NYL offers WL unemployment rider. (New York Life Insurance Co., whole life insurance)

National Underwriter Life & Health-Financial Services Edition, August, 1992 by Koco, Linda

New York Life Insurance Co (NYL) will offer an Unemployment Rider on new whole life insurance policies in the $25,000 to $250,000 range. Under the rider, the company will waive a full year's payment to individuals who have held a whole life policy for at least one year and have been unemployed for at least 60 days. NYL executives believe the new rider will enhance policy retention. After a year's experimentation, NYL may offer the rider, which costs 4% of the policy premium, to current whole life holders.

New York Life is taking its concept of providing benefits during periods of unemployment one step further: The company has released an Unemployment Rider for whole life policies.

Already approved in 17 states, the rider joins the Annuity Unemployment Benefit...

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