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Life Health > Life Insurance > Term Insurance

New York Relaxes Term Cash-Value Law

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NU Online News Service, May 28, 1:38 p.m. – New York has relaxed the law governing cash-value requirements for term life insurance policies.

A new version of Section 4221(o)(1)(F) of the state Insurance Law exempts level-premium policies with terms of 30 years or less that expire before the insured reaches age 81.

The old version offered the exemption only to level-premium policies with terms of 20 years or less than expired before the insured reached age 71.

An insurer can use the new law to increase the maximum issue age without filing any forms with the New York State Insurance Department, the department says in a new filing guidance.

An insurer that wants to change the specifications page for a policy or add a new, longer-term plan must file a new specifications page and other documents.

The New York department describes the filing requirements in detail at


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