The following highlights can help you decide if Core Life is right for you:
- Lots of choices. Insurance amounts from $50,000 to $750,000.
- Automatic Benefit Increases (ABIs). Your insurance can increase—repeatedly—even if your health fails and you become uninsurable. This could be the most valuable feature in any life insurance you have. Through ABIs, coverage can double over 10 years.
- Simple Approvals. Streamlined process for coverage amounts up to $100,000.*
- Coverage to age 90. This insurance continues to age 90 as long as premiums are paid on time.
- Automatic premium payment option. Straight from your bank account with no surcharge.
*Must be under age 50 when applying.
New York Life Insurance Company is one of the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world. New York Life remains one of only two life insurers with the highest financial strength ratings currently awarded by all four of the major rating agencies, out of 800 life insurers operating in the United States today.
|Rating Service:||A.M. Best||Moody’s||Standard & Poors||Fitch Ratings|
*Individual independent rating agency commentary as of 8/9/17
FREQUENTLY ASKED QUESTIONS
Death by suicide within the first two years is the only exclusion. (One year for Missouri residents.)
A Living Benefit enables an insured person who is diagnosed with a terminal illness, and has a life expectancy of 12 months or less, to request half of the insurance amount be paid while he or she is still living. The remainder continues as life insurance for the beneficiary’s protection.
A Living Benefit payment is not taxable under current U.S. federal law. However, receipt of Living Benefits (technically “Accelerated Death Benefits”) may affect eligibility for public assistance programs, so you should consult an advisor. While any life insurance remains in effect, full premiums are payable.
Determine how much insurance you need. CALC is one tool to help you.
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Send no money now. If your application is approved and you pay your first premium, you receive a Certificate with the details of your coverage. If you are not fully satisfied, simply return your Certificate within 30 days for a full refund.
1. Monthly automatic withdrawal from your bank. You do not write checks or worry about paying late. There is no processing fee for this convenience.
2. Semiannual bills payable by check. Semiannual premiums are six times monthly premiums. A fee of $6, subject to change, is added to each bill.
Acceptance is based on your current health, your health history, and other collected information. If more medical information is needed, it is requested from you or your medical providers.
Alumni/ae and their eligible family members (spouses, domestic partners, siblings, and adult children) may apply—even if you do not. Each must be under 75 when insurance begins and live in an eligible state.
You have two options:
- Automatic Benefit Increases. During each of the first 10 years, your insurance amount can automatically increase by 10% to meet mounting needs. That allows your coverage to double gradually over 10 years, subject to the plan maximum of $750,000 – even if your health deteriorates.To receive each increase, you must be under 60 and not totally disabled. There is no extra paperwork as you need not reapply or requalify. Your total premium increases annually to reflect your increased insurance. You may decline new ABIs at any time, but once declined, they cannot be resumed.
- Request an increase. If ABIs do not provide enough total coverage to meet your needs, you may apply for more insurance at any time.
You may reduce your coverage through a simple signed request. Your coverage and premium are then adjusted. While you receive no further Automatic Benefit Increases, other aspects of your coverage remain unchanged.
As you grow older and need less coverage, your insurance will gradually reduce.* Thus, as you reach the stage of life when mortgage balances are reduced and tuition bills paid, insurance amounts reflect your changed situation.
*See Premium Charts for the benefit reduction schedule.
Coverage (and any increase) usually begins on the day your application is approved if you are not totally disabled and the premium is paid. However, after you receive approval, you may request a different effective date.
This term insurance continues to age 90 unless premiums are not paid on time. When your term insurance concludes at age 90, you may convert your coverage to an individual policy , regardless of your health. Your certificate of insurance provides full details about your conversion options.