NEW YORK - New York Life has introduced a single-premium variable universal life product that gives policyholders tax-deferred growth of their premium dollars.
A guaranteed death benefit equal to the policy's face amount is also available, and the death benefit is tax-free to the beneficiary.
The NYLIAC (New York Life Insurance and Annuity Corp.) SPVUL annuity is available for issue at age 0 to 90 in 38 states and the District of Columbia. The minimum single premium is $10,000 for issue at age 18 or older and $5,000 at 17 or younger.
Also, New York Life Investment Management Retirement Services, a division of New York Life Investment Management LLC, has unveiled NYLIM Horizon 401(k), a retirement planning product for small businesses with assets of $1 million to $15 million.
