NU Online News Service, Aug. 19, 2004, 3:14 p.m. EDT
New York Life Insurance Company, New York, has introduced an Increasing Premium Term Insurance policy.[@@]
Customers who buy the life insurance policy can convert to permanent life insurance without presenting evidence of insurability.
Customers who convert within the first 5 years get a credit equal to 50% of the first-year IPT premium. Customers can use the credit to pay for the first-year premium for the permanent policy, New York Life says.
Options include waiver-of-premium riders, policy purchase options and accidental death benefits.
New York Life is issuing the policy to applicants ages 15 through 65. The policy expires at age 80 in New York and at age 90 elsewhere.