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New York Life

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)
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)
  • 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
¹$20,000 minimum base premium
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.

 

Find out more about these changes from New York Life…

Thanks for Joining! AIN Events: Whole Life Through the Lens of a UL Believer

Thanks to all who joined us for the recent three-part series, Whole Life Through the Lens of a UL Believer with Bobby Samuelson, sponsored by MassMutual and New York Life! This was one of the highest attended and rated events in AIN history!

For those of you who happened to miss the broadcasts, not to worry! You can find the recordings for all three sessions below, just as many of your peers across the Membership already have.

More on the Series…

Given that today’s regulatory and market conditions strongly favor Whole Life from a policy performance and value proposition perspective, we know that now is the right time to close this gap and become an expert.

In this three-part series, Bobby Samuelson, Executive Editor of The Life Product Review, dives into ways you can sharpen your skills when it comes to discussing, illustrating, and positioning Whole Life with advisors.

Check out the recordings of the three-part series below to learn more about how you can become a Whole Life expert through enlisting the help of an independent third party, using products you are comfortable with as the foundation for understanding Whole Life, and focusing on mastering the category before investigating the current products on a deeper level.

ProdMod: New York Life Announces Deadline for 10% First-Year Rate on PDA

FROM NEW YORK LIFE…

The Enhanced First-Year Rate for the Premium Deposit Account (PDA) will end on September 9, 2022. All pending or new cases must be issued by that date to take advantage of the Enhanced First-Year Rate.

To allow time for underwriting review and possible re-issue if any plan changes are made, we strongly recommend that all outstanding requirements be submitted no later than September 2nd.

Program Rules and Eligibility

  • The enhanced first-year rate is for new PDA agreements on newly issued CWL/CSWL policies (does not apply to inforce agreements)
  • To receive the 10% promotional rate, clients must pay the first year premium upfront and pre-fund at least 4 years with the PDA.
  • The maximum number of pre-paid years remains the same (14 years)
    • In California, the maximum allowable number of pre-paid years is 9.
    • In Texas, the maximum allowable amount deposited into the PDA is $500,000
  • Early withdrawals are subject to a withdrawal fee in all jurisdictions except Texas. Exceptions apply subject to the terms of the PDA agreement form signed at the time the PDA is funded.

Changes to NYLIS Illustration system and obtaining PDA estimates

  • In the NYLIS Illustration system, the PDA estimator and the PDA option in the riders’ section will be temporarily disabled.
  • Agents may request an estimate showing premiums paid, interest earned, and beginning of year and end of year balances for specific deposit amounts and durations.
  • The PDA agreement is generated after the policy is issued. Values may vary from the estimate depending on the date funds are received, the date of the agreement, and rating.

Find out more about these changes from New York Life…

AIN Events: Whole Life Through the Lens of a UL Believer

In a deliciously ironic twist, the product that is likely the least understood across third-party distribution is also one of the oldest types of life insurance: Whole Life

That’s right, unless you came up through a career agency system or have taken it upon yourself to invest the time to become an expert on your own, Whole Life may be the product you are least comfortable discussing, illustrating and positioning with advisors.

Given that today’s regulatory and market conditions strongly favor Whole Life from a policy performance and value proposition perspective, now is the right time to close this gap and become an expert.

The only question is how to quickly become a Whole Life expert?

We think there are three key ingredients:

  • Enlist the help of an independent third party
  • Use the products we are comfortable with as the foundation for understanding Whole Life
  • Focus on mastering the category before investigating the current products on a deeper level

We’ll do just that as we welcome Bobby Samuelson, Executive Editor of The Life Product Review, to join us for a three part series: Whole Life Through the Lens of a UL Believer, sponsored jointly by MassMutual Strategic Distributors and New York Life.

Register for all three unique sessions of this three part series using the links below:

SCHEDULED TO APPEAR…

BOBBY SAMUELSON
EXECUTIVE DIRECTOR
THE LIFE PRODUCT REVIEW

Bobby is the Executive Editor of The Life Product Review, the industry’s best source for independent and objective life insurance product intelligence. He regularly presents at major industry and corporate events. He has also authored and co-authored numerous articles appearing in publications such as Trusts and Estates and has been quoted in the Wall Street Journal.

Bobby is also the President of Life Innovators, an independent product development firm helping life insurers create, implement and distribute unique and differentiated life insurance and annuity products.

Previously, Bobby was the Senior Vice President and Head of Product Development for life insurance and annuities at Brighthouse Financial. Prior to joining MetLife in 2013, he was an independent consultant to life insurers, distributors and advisors. He is the third generation of his family to work in the life insurance industry.

ProdMod: New York Life’s PDA Offers an Impressive 10% First-Year Rate

FROM NEW YORK LIFE…

New York Life Advanced Markets Network is offering an Enhanced First-Year Rate for the Premium Deposit Account (PDA) for agreements with an effective date between June 1, 2022 and July 31, 2022. Clients who fund a PDA for 4 years or longer during this time will receive an enhanced first-year rate of 10% and the prevailing rate (currently 4.25%) in subsequent years. Each year, the policy’s annual premium is paid from the Account using the deposit and interest earned. The rate is applied to reduce the premiums paid.

The Premium Deposit Account (PDA) will offer a first-year rate of 10% for agreements with an effective date between May 1, 2022, and July 31, 2022. Subsequent years will receive the current PDA rate of 4.25%1. To qualify for the enhanced first-year rate, the PDA needs to be funded for at least 4 years or longer. Any PDA funded for less than 4 years will receive the current PDA rate of 4.25%.

Program Rules and Eligibility

  • The enhanced first-year rate is for new PDA agreements on newly issued CWL/CSWL policies (does not apply to inforce agreements)
  • To receive the 10% promotional rate, clients must pay the first year premium upfront and prefund at least 4 years with the PDA.
  • The maximum number of pre-paid years remains the same (14 years)
    • In CA, the maximum allowable number of pre-paid years is 9.
    • In TX, the maximum allowable amount deposited into the PDA is $500,000
  • Early withdrawals are subject to a withdrawal fee in all jurisdictions except Texas. Exceptions apply subject to the terms of the PDA agreement form signed at the time the PDA is funded.

Changes to NYLIS and obtaining PDA estimates

  • In NYLIS, the PDA estimator and the PDA option in the riders’ section will be temporarily disabled.
  • Agents may request an estimate similar to the above example showing premiums paid, interest earned, and beginning of year and end of year balances for specific deposit amounts and durations.
  • The PDA agreement is generated after the policy is issued. Values may vary from the estimate depending on the date funds are received, the date of the agreement, and rating.

1The current PDA rate is 4.25%. Rates are set monthly and are subject to change. Interest earned on the PDA is taxable.