New York Life offers a variety of term life insurance policies to fit different needs and budgets. Here are the main types of term life insurance policies offered by New York Life:
Level Premium Term: This is the most popular type of term life insurance policy. It provides coverage for a specific period, such as 10, 15, 20, or 30 years. The premium remains the same throughout the term, and the death benefit is paid out if the insured passes away during the policy term.
Annual Renewable Term: This policy provides coverage for one year at a time, and the premium increases each year as the insured gets older. This type of policy is often used for short-term needs or as a supplement to a permanent life insurance policy.
Convertible Term: This policy allows the insured to convert the term policy to a permanent life insurance policy at any time during the term, without having to undergo a medical exam. This is a good option for those who may want permanent coverage in the future but want to start with a term policy.
Decreasing Term: This policy provides coverage for a specific period, but the death benefit decreases over time. This type of policy is often used to cover a specific debt, such as a mortgage or loan, which decreases over time.
It's important to note that the availability and details of these policies may vary by state and individual circumstances. It's always a good idea to talk to a licensed insurance agent to determine the best type of policy and coverage amount for your needs.