A life insurer has come out with a term life insurance policy designed to appeal to young parents.

New York Life Insurance Company, New York, says its new Family Protection Insurance policy can provide coverage for either a husband and wife or domestic partners.

Holders can increase the face amount of coverage every 2 years without providing proof of insurability, and the maximum death benefit is $500,000 per adult.

The beneficiary can receive an additional $200,000 death benefit if both parents die within the first 10 years, New York Life says.