New York Life Insurance and Annuity Corp. launched the NYLIAC Instant Legacy, a single premium universal life insurance policy that gives customers the flexibility to convert and transfer assets, from various savings, money market accounts and certificates of deposit into a life insurance policy.
The policy, introduced Thursday, can leverage funds in the form of a death benefit that can be passed to heirs. The policy offers benefits including a money back guarantee where individuals can choose to have their initial single payment returned in full at any time, a guaranteed death benefit, simplified underwriting with a one-page questionnaire, no medical exams, and access to cash value with 10% surrender charge-free withdrawals.
