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July 15, 2003 at 08:00 PM
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.
