How To Sell Life Insurance With New York Life

New York Life is one of the oldest life insurance companies in the U.S. and the largest life insurance provider, with just under 7% of the total market share. The company offers a wide range of life insurance options, including term, whole, universal, and variable universal life policies. These policies can be customized with riders, and most include a tax-free death benefit paid to beneficiaries when the insured person dies. New York Life's agents are licensed professionals who sell life insurance products and receive training to help clients build financial security and peace of mind. They can provide advice and guidance to help clients meet their financial needs and goals.

New York Life's agents are licensed professionals who can sell life insurance products

To become a licensed life insurance agent in New York, one must complete a prelicensing education course of at least 40 hours for the life, accident, and health authority, or at least 20 hours for either life-only or accident and health-only authority. They must also pass a licensing exam administered by PSI Services within two years of applying for the license.

New York Life agents receive training that goes beyond the licensing requirements. They are equipped with the knowledge, education, and professional designations to provide advice and guidance that will help clients meet their financial needs. The agents understand that life insurance is not a one-size-fits-all purchase and strive to develop expertise in helping clients build financial security and peace of mind.

When working with a New York Life agent, clients can expect a personalized experience. The agent will ask for personal details, such as age, marital status, dependents, occupation, and income, to gain a comprehensive understanding of their financial situation. This information helps the agent create tailored solutions that align with the client's short-term and long-term financial goals.

New York Life agents are committed to providing one-on-one guidance and comprehensive, customized solutions. They offer best-in-class products that adapt to their clients' changing needs, helping them grow their financial security and peace of mind. With their expertise and dedication, New York Life agents are well-positioned to assist individuals and families in making informed decisions about their financial future.

The company offers nine life insurance plans across three types: term, whole life, and universal life

New York Life offers a range of insurance products to cater to different customer needs. The company offers nine life insurance plans across three types: term, whole life, and universal life.

Term life insurance is a temporary option that provides a death benefit for a set period, typically between 10 and 20 years. It is a straightforward and cost-effective type of insurance, often used as a starting point for those new to life insurance. Certain term life policies can be converted into long-term policies, which is beneficial for those who experience life changes and require additional protection.

Whole life insurance, on the other hand, is a permanent solution. It offers a guaranteed death benefit and a guaranteed cash value that grows over time. This type of insurance is ideal for long-term wealth accumulation, as it helps protect loved ones while building wealth for future generations.

Universal life insurance is a highly flexible long-term coverage option. It allows for adjustments in payment amounts and benefits to adapt to changing needs. This type of insurance is well-suited for those who require long-term coverage but desire flexibility in their payment options.

New York Life's range of insurance products ensures that customers can find a plan that aligns with their financial goals and circumstances. The company's agents work closely with customers to understand their needs and provide personalized recommendations, ensuring that they receive the necessary protection and peace of mind.

New York Life's whole life insurance has three options: Whole Life, Custom Whole Life, and Secure Wealth Plus

New York Life offers a range of life insurance options, including term, whole, universal, and variable universal life policies. The company's life insurance products are available in all 50 states and Washington, D.C.

Whole Life

Whole Life insurance offers a level premium and a cash value that accumulates over time. The payments you make into this policy never increase, providing consistent expenses. Your loved ones will receive a guaranteed payout, known as a death benefit, after you pass away. The cash value grows tax-deferred, and you can withdraw it during your lifetime to fund expenses such as a down payment on a home or to supplement your retirement income.

Custom Whole Life

Custom Whole Life gives you the choice to limit your premium-paying period to a specific number of years while maximizing the cash value of your policy. The fewer the years you choose to pay premiums, the higher your premiums will be. This option provides valuable life insurance protection and an expedited underwriting process, along with guaranteed accumulation of cash value, which is increased during the early years of coverage.

Secure Wealth Plus

Secure Wealth Plus is designed to make your cash value grow quicker at the start of your policy. It also offers an expedited underwriting process for faster approval. This option provides permanent protection and helps build wealth over time.

All three whole life insurance options can be customized with riders (add-ons) to meet your specific needs. These riders may include options such as a Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits rider.

To purchase a New York Life whole life insurance policy or any of its other life insurance products, you'll need to connect with one of their agents. Their financial specialists will work with you to understand your goals, budget, and financial situation to create a policy that aligns with your needs.

Universal life insurance offers long-term coverage that is flexible in terms of the timing and amount of premiums paid

Universal life insurance is a type of permanent life insurance that offers long-term coverage and is flexible in terms of the timing and amount of premiums paid. It is a good option for those who want lifelong coverage and the flexibility to adjust their premium payments. Unlike whole life insurance, which has fixed premiums, universal life insurance allows you to raise or lower your premiums within certain limits. This flexibility means that universal life insurance can be cheaper than whole life coverage. However, it is important to monitor your policy actively, as your cash value can decrease if your investments underperform or you underpay for too long, which could affect your death benefit or cause your policy to lapse.

Universal life insurance policies have two components: the cost of insurance (COI) and a saving component, known as the cash value. The COI is the minimum amount required to keep the policy active and includes the charges for mortality, policy administration, and other associated expenses. Any premiums paid in excess of the COI are added to the cash value and accumulate interest. This interest rate is set by the insurer and can change frequently, although there is usually a guaranteed minimum rate. The cash value can be accessed during the lifetime of the policyholder, although doing so may reduce the death benefit.

There are several benefits to universal life insurance. Firstly, it offers flexible premiums and death benefits, allowing policyholders to adjust their payments and coverage as their needs change. Secondly, it provides the potential for cash value growth, as the cash value earns interest over time. Thirdly, policyholders can borrow against the accumulated cash value without tax implications, providing a source of funds for significant expenses.

However, there are also some disadvantages to consider. Universal life insurance requires active management, as the policyholder must monitor the cash value to ensure the policy remains funded and does not lapse. Additionally, returns are not guaranteed, and there is a risk of large payment requirements if the cash value decreases. Finally, some withdrawals from the cash value may be subject to taxation.

Overall, universal life insurance can be a valuable option for those seeking long-term coverage and the flexibility to adjust their premiums and benefits. However, it is important to carefully consider the pros and cons and consult a financial advisor or insurance agent to determine if universal life insurance is the right choice for your needs.

New York Life's life insurance plans are available in all 50 states

New York Life is one of the oldest life insurance companies in the U.S. and the largest life insurance provider, with just under 7% of the total market share. It offers a wide range of life insurance options, including term, whole, universal, and variable universal life policies. These policies can be customized with riders to meet individual needs and budgets.

New York Life's life insurance products are available in all 50 states and Washington, D.C. This means that regardless of where you live in the U.S., you can take advantage of the company's extensive experience and expertise in the industry.

The company's life insurance policies are designed to provide financial protection for your family. All life insurance policies offered by New York Life include a guaranteed death benefit, which is a payout to your loved ones in the event of your passing. This benefit is tax-free and can be used by your family to cover funeral costs, make up for lost income, or build wealth for future generations.

In addition to the death benefit, New York Life's permanent whole life insurance policy offers accessible cash value that is guaranteed to grow over time. This feature provides financial flexibility while you are still alive and can be used for various purposes, such as a down payment on a house or supplemental retirement income.

New York Life also offers universal life insurance, which provides long-term coverage with flexibility in terms of the timing and amount of premiums paid. This type of policy allows you to adjust your payments and benefits as your financial circumstances change, ensuring that your coverage adapts to your evolving needs.

The company has a network of over 12,000 agents across the country, ensuring that you can connect with a dedicated financial professional in your community who understands your unique situation. These agents are licensed professionals who have received training to develop their expertise in helping clients build financial security and peace of mind.

To purchase a New York Life policy, you will need to get in touch with one of their agents. They will guide you through the process, helping you choose the right type of policy and customize it to meet your specific needs and budget.

In summary, New York Life's life insurance plans are available across the nation, providing individuals and families with financial protection, flexibility, and peace of mind. With their range of options, experienced agents, and commitment to doing what's right, New York Life is a trusted choice for those seeking life insurance in any state.

Frequently asked questions