New York Life Insurance Co. announced the introduction Wednesday of Family Protection Insurance -- a family term-life insurance plan that can meet families' changing needs over time.
The insurer said its plan is designed for younger families that often lack adequate insurance coverage; it covers both parents under one policy and gives them the flexibility to increase their level of coverage without requiring further proof of insurability. In addition, any increase in insurance coverage is calculated at the premium rate offered when the policy was first bought.
The product's features include coverage for domestic partners; conversion privileges for adults and children; dependent-child insurance; maximum face amount of $500,000 per adult, with an option to go to $1 million; and an additional $200,000 death benefit in certain circumstances.
New York Life is rated triple-A by Fitch and Moody's, A-plus-plus by A.M. Best, and AA-plus by Standard & Poor's.
