter how long you live, and 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 regular income taxes, and if made prior to age 59½, may also be subject to a 10% IRS tax penalty. In addition, early surrender charges may apply.