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Permanent life insurance companies and product types available in New York state for Whole Life, Universal Life (UL), Indexed Universal Life (IUL) and Guaranteed Universal Life (GUL) also known as Universal Life with Secondary Guarantees (ULSG) or No-Lapse Guarantee (NLG) Universal Life, also Indexed Universal Life with No-Lapse Guarantee (NLG IUL)
Life insurance in New York is a separate entity due to the state’s strict regulations and requirements which enhances consumer protection. Because of these regulations some life insurance companies do not do business in New York, and product selection for carriers licensed in NY is more limited than any other state.
For term life see: New York term life insurance products.
For Whole Life, Guaranteed Universal Life (GUL), Indexed Universal Life (IUL) and current assumption Universal Life (UL) here is a partial list of carriers and products offered in New York. Variable Universal Life (VUL) is not included in this list.
Look for hybrid long term care insurance rider provisions. These life/long term care or life/chronic illness riders offer versatility to accelerate out death benefits when requiring long term care. Their value over traditional long term care insurance coverage is that there is a benefit derived one way or another, either a life insurance death benefit or benefit for long term care expenses. Also traditional long term care insurance has had huge problems with rate increases. Hybrid long term care insurance offers far better premium stability.
Recommendations
United States Life (part of Corebridge Financial, formerly AIG Life & Retirement)
“Value+ Protector III” recommend best overall Indexed Universal Life (IUL), minimum face amount $50,000; age 100 No Lapse Guarantee option; Chronic Illness Protection Rider option
Securian Life Insurance Company
“Eclipse Indexed Universal Life” recommend IUL minimum face amount $100,000; age 120 No-Lapse Guarantee option (NLG, IUL), cash value accumulation, very competitive premiums with GUL products
Nationwide Life Insurance Company
“Nationwide YourLife No Lapse Guarantee UL II” recommend Guaranteed Universal Life (GUL) age 120, minimum face $100,000, very competitive premiums (NLG, ULSG); Nationwide Acceleration of Life Insurance Death Benefit for Qualified Long-Term Care Services Rider. The ALIDB for Qualified Long-Term Care Services Rider is intended to be a qualified long term contract under section 7702B of the Internal Revenue Code. Indemnity-style benefits
Whole Life:
MassMutual recommend (see products below)
Survivorship (second to die):
Pruco Life Insurance Company of New Jersey, a Prudential company
“Prulife® SUL Protector” recommend age 120 No-Lapse Guarantee (NLG) option
alphabetical list of companies and products. This is a partial list of life insurance companies domiciled in New York.
American General Life (see below United States Life)
American National Life Insurance Company of New York, ANICO
“Signature Guaranteed Universal Life” age 121 No-Lapse Guarantee (NLG) option
“Signature Indexed Universal Life”
“Signature Whole Life New York”
Equitable Financial Life Insurance Company
“BrightLife® Grow, Series 159” (Indexed Universal Life) minimum face amount $50,000
John Hancock Life Insurance Company of New York
“Accumulation IUL 23″ (Indexed Universal Life); minimum face amount $50,000; NLG up to 15 years; Long-Term Care rider pays reimbursement up to $50,000/month (not restricted by IRS per diem limit); Accelerated Death Benefit for Chronic Illness Rider, pays an indemnity benefit once every twelve
months up to 75% of death benefit or $1M — up to the IRS per diem limit at claim. The IRS per diem limit is $410 per day ($12,470 per month) in 2024.
Conversion UL 20” minimum face amount $50,000; for certain John Hancock term policy owners
Lincoln Life & Annuity Company of New York
“Lincoln Conversion UL” term conversion product only
MassMutal Massachusetts Mutual Life Insurance Company
“UL Guard” minimum face amount $50,000; age 121 No-Lapse Guarantee option
“SUL Guard” minimum face amount $100,000, survivorship product, age 121 no-lapse guarantee
“MassMutual Whole Life 100”
“MassMutal Whole Life Early High Cash Value”
“MassMutual Whole Life 65”
“MassMutual Whole Life 10 Pay”
“MassMutual Whole Life 12 Pay”
“MassMutual Whole Life 15 Pay” recommend
“MassMutual Whole Life 20 Pay”
“MassMutual Survivorship Whole Life 100” minimum face amount $100,000
“Survivorship Whole Life 12 Pay” recommend
Nationwide Life Insurance Company
“Nationwide YourLife No Lapse Guarantee UL II” GUL to age 120, minimum face $100,000
“Nationwide “YourLife® Indexed UL Accumulator” minimum face amount $100,000
“Nationwide YourLife® Indexed UL Protector” minimum face amount $100,000; age 120 No-Lapse Guarantee option
“Nationwide 20-Pay Whole Life” minimum face amount $10,000 (non-participating “non-par” whole life)
“Nationwide Whole Life 100” minimum face amount $10,000 (non-participating “non-par” whole life)
“Nationwide YourLife CareMatters®” Life insurance with Cash Indemnity Long-term Care Benefits
Penn Mutual The Penn Insurance and Annuity Company of New York
“Protection Universal Life” minimum face amount $50,000 (issue age 0-55), $100,000 (issue age 56 and above); age 100 No-lapse Guarantee option
Protective Life and Annuity Insurance Company
“Protective ProClassic II NY UL 9/21” minimum face amount $25,000 at standard Non-tobacco & Tobacco; $100,000 at Select Preferred and Preferred and Preferred Tobacco
“Protective Indexed Choice UL 9/23 NY” minimum face amount $100,000
“Non-Par Whole Life 2021 NY” minimum face amount $1,000 standard Non-tobacco, Preferred Tobacco, standard Tobacco; $100,000 at Select Preferred and Preferred
Pruco Life Insurance Company of New Jersey, a Prudential company
“PruLife® Essential UL” minimum face amount $100,000, age 120 no-lapse guarantee (NLG)
“Prulife® SUL Protector” minimum face amount $200,000, survivorship product, age 120 (NLG)
Securian Life Insurance Company
“Eclipse Indexed Universal Life” recommend minimum face amount $100,000; age 120 No-Lapse Guarantee (NLG IUL) option, cash value accumulation
Transamerica
“Immediate Solution Whole Life Insurance” minimum $1,000
“10 Pay Solution Whole Life Insurance” minimum $1,000
“Easy Solution Whole Life Insurance” minimum $1,000 – maximum $25,000
United States Life Insurance Company in the City of New York, member of Corebridge Financial, Inc., formerly AIG Life & Retirement
“Secure Lifetime GUL 3” recommend minimum face amount $50,000 for standard classes (Ages 18-80), for preferred classes, $50k minimum face is ONLY available for issue ages 50-80. No Lapse Guarantee age 131 option; guaranteed cash value accumulation; option: indemnity Chronic Illness Accelerated Death Benefit Rider, “Accelerated Access Solution” (AAS) with IRS Max Per Diem Option
“Value+ Protector III” recommend best overall Indexed Universal Life, minimum face amount $50,000; age 100 No Lapse Guarantee option; optional AAS, Chronic Illness Protection Rider
“Max Accumulator+ II” Indexed Universal Life (IUL); optional AAS
“Protection Extend IUL” Indexed Universal Life, term conversion product only
“American Elite Whole Life 2” Whole Life, term conversion product only
William Penn Life Insurance Company of New York
“Life Step UL”, term conversion product only, minimum face amount $50,000
Licensed New York Agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
National Producer Number: 5534308
Please contact me to discuss converting your term life insurance policy to permanent life insurance; there is no health evaluation for conversion, for all term life insurance carriers including Lincoln, Genworth and Reliastar.
Genworth Life Insurance Company of New York
“Life Ready UL II NY Conversion”
ReliaStar Life Insurance Company of New York
Updated: 1/5/2024 – accuracy and completeness not guaranteed, carrier and product offerings subject to change
Notes:
1/5/2024 Penn Mutual checked
12/21/2023 Transamerica
12/20/2023 John Hancock revised
10/4/2023 Protective revised
2/23/2023 couple late 50’s, survivorship: Prudential single pay; MassMutual 12 pay Whole Life
1/16/2023 age 71 female, Securian recommendation
10/20/2022 entire carrier check & revision
11/9/2018 Voya Financial, parent company of Reliastar, cease new individual life sales on 12/31/2018