Insurance and Annuities
Our agents are trained professionals who can help clients identify their financial needs and then determine which financial and insurance products can best help them meet their objectives. Some of the products we often use to serve the needs of our clients include:
Life Insurance
Many people think that life insurance is only for people with families. While it’s true that life insurance can help provide for the needs of dependents, life insurance also can be an important part of a well-thought-out estate, business succession, or charitable giving plan. And permanent life insurance offers living benefits as well, such as tax-deferred cash value accumulation. For all of these reasons, life insurance can be important for someone starting out—or for someone who’s starting over.
Whole Life
Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
Term Life
Term Life policies provide coverage for a specific amount of time - such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
Universal Life
Variable Universal Life Insurance combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You may allocate your premium amongst a variety of professionally managed investment divisions plus a fixed account. Of course, with investment opportunities comes risk along with the potential for reward.
These products are offered by prospectus through NYLIFE Securities LLC. (member FINRA/SIPC), and a Licensed insurance Agency. Be sure to request one and read it carefully before investing as both the product and investment options prospectuses provide complete information you need to know regarding charges, expenses and risk factors.
Survivorship Life
Survivorship life insurance - available as whole life, universal life or variable universal life - covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals.
The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or withdrawals are made, or if current interest rates or changes fluctuate.
Annuities
An annuity is a unique financial vehicle designed to help clients accumulate money for their retirement and/or turn a lump sum of money into a guaranteed stream of income payments. Deferred annuities offer the advantage of tax-deferral and can be used to accumulate money for retirement. Income annuities are used to generate a stream of income payments that are guaranteed to last for as long clients need them to—even for the rest of their life.# Some of the different types of annuities are:
Fixed Deferred Annuities
With a Fixed Deferred Annuity, the interest rate on your policy is guaranteed* never to fall below a certain amount. For many people, this provides a measure of security.
Subject to a sales charge for early withdrawals and may be subject to income tax. Withdrawals prior to 59.5 are subject to a 10% tax penalty.
*Guarantees are dependent upon the claims paying ability of the issuing insurer.
Lifetime Income Annuities
An income annuity where income payments begin immediately - one period after the annuity is purchased. It is designed to provide you with predictable income monthly, quarterly, semi-annually or annually, no matter how long you live, and regardless of how the financial markets perform.
All guarantees associated with Annuity Contracts are based on the claims paying ability of the issuing insurance company. Withdrawals may be subject to regular income tax, and if made prior to age 59 1/2, may be subject to a 10% IRS penalty. In addition, surrender charges may apply.
Disability and Extended Care Needs
To execute a sound retirement strategy, asset and income protection are a must. Designing a plan that encompasses managing costs for extended periods of care and disability insurance can help create the necessary balance in a portfolio to ensure stability and protection of assets.
Individual disability products available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and product availability in your state or locality.
Retirement Income
Preparing for retirement is easier with the help of our guaranteed# lifetime income annuity products. Clients can select an immediate annuity that pays income right away, or a tax-deferred fixed annuity that allows them to set aside money until they need it. Either way, clients will be assured a steady, dependable source of income for life.
Investments~
We offer comprehensive products and services to help clients develop a sound, long-term investment strategy. Clients can choose from 5,000 mutual funds, including self-directed, tax-deferred Individual Retirement Accounts (IRAs). We also offer products to fund plans for companies of all sizes, and plans ranging from SIMPLE IRAs to full-service defined contribution and defined benefit plans.
Other Products
We have established relationships with other carriers and can supply you with information on individual disability** income insurance as well as individual and group health insurance products. If we don't offer it, chances are we can assist you.
*Offered by qualified financial advisers through Eagle Strategies LLC, a Registered Investment Adviser.
+Neither New York Life Insurance Company nor its agents offer tax, legal or accounting advice.