Single-premium UL product debuts

Clients who want to build legacy assets with a single-premium policy have a new option. New York Life Insurance and Annuity Corp. introduced Instant Legacy, a single-premium universal life policy designed to give customers the chance to convert and transfer various accounts and CDs into a life policy "that leverages these funds in the form of a death benefit easily passed on to their heirs."

Instant Legacy's features include the following:

• Accelerated death benefit for terminal illness
• Spouse's paid-up insurance purchase option
• $10,000 minimum premium
• Guaranteed death benefit
• Money-back guarantee of at least initial single payment
• Simplified underwriting, no medical exams
• Access to cash value with 10 percent surrender charge-free withdrawals

For more information on the policy, visit www.newyorklife.com.