NY Life now offers disability insurance
New York Life has expanded its services to provide disability insurance, the company said on Tuesday.
MyIncome Protector is the first in a suite of solutions designed to replace part of the income in the event of an insured’s disability. The new product will replace between 50% and 70% of a covered person’s income. It can be used to supplement the benefits that can be received under employer benefit programs, and it provides a permanent, transferable benefit to consumers, with guaranteed premiums up to age 67, a declared New York Life.
MyIncome Protector offers two riders to business owners: the Business Support Rider, which provides an additional lump sum spread over four payments to business owners who become totally disabled, and the Business Loan Rider, which reimburses the business owners share of any loan payment made on a business loan when the owner is disabled.
The new program also offers an automatic benefit increase and optional benefit increase, which allows the insured person to increase their monthly disability benefits by up to 10% per year for the first five years without medical proof of insurability.
“An important part of a strong financial plan, disability insurance is a valuable and portable financial protection tool,” said Paul Fromm, vice president and head of disability income solutions at New York Life, in a statement. . “My Protective Income [includes] three definitions of total disability to choose from and a range of benefits, including 11 rider options and the ability to create a personalized policy.
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