NEW YORK – New York Life has announced the launch of MyIncome Protector, the first in a suite of solutions designed to replace a portion of income in the event of disability. The launch is part of the company’s long tradition of meeting the changing needs of customers at every stage of life.
“Disability insurance helps protect what is often consumers’ greatest asset: their ability to earn an income. With one in four 20-year-olds at risk of becoming disabled at some point before retirement, it’s important to protect against loss of income with a solution that helps maintain their lifestyle and savings potential. a family by providing funds to pay for current household expenses. said Aaron Ball, senior vice president and head of insurance solutions, services and marketing, New York Life. “The launch of MyIncome Protector builds on our suite of protection-focused solutions and enables New York Life financial professionals to provide trusted advice and help their clients become more financially secure.
MyIncome Protector helps consumers protect a significant portion of their income (between 50 and 70%) in the event of disability. It can be used to supplement benefits that may be received under employer benefit programs, and it provides a permanent, fully transferable benefit to consumers, with guaranteed premiums up to age 67. It also offers unique benefits for small business owners and healthcare professionals.
“An important part of a strong financial plan, disability insurance is a valuable and transferable financial protection tool. MyIncome Protector marks the first in a series of innovative solutions supported by the superior financial strength of New York Life, ”said Paul Fromm, vice president and head of disability income solutions, New York Life. “MyIncome Protector provides a monthly disability benefit if the insured becomes disabled and offers three definitions of total disability from which to choose. These unique product packages – Core, Pro, and Max – are available with different definitions of disability and a range of benefits, 11 endorsement options, and the ability to create a custom policy. Clients can work with their New York Life financial professional to choose the right coverage for their needs and budget.
MyIncome Protector offers additional features, including:
- Two riders focused exclusively on business owners
- Unique to New York Life, the Business Support Rider provides an additional lump sum spread over four payments to business owners who become totally disabled.
- The business loan rider reimburses the business owners’ share of any loan payments made on a business loan when the business owner is disabled during the term of the rider.
- The automatic inclusion of “Occupation specific to medical specialty” on each policy, which allows health professionals who limit their profession to the functions of a recognized medical or dental specialty to consider the functions of this specialty as their own profession .
- Automatic benefit increase and optional benefit increase options that allow the insured to increase their monthly disability benefit by up to 10% per year for the first five years without medical evidence of insurability.
MyIncome Protector policy owners will be eligible to receive dividends at the end of the fifth policy year and a 5% premium discount for all years available to existing New York Life policyholders of qualifying insurance and investment products.
Protector of my income is available in 42 states and the District of Columbia exclusively through New York Life Financial Professionals. For more information, click here.