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New term product offers length, conversion options

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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.

Additional features of Level Premium Convertible Term include guaranteed renewable coverage through the expiry age and optional riders that can extend the conversion period or cover additional family members.

“For a large segment of families in the middle market who want financial security, this product provides the affordable coverage they need and locks in their insurability until they are ready to convert to permanent life insurance,” says Mark W. Pfaff, New York Life’s executive vice president in charge of U.S. life insurance and agency.

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