New York Life Expands Suite of Protection-Oriented Solutions With New Participating Individual Disability Insurance Policy
MyIncome Protector helps Safeguard Consumers’ Ability to Earn an Income, Offers Unique Features for Business Owners and Medical Professionals
“Disability insurance helps protect what is often consumers’ greatest asset: their ability to earn an income. With one in four 20-year-olds likely to become disabled at some point before retirement3, it’s important to protect against the loss of income with a solution that helps maintain a family’s lifestyle and savings potential by providing funds to pay ongoing household expenses,” said
MyIncome Protector helps consumers protect a significant portion of their income (between 50-70%) should they become disabled. It can be used to supplement benefits that may be received under employer benefit programs, and it provides a permanent and completely portable benefit for consumers, with premiums guaranteed until age 67. It also features unique benefits for small business owners and medical professionals.
“An important component of a sound financial plan, disability insurance is a valuable and portable financial protection tool. MyIncome Protector marks the first of a series of innovative solutions backed by the superior financial strength of New York Life,” said
MyIncome Protector offers additional features including:
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Two riders focused exclusively on business owners4
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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.5 - The Business Loan Rider reimburses business owners’ share of any loan payments made on a business loan when the business owner is disabled during the rider’s term period.5
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Unique to
- The automatic inclusion of ‘Medical Specialty Own Occupation’ on every policy, which enables medical professionals who limit their occupation to the duties of a recognized medical or dental specialty to have the duties of that specialty considered their own occupation.
- 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 dividends6 at the end of the policy’s fifth year and a 5% discount on premiums for all years available for existing
MyIncome Protector is available in 42 states and the
ABOUT
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),”
2 As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),”
3
4 The benefits under these riders are subject to all terms and conditions of coverage.
5 Payment of benefits is subject to all terms and conditions of coverage issued or similar.
6 If one is declared; dividends are not guaranteed.
7 Individual independent rating agency commentary as of 10/15/2020:
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