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
NEW YORK--(BUSINESS WIRE)-- New York Life, America’s largest1 and most admired2 mutual life insurer, today announced the launch of MyIncome Protector, the first in a suite of solutions designed to replace a portion of income in the event of a disability. The launch continues the company’s long tradition of meeting the evolving 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 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 Aaron Ball, SVP and Head of Insurance Solutions, Service and Marketing, New York Life. “The launch of MyIncome Protector builds on our suite of protection-oriented solutions and enables New York Life’s financial professionals to provide trusted guidance and help their clients become more financially secure.”
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 Paul Fromm, VP 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 to choose from. These unique product packages – Core, Pro and Max – are available with different definitions of disability and a range of benefits, 11 rider 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 owners4
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
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 New York Life policy owners of eligible insurance and investment products.
MyIncome Protectoris available in 42 states and the District of Columbia, exclusively through New York Life financial professionals. For more information, click here.
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States1 and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies7.
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/2021. For methodology, please see http://fortune.com/fortune500/.