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. Physical exams usually are not necessary. Policy riders can be added to waive premiums should you become unemployed for disabled, and should you become terminally ill, funds from your policy may be available to help in a time of financial need with the Living Benefits rider. A New York Life agent can help you design a policy that will meet your specific needs now, and be adaptable to help you meet future objectives.
Interest is compounded and credited monthly, and cash value grows tax-deferred.
Your life insurance policy is portable - you own it. Should you leave your employer or retire, you will be billed directly, in a manner that is convenient to you. The amount of your premium will change to reflect the billing option you choose. This insurance does not replace or affect your employer-provided group insurance. Unlike with many group insurance plans, your policy coverage is not reduced or eliminated when you retire or leave the company.