New York Life has launched a new term product that allows clients to customize their policies.
Level Premium Convertible Term is a traditional term life policy that lets clients decide how long they want to make guaranteed level premium payments. Policyholders can choose a payment period based on factors such as the age of a child or the length of a business plan.
The policy also offers a conversion option for clients who want to switch from term to permanent insurance later on. In some cases, a conversion credit is applied to the new permanent life policy’s first-year premium.