Trusted Guidance and Protection | New York Life Insurance (2024)

FAQs

How to answer life insurance questions? ›

Medical history: Your life insurance application will ask about significant medical conditions you have or have experienced including chronic illnesses, past surgeries or other major medical treatments. Be as specific and detailed as possible about each situation, its duration and your ongoing or past treatment.

Lying on your life insurance application is a form of insurance fraud and could come with serious consequences. It may impact your future insurability, and the consequences may vary based on the severity of the omission. For instance, intentional fraud or forgery may be punishable in criminal court.

Record $2.2 billion dividend payout in 2024

New York Life declared a record dividend of $2.2 billion to eligible participating policy owners in 2024, the largest in company history. Paying a dividend² for a 170th consecutive year highlights New York Life's ability to deliver ongoing value to policy owners.

Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursem*nt against losses from an insurance company.

LYING ABOUT DRUG USE OR TOBACCO & ALCOHOL USE

An applicant for life insurance must disclose lifestyle habits, good and bad, including use of alcohol or use of tobacco.

Each insurance licensing exam presents its own challenge. Between Life and Health, students say that the Health insurance exam is the more difficult. Health insurance policies are simply more complicated than life insurance policies. The Property insurance exam is easier than the Casualty insurance exam.

What is the catch for no-exam life insurance? Because insurers don't have health data on you, your premiums will probably be higher and the amount of your death benefit will likely be smaller — especially in the first few years. In addition, there are usually age caps on who can take out a no-exam policy.

A more accurate statement is that 93% of agents choose to leave within three years. Today, we're discussing the primary reason I believe agents are leaving this business.

Does New York Life pay out? ›

Generally, yes. Depending on how you choose to get your life insurance payout, you will likely be subject to some fees and may owe taxes. Each policy will be different, and it's important to understand all the details before you take this step.

Typically, this is done quarterly, but it can be done monthly or yearly as well. Dividends can be paid out as cash or issued as additional shares.

Dividend tax basics

Dividend income is treated as the top band of income. Dividends are taxed at 8.75% (basic rate), 33.75% (higher rate), and 39.35% (additional rate). Before 6 April 2022, these rates were: 7.5%, 32.5%, and 38.1%.

What Is Life Insurance? Life insurance is a contract between you and an insurance company. In exchange for your premium payments, the life insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death, as long as your policy is in force.

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.