Insurance provider New York Life has released a pair of life solutions within its Wealth Plus range, designed to provide death benefit protection as well as early, tax-advantaged cash value accumulation potential.
The goal is to maximise the benefits of life insurance as part of a financial plan.
The two solutions are:
- Secure Wealth Plus – a 10-year premium-paying whole of life policy for clients aged up to 60 years old with a $10,000 (£9,217, €10,315) minimum annual premium; and
- Market Wealth Plus – a variable universal life policy for clients up to 60 years of age, also with a minimum annual premium of $10,000.
New York Life said: “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.”
The firm, however, warned that dividends are not guaranteed.
“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.”
