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.

The minimum premium is $10,000, and the death benefit is guaranteed to age 100.

Built-in provisions include an accelerated death benefit for terminal illness and an option that permits a spouse beneficiary to buy a single-premium paid-up whole-life policy without showing evidence of insurability upon the death of the insured, NYLIAC adds.

NYLIAC is responsible for backing the policy guarantees.