New York Life Introduces New Accumulation-Focused Suite of Products
From New York Life:
New York Life Advanced Markets Network is excited to announce the introduction of the Wealth Plus products, a suite of new accumulation-focused life insurance solutions designed to provide death benefit protection while also providing a tax-efficient way to build wealth. The new product suite will be available with an application Part I date of October 3, 2022, or later.
Wealth Plus Overview
Both Secure Wealth Plus and Market Wealth Plus have been designed to overcome objections to purchasing permanent life insurance coverage due to lack of early cash value returns and the potentially long underwriting process. Secure Wealth Plus (SWP) and Market Wealth Plus (MWP) pair tax-efficient accumulation with an expedited underwriting process and offer the potential for high cash value build-up in early durations.
To reflect the target markets of the Wealth Plus products, both Secure Wealth Plus and Market Wealth Plus will have a minimum annual premium of $20,000. As of August 27th, you can now preview Secure Wealth Plus and Market Wealth Plus in NYLIS.
Minimum Requirements
$20,000 Annual Premium¹ (Secure Wealth Plus & Market Wealth Plus)
Issue Ages
0-60 (Secure Wealth Plus & Market Wealth Plus)
Pay Period(s)
Secure Wealth Plus: 10 Years
Market Wealth Plus: 5-15 Years²³
Underwriting
Expedited U/W⁴ (Secure Wealth Plus & Market Wealth Plus)
Risk Classes
Premium Plus, Premier, Quality, Minor (Secure Wealth Plus & Market Wealth Plus)
State Availability
Secure Wealth Plus: available in all jurisdictions except New York with an application Part I date of October 3, 2022 or later
Market Wealth Plus: available in all jurisdictions except California and New York with an application Part I date of October 3, 2022 or later