New York Life Launches Wealth Plus

Rhea-AI Summary

New York Life has launched Wealth Plus, a series of innovative life insurance solutions that combine death benefits with early, tax-advantaged cash accumulation. This offering enables clients to enhance their financial strategies effectively. Wealth Plus includes Secure Wealth Plus, a 10-year whole life policy, and Market Wealth Plus, a variable universal life policy, both requiring a minimum annual premium of $10,000. The application process is expedited, ensuring decisions within 24-48 hours.

Positive

• Launch of Wealth Plus enhances New York Life's product offerings.
• Tax-advantaged accumulation potential may attract more clients.
• Expedited application process improves customer experience.

Negative

• None.

Two New, Innovative Life Insurance Solutions Combine Death Benefit and Early Accumulation Potential, Designed to Meet More Client Needs

NEW YORK--(BUSINESS WIRE)-- New York Life today announced the launch of Wealth Plus, two new, innovative life insurance solutions. The Wealth Plus* series is designed to provide death benefit protection and early, tax-advantaged cash value accumulation potential, enabling clients to further maximize the benefits of life insurance as part of a holistic financial strategy. With the addition of Wealth Plus, New York Life is now positioned to offer the most comprehensive and unique suite of accumulation-oriented life insurance solutions.

“Our financial professionals build lifelong relationships with their clients and over time, clients’ financial goals and needs often change,” said Aaron Ball, Senior Vice President, Head of Insurance Solutions, Service, and Marketing, New York Life. “The addition of Wealth Plus is an exciting milestone in our strategy to expand our suite of solutions and ensures that we are offering tools that grow with the needs of our clients – today and in the future.”

These new solutions can work alongside traditional retirement savings options by combining the protection of a death benefit with tax-efficient accumulation potential, future tax-free supplemental retirement income and an expedited application process.

Today, Wealth Plus includes:

• Secure Wealth Plus – A 10-year premium paying whole life policy for clients aged 0-60 with a $10,000 minimum annual premium.
• Market Wealth Plus** – A variable universal life policy for clients aged 0-60 with a $10,000 minimum annual premium.

Secure Wealth Plus and Market Wealth Plus are designed to help give policy owners the opportunity to accumulate wealth in a more efficient, tax-advantaged way, while accommodating their risk tolerance. Secure Wealth Plus provides life insurance protection and a stable path toward wealth accumulation with additional growth potential through dividends***. Market Wealth Plus is long-term life insurance protection and offers exposure to the equity market, which can offer the potential for greater asset accumulation. Together, the Wealth Plus series supports a comprehensive strategy to protect and grow retirement assets, including the opportunity to efficiently distribute those assets in retirement. The expedited application process features an electronic questionnaire and no lab or fluid requirements****. Most applications will receive a decision within 24-48 hours of submitting requirements.

“Wealth Plus is the first of its kind and was designed to close a financial planning gap for investment-focused consumers who want death benefit protection as well as tax-advantaged accumulation,” continued Ball.

The Wealth Plus series is available in most states exclusively through New York Life financial professionals.

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 agencies².

* Secure Wealth Plus is issued by New York Life Insurance Company (NY, NY). Market Wealth Plus is issued by New York Life Insurance and Annuity Corporation, a Delaware Corporation, and is offered through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency and New York Life company. In most jurisdictions, the policy form numbers are as follows (state variations may apply): Secure Wealth Plus (ICC18217-50P (4/18)); Market Wealth Plus (ICC22-322-32P). Products available in jurisdictions where approved.

** Members of the public can request a policy prospectus from their NYLIFE Securities LLC registered representative. The prospectus contains more complete information about Market Wealth Plus, including investment objectives, strategies, risks, charges and expenses. Clients should read the prospectus carefully before investing. Market Wealth Plus involves market risk; investment losses are possible.

***Dividends are not guaranteed.

**** For policies with an annual premium of $150,000 or less, $100,000 or less for ages under 18. We reserve the right to decline an application.

¹ Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see https://fortune.com/fortune500/.

² Individual independent rating agency commentary as of 6/22/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005308/en/

Sara Sefcovic

New York Life Insurance Company

(212) 576-4499

Sara_M_Sefcovic@newyorklife.com

Nick Rourke

Sloane & Company

518-788-5248

nrourke@sloanepr.com

Source: New York Life

FAQ

What are the features of Wealth Plus from New York Life?

Wealth Plus includes Secure Wealth Plus, a 10-year premium paying whole life policy, and Market Wealth Plus, a variable universal life policy, both with a minimum annual premium of $10,000.

How does Wealth Plus benefit policyholders?

Wealth Plus offers tax-efficient cash value accumulation and death benefit protection, catering to clients' evolving financial needs.

What is the application process for Wealth Plus?

The application process for Wealth Plus is expedited, involving an electronic questionnaire with decisions typically made within 24-48 hours.

Who can purchase Wealth Plus policies?

Wealth Plus is available for clients aged 0-60 and can be accessed exclusively through New York Life financial professionals.

What is the stock symbol for New York Life?

The stock symbol for New York Life Insurance Company is MAPAX.