NU Online News Service, Jan. 22, 11:38 a.m. – New York Life Insurance and Annuity Corp., New York, a subsidiary of New York Life Insurance Company, is introducing two new life insurance policies aimed at business owners and wealthy individuals.
The new NYLIAC Pinnacle Universal Life policy and the new NYLIAC Pinnacle Survivorship Universal Life policy guarantee a minimum interest rate of at least 3%.
Corporate and trust customers can get an “alternative cash surrender value” benefit, which can increase the cash surrender value of the policy during the first 10 policy years, New York Life says.
Other products in the NYLIAC Pinnacle family include a pair of variable universal life policies that were introduced in August 2001.
One key Pinnacle family feature is a rider that can guarantee future insurability. Another rider can extend coverage past age 100.