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October 12, 2006 at 01:32 PM
New York Life Insurance and Annuity Corp. has introduced the NYLIAC Instant Legacy single-premium universal life insurance policy.
NYLIAC, a unit of New York Life Insurance Company, New York, says it hopes to use the product to attract “rainy day” assets from consumers’ savings accounts, money market accounts and bank certificates of deposit.
Features include a guaranteed death benefit, a simplified underwriting program with no medical exams, and the ability to withdraw up to 10% of the policy’s cash value without paying a surrender charge, NYLIAC says.
The product is suitable for customers who need life insurance and want to pass assets on to beneficiaries, NYLIAC explains.
