NU Online News Service, July 15, 2003, 12:02 p.m. EDT – New York Life Insurance and Annuity Corp., New York, has introduced the Pinnacle Lifetime Guarantee Universal Life insurance policy.
The policy, which is part of the NYLIAC Pinnacle Series of variable-universal life and universal life policies, includes a no-lapse guarantee that ensures that the policy will stay in force as long as the required premium payments are made.
The policy also includes two features for policyholders who find themselves with more or less free cash than they had expected. A prepayment feature lets policyholders pay more than the monthly premiums required by the policy contract, and a catch-up feature lets policyholders who fail to make the required no-lapse payments reinstate their insurance protection.
One of the policy riders, a Spouses’ Paid-Up Insurance Purchase Option, lets a spouse who is the policy beneficiary buy a new paid-up whole life policy on his or her own life when the insured dies without providing evidence of insurability.
NYLIAC is a unit of New York Life Insurance Company, New York.