New York Life Expands Line of Protection-Focused Solutions with New Participating Individual Disability Insurance Policy
MyIncome Protector helps protect consumers’ ability to earn income, offers unique features for business owners and healthcare professionals
NEW YORK, October 04, 2021– (COMMERCIAL THREAD) – New York Life, the largest in America1 and the most admired2 mutual, today announced the launch of MonRevenu Protecteur, the first in a series of solutions designed to replace a portion of income in the event of disability. The launch is part of the company’s long tradition of meeting the changing needs of customers at every stage of life.
“Disability insurance helps protect what is often consumers’ greatest asset: their ability to earn an income. With one in four 20-year-olds at risk of becoming disabled at some point before retirement3, it is important to protect against loss of income with a solution that helps maintain a family’s lifestyle and savings potential by providing funds to pay for current household expenses, ”said Aaron Ball , SVP and Head of Insurance Solutions, Services and Marketing, New York Life “The launch of MyIncome Protector builds on our suite of protection-focused solutions and empowers finance professionals in New York Life to provide reliable advice and help their clients become more financially secure. “
MyIncome Protector helps consumers protect a significant portion of their income (between 50 and 70%) in the event of disability. It can be used to supplement benefits that may be received under employer benefit programs, and it provides a permanent, fully transferable benefit to consumers, with guaranteed premiums up to age 67. It also offers unique benefits for small business owners and healthcare professionals.
“An important part of a strong financial plan, disability insurance is a valuable and portable financial protection tool. MyIncome Protector is the first in a series of innovative solutions supported by the superior financial strength of New York Life, ”said Paul Fromm, vice president and head of disability income solutions, New York Life. “MyIncome Protector provides a monthly disability benefit if the insured becomes disabled, and offers three definitions of total disability to choose from. These unique product packages – Core, Pro and Max – are available with different definitions of disability and a range of benefits, 11 rider options and the ability to create a personalized policy Clients can work with their New York Life financial professional to choose the coverage that suits their needs and budget.
MyIncome Protector offers additional features, including:
The automatic inclusion of “Occupation specific to medical specialty” on each policy, which allows health professionals who limit their profession to the functions of a recognized medical or dental specialty to consider the functions of this specialty as their own profession .
MyIncome Protector policy owners will be eligible to receive dividends6 at the end of the fifth policy year and a 5% premium discount for all years available to existing New York Life policyholders of qualifying insurance and investment products.
MyIncome Protector is available in 42 states and the District of Columbia exclusively through New York Life financial professionals. For more information, click on here.
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States1 and one of the largest life insurers in the world. Based in New York, the New York Life family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently assigned to any U.S. life insurer by the four major credit rating agencies7.
1 Based on earnings reported by “Fortune 500 ranked in Industries, Insurance: Life, Health (Mutual)”, Fortune magazine, 6/1/2021. For the methodology, see http://fortune.com/fortune500/.
2 As reported by Fortune 2021 Ranking of World’s Most Admired Insurance Companies (Life & Health), Fortune Magazine, 02/01/2021. For the methodology, see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.
3 Social Security Administration, Social Security Basics, 2019
4 Benefits under these riders are subject to all terms and conditions of coverage.
5 The payment of benefits is subject to any general conditions of cover issued or similar.
6 If one is declared; dividends are not guaranteed.
7 Individual comments from independent rating agencies as of 10/15/2020: AM Best (A ++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA +).
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211002005156/en/
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