NU Online News Service, Aug. 14, 11:06 a.m. – New York Life Insurance Company, New York, is introducing the Pinnacle Series product line, a group of insurance products designed for the estate and business succession planning market.
New York Life is issuing the products through its New York Life Insurance and Annuity Corp. subsidiary.
The NYLIAC Pinnacle Series currently consists of two variable universal life insurance products, NYLIAC Pinnacle Variable Universal Life and NYLIAC Pinnacle Survivorship Variable Universal Life.
The new products offer 32 variable investment options and a fixed account option.
The products also come with life insurance provisions designed so that policyholders can increase or decrease coverage and add or delete benefits through riders and options.
Eligible corporate and trust policyowners may qualify for an alternative cash surrender value benefit.
The alternative cash surrender value benefit, available only upon a full surrender of the contract, can increase the cash surrender value of the policy during the first 10 policy years, New York Life says.
The Pinnacle Series products are not available in all 50 states.