Portfolio

New York Life Launches Wealth Plus

Two new, innovative life insurance solutions combine death benefit and early accumulation potential, designed to meet more client needs

NEW YORK–(BUSINESS WIRE)–New York Life today announced the launch of Wealth Plus, two new, innovative life insurance solutions. The Wealth Plus series is designed to provide death benefit protection and early, tax-advantaged cash value accumulation potential, enabling clients to further maximize the benefits of life insurance as part of a holistic financial strategy. With the addition of Wealth Plus, New York Life is now positioned to offer the most comprehensive and unique suite of accumulation-oriented life insurance solutions.

“Our financial professionals build lifelong relationships with their clients and over time, clients’ financial goals and needs often change,” said Aaron Ball, Senior Vice President, Head of Insurance Solutions, Service, and Marketing, New York Life. “The addition of Wealth Plus is an exciting milestone in our strategy to expand our suite of solutions and ensures that we are offering tools that grow with the needs of our clients – today and in the future.”

These new solutions can work alongside traditional retirement savings options by combining the protection of a death benefit with tax-efficient accumulation potential, future tax-free supplemental retirement income and an expedited application process.

Today, Wealth Plus includes:

  • Secure Wealth Plus – A 10-year premium paying whole life policy for clients aged 0-60 with a $10,000 minimum annual premium.
  • Market Wealth Plus – A variable universal life policy for clients aged 0-60 with a $10,000 minimum annual premium.

Secure Wealth Plus and Market Wealth Plus are designed to help give policy owners the opportunity to accumulate wealth in a more efficient, tax-advantaged way, while accommodating their risk tolerance. Secure Wealth Plus provides life insurance protection and a stable path toward wealth accumulation with additional growth potential through dividends.

Market Wealth Plus is long-term life insurance protection and offers exposure to the equity market, which can offer the potential for greater asset accumulation. Together, the Wealth Plus series supports a comprehensive strategy to protect and grow retirement assets, including the opportunity to efficiently distribute those assets in retirement. The expedited application process features an electronic questionnaire and no lab or fluid requirements. Most applications will receive a decision within 24-48 hours of submitting requirements.

“Wealth Plus is the first of its kind and was designed to close a financial planning gap for investment-focused consumers who want death benefit protection as well as tax-advantaged accumulation,” continued Ball.

The Wealth Plus series is available in most states exclusively through New York Life financial professionals.