Protect your loved ones with a life insurance death benefit while potentially building money in your policy called cash value to use during your life. Possibly even to supplement your retirement income, send your kids to college or pay for unexpected medical expenses.  

Key Features

  • Income tax-free death benefit1 paid to beneficiaries
  • Helps money inside your policy grow tax-deferred with a fixed interest rate
  • Guaranteed3 to credit your policy no less than a 2% minimum interest rate 
  • Long-term growth potential
  • Policy loans2 available so you can borrow from your policy
  • Issued by ReliaStar Life Insurance Company of New York 

Suitable For

Individuals
  • Life insurance protection
  • Supplemental retirement income2
  • To preserve assets to pass on to your heirs
  • Life insurance with premium financing arrangements

 

Business owners
  • Retain and reward outstanding executives
  • Overcome “contribution limits” imposed by qualified plans
  • Recruit and retain outside board members and directors for your company  

Eligibility

Ages
  • 0 – 90 (varies depending on underwriting)
  • The minimum issue age for premium financing is 18
Minimum Death Benefit

$50,000 

State Availability

Only available in New York 

Fees & Charges

Monthly Charges
  • Policy Charge 
    • $20 per month on a current basis
    • Guaranteed to not exceed $30 per month.
  • Administrative Charge
    Varies by issue age, gender, risk class, segment year, underwriting class and stated death benefit.
  • Cost of Insurance (COI) Charge
    Varies by issue age, gender, risk class, rating, segment year, underwriting class and target death benefit. 
Premium Expense Charge
  • Current charges are 5% in all policy years
  • Guaranteed not to exceed 10% in all policy years 
Policy Transaction Fees
  • Partial Withdrawals
    $10 for each partial withdrawal. 
  • In-force Illustrations
    We reserve the right to charge $25 for each in-force illustration requested after the first in a policy year. 
Surrender Charge

There will be a charge if you surrender your policy within the first 9 segment years. 

Rates

Guaranteed Minimum Interest Rate: 2%

Additional Details

Policy Loans
Policy loans2 with fixed charged and credited rates are available any time after the first monthly processing date. 

Riders available (some riders cost extra and are subject to state limitations and availability) 

  • Accelerated Benefit Rider
    provides a portion of the death benefit while you’re living if you’re diagnosed with a qualifying condition
  • Adjustable Term Insurance Rider
    allows you to plan for future growth by scheduling an increase to your coverage by adding term insurance
  • Additional Insured Rider
    provides term coverage on the additionally insured spouse or children 
  • Overloan Lapse Protection Rider
    can help prevent policy lapse as a result of policy loan indebtedness
  • Waiver of Cost of Insurance Rider
    can waive monthly cost of insurance and expense charges if diagnosed with a qualified disability
  • Waiver of Specified Premium Rider
    may credit a specified policy premium if diagnosed with a qualified disability
  • Waiver of Surrender Charge Rider
    only available on traditional premium financing cases 

This is a summary only. Please read the contract for complete details. 

1Proceeds from an insurance policy are generally income tax free and if properly structured, may also be free from estate tax.

2Policy loans and partial withdrawals may vary by state, may generate an income tax liability, reduce available surrender value and reduce the death benefit, or cause the policy to lapse.

Income tax free distributions are usually achieved by withdrawing to the cost basis (usually premiums paid), then using policy loans. This assumes the policy qualifies as life insurance, is not a modified endowment contract, is not lapsed or surrendered with an outstanding loan. Individual tax results may vary. You should consult your attorney or other tax advisor.

3All guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company of New York who is solely responsible for the obligations under its own policies. 

Next Steps

Additional Resources

Voya UL-CV NY, policy form series # 3001-09/09,(only available in New York), is issued by ReliaStar Life Insurance Company of New York (Woodbury, NY), ), a member of the Voya® family of companies.