New York Life: Guaranteed Issue Insurance Availability And Options

New York Life is one of the oldest and largest life insurance companies in the U.S., offering a wide range of life insurance options, including term, whole, universal, and variable universal life policies. The company also provides investment and retirement financial products, as well as disability and long-term care insurance. While New York Life does not offer online quotes or applications, its policies can be customized with riders and are available in all 50 states. In terms of guaranteed issue life insurance, New York Life, in collaboration with AARP, offers guaranteed acceptance life insurance with coverage of up to $25,000 for AARP members aged 50-80 and their spouses/partners aged 45-80. This policy guarantees acceptance and fixed rates, with no medical exam or health questions required.

AARP Guaranteed Acceptance Life Insurance

Coverage

Application Process

There is no medical exam or health questions required for this insurance. You can apply online in minutes and receive an instant quote from New York Life.

Eligibility

Customer Support

For queries or further information, you can contact New York Life's Customer Experience Team at (800) 247-2055, Monday to Friday, 8 a.m. to 8 p.m. ET.

Additional Information

New York Life Insurance Company is licensed to operate in all 50 states and pays royalty fees to AARP for the use of its intellectual property. AARP and its affiliates are not insurers and do not employ or endorse agents, producers, or brokers.

New York Life's Whole Life Insurance

New York Life, one of the oldest life insurance companies in the U.S., offers a wide range of whole life insurance policies, with options to suit various financial objectives and budgets. Whole life insurance policies from New York Life can be a good option for those who want to use their cash value to supplement their retirement income.

New York Life's standard whole life insurance policy is available from birth up to the age of 90, with a minimum policy death benefit of $50,000 for those under 18, $25,000 for those over 18, and $100,000 for those over 18 and in a Preferred risk class. The policy's cash value grows over time as a portion of the premiums are allocated to it, and it accumulates interest at a guaranteed rate. Policyholders can borrow against the policy's cash value by taking out a policy loan, which is charged interest at a rate determined quarterly by New York Life.

Whole life insurance policies from New York Life qualify for dividends, although they are not guaranteed. Policyholders can choose to use these dividends to pay a portion or all of their premiums, leave them on deposit with New York Life to earn interest, or use them to purchase paid-up additions, thereby increasing the size of their policy's death benefit without raising their premiums.

New York Life also offers a custom whole life insurance policy, which allows policyholders to adjust the period over which they pay premiums. This option may appeal to those who want to pay higher premiums for a limited number of years to secure lifetime coverage. The custom whole life policy is available up to the age of 70 and has a minimum face value of $50,000.

The value whole life insurance policy is another option offered by New York Life. This policy provides a lower guaranteed rate of return on the cash value in exchange for lower premiums, making it a good choice for seniors or those seeking discounted permanent life insurance. There is no minimum face value for value whole life insurance policies, but there is a minimum annual premium of $20,000.

In addition to its standard offerings, New York Life provides a survivorship whole life insurance policy that covers both spouses. This policy is similar to an individual policy but only pays the death benefit after both parties have passed away. Survivorship policies typically have lower premiums since the company expects to collect payments over a longer period. This option is ideal for individuals who want to leave money to their children or heirs, as they will receive the tax-free death benefit directly.

New York Life's Universal Life Insurance

New York Life is one of the oldest life insurance companies in the United States and is the largest life insurance provider in the country, with just under 7% of the total market share. The company offers a range of life insurance options, including term, whole, universal, and variable universal life policies.

New York Life offers three types of universal life insurance options: Basic, Custom Guarantee, and Protection Up to Age 90. The Basic policy allows policyholders to customize the insurance amount, length of coverage, and premiums to fit their lifestyle and budget. The Custom Guarantee option locks in a fixed premium and guarantees a death benefit, but may not accrue as much cash value. The Protection Up to Age 90 policy is an alternative to permanent life insurance and is ideal for those who need at least $1 million in coverage up until the age of 90.

Universal life insurance policies from New York Life offer three death benefit payout options to choose from:

• The beneficiary receives a payout equal to the policy's face value.
• The beneficiary receives the policy's face value plus its cash value.
• The beneficiary receives the policy's face value plus the sum of the premiums paid, minus any partial surrenders.

The chosen payout structure will impact the policy's cost, so it is important to compare rates for the different options before making a decision.

New York Life's Variable Universal Life Insurance

Variable universal life insurance allows you to invest your policy's cash value in a wide range of investment options, such as stocks, bonds, or mutual funds. These investments are exposed to the market's upside potential and risks, offering greater growth potential than other types of life insurance. However, it's important to note that market risk can also lead to losses. The cash value of your policy may increase over time, but accessing it will reduce the available cash surrender value and the death benefit.

Variable universal life insurance is highly customizable, allowing you to adjust coverage and investments based on your budget and goals. The cost of this insurance will depend on the specific policy chosen, the benefits preferred, the insurance factors revealed during underwriting, and the desired level of coverage.

New York Life's Custom Whole Life Insurance

Custom Whole Life Insurance is similar to a standard policy, with the difference that you can choose the length of time over which you pay premiums. Instead of level premiums until age 100 or your death, you can choose the number of years you pay. The minimum is five years, and you cannot pay after age 75. So, if you're 40, you could choose to pay for custom whole life insurance for a period of between five and 35 years. Premiums are the same amount each year, and coverage is permanent once the policy is paid.

You might choose custom whole life insurance if you're currently making a comfortable income and want to lock in permanent coverage that you won't have to pay for in retirement. It also allows you to fund the policy's cash value faster, meaning it grows more quickly as interest is applied to a larger sum over time.

Custom Whole Life Insurance is available from New York Life up to the age of 70, and policies have a minimum face value of $50,000. They come with a premium deposit account option, in which you can deposit up to nine premiums' worth of money into an account. The insurer pays interest on the money, and it's used to pay your premiums over time, essentially earning you a discount. The premium deposit account option is available in all states, but you'll need to add it as a rider if you live in Arkansas, California, or Washington.

Frequently asked questions