Clients who want to build legacy assets with a single-premium policy have a new option. New York Life Insurance and Annuity Corp. introduced Instant Legacy, a single-premium universal life policy designed to give customers the chance to convert and transfer various accounts and CDs into a life policy "that leverages these funds in the form of a death benefit easily passed on to their heirs."
Instant Legacy's features include the following:
- Accelerated death benefit for terminal illness
- Spouse's paid-up insurance purchase option
- $10,000 minimum premium
- Guaranteed death benefit
- Money-back guarantee of at least initial single payment
- Simplified underwriting, no medical exams
- Access to cash value with 10 percent surrender charge-free withdrawals
For more information on the policy, visit www.newyorklife.com.
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