ProdMod: 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. Click here for more information
Minimum Requirements
- $20,000 Annual Premium¹ (Secure Wealth Plus & Market Wealth Plus)
- 0-60 (Secure Wealth Plus & Market Wealth Plus)
- Secure Wealth Plus: 10 Years
- Market Wealth Plus: 5-15 Years²³
- Expedited U/W⁴ (Secure Wealth Plus & Market Wealth Plus)
- Premium Plus, Premier, Quality, Minor (Secure Wealth Plus & Market Wealth Plus)
Click to view riders & features available on Wealth Plus Products
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
²MWP is flexible premium product, but it has been designed to be optimally funded for 7-10 years
³MWP offers the same robust investment platform of 20+ fund families and 80+ investment options as VUL Accumulator II
⁴$150,000 premium limit for expedited underwriting for adults; $100,000 for minors; additional underwriting requirements (i.e. medical exams, APS, etc.) will be required if total premium is above these limits or if the total coverage exceeds $3M on Secure Wealth Plus. NYL reserves the right to decline applications.