![]() ![]() Level premium convertible term 5 rider: Additional term insurance coverage with level premiums for a five-year period, after which rates increase annually. ![]() New York Life offers several riders for its term life insurance policies, although the selection varies depending on your location and policy.Īccidental death benefit: Additional coverage if you die in an accident.Ĭhildren's insurance: Parents can purchase coverage on their children.ĭisability waiver of premium: Premiums are waived if you receive a qualifying disability.Įxtension of conversion period option: A longer time during which you can choose to convert your coverage to permanent life insurance. Adults can choose coverage between $100,000 and $1 million each. Children under the age of 18 are restricted to just $10,000 of coverage each, which is a standard amount as it's approximately the cost of a child's funeral and burial expenses. New York Life's family protection term life insurance policy offers coverage for an entire family, including both parents and children. Alternatively, the policy can be annually renewed until you turn 90 after the initial term length has passed. The policy can be converted to permanent life insurance during the first 10 years of coverage without undergoing a new medical exam. Coverage is for a set number of years, during which premiums stay the same. The level convertible term policy from New York Life is its most "standard" term life insurance policy, similar to coverage offered by competitors. ![]() While the minimum term length for the level convertible term policy is five years, the total cost of the annually renewable policy may be greater over multiple years. If you're looking for two to four years of coverage, we recommend comparing rates for the yearly convertible term against those of a level convertible term policy. If you need one year of coverage and both policies meet your needs, we recommend getting quotes for both, as they're fairly similar. New York Life has two separate annual policies: a yearly convertible term policy (that can be renewed) and a one-year nonrenewable term policy. ![]()
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