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TERM LIFE INSURANCE Protection when you need it most with term life insurance
We can’t predict when the unexpected might happen, but you can protect your family financially. Term life insurance covers you for a set period of time (usually 10, 15, or 20 years), at a cost that might be lower than long-term protection (which offers additional features).1 You can also extend your coverage by changing to a permanent policy.2
What a term life insurance policy offers
Whether you’re just starting out on your own or thinking about protecting your family, we’ll help you find a balance between financial protection and financial growth.
Guaranteed death benefit
If you die unexpectedly while your term policy is active, your loved ones will receive a payout to help cover funeral costs and everyday expenses
Multiple lock-in periods
The earlier you start, the lower premiums will be; you can keep them level for 10, 15, or 20 years or go year-to-year with increasing premiums
Convertible, portable coverage
If your needs change, you can convert some policies to long term protection2, and you keep your coverage if you change jobs (unlike plans offered by employers)
Tax advantages
In most cases, your loved ones (beneficiaries) will not pay income taxes on the life insurance benefits they eventually receive
Two main types of term life insurance for your short-term needs
Yearly renewable term
Temporary coverage with payments (premiums) that start low and then gradually increase, plus the option to convert to permanent coverage.
Level term
Locks in consistent, predictable premiums for 10, 15 or 20 years, after which your payments will increase each year
Riders (add-ons) to customize your term life policy
Spouse Paid-Up Purchase Option
If you die, your spouse can use the payout from your policy to purchase their own paid-up life insurance without a medical exam (a unique option from New York Life)3
Disability Waiver of Premium
If you become disabled and can’t make your regular payments, we’ll cover them for you until you’re recovered
Living Benefit
If you’re terminally ill, you can take out a portion of the death benefit early to help pay for treatment or other care you might need4
Common questions about temporary life insurance
There’s more than one way to protect the ones you love
COMPARE YOUR LIFE INSURANCE OPTIONS
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Payout for loved ones (death benefit) |
Builds cash value |
Guaranteed cash value growth |
Potential earnings (dividends5) |
Market growth potential |
May go from temporary to permanent | |
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Term life 
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Remains level for a period of time you select, then increases over time |
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Always the same amount |
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Can be adjusted |
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In some cases |
Guaranteed minimum interest credited |
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Can be adjusted |
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Cash value growth subject to market risk |
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1Term life insurance offers temporary protection for a critical period of time and is generally less expensive than permanent life insurance.
2Term conversion guidelines and limitations, such as timing, may apply; for example, there may be a ten-year conversion privilege for some products and a five-year conversion privilege for others. See the product factsheet or speak to your agent for more details.
3Rider Insured’s Paid-Up Insurance Purchase Option in New York.
4Not available in every state. There is a cost to exercise this rider. Products and riders are available in approved jurisdictions and names and features may vary.
5Dividends are not guaranteed. Not all participating policy owners are eligible for dividends.
For select riders, the condition applies to the insured. See the product and rider fact sheets for details. In most jurisdictions, the form numbers are: Yearly Renewable Term (ICC22423-135P); Level Term (ICC22423-60P); Living Benefits Rider (ICC22423-498R); Spouse’s Paid-up Insurance Purchase Option (In New York, “Rider Insured’s Paid-Up Insurance Purchase Option”) (ICC22423-375R); Disability Waiver of Premium Rider (ICC22423-235R); Policy Purchase Option Rider (ICC22423-413R); State variations may apply. SMRU 5641351
Term life insurance is issued by NYLIFE Insurance Company of Arizona (NYLAZ), a wholly owned subsidiary of New York Life Insurance Company (NYLIC), except in New York, where it is issued by NYLIC. NYLAZ is not authorized in New York and does not conduct insurance business in that state.