New York Life Adds a Participating Individual Disability Policy

One can pay a lump sum of cash, broken into part payments, to business owners who become totally disabled.

The other can cover the cost of business loan payments made while the business owner is disabled, and during the time period, or term, when the rider is in effect.

The policy also includes a feature aimed at medical professionals who want protection against the possible loss of their ability to handle their current specialty. Otherwise, a surgeon with "own occupation" coverage might be told, "Go become a psychiatrist!" after losing the ability to hold a scalpel.

The policy comes with a built-in "medical specialty own occupation" provision that lets a doctor or dentist who is in a recognized specialty have New York Life treat that specialty as the doctor or dentist's "own occupation."

New York Life also is trying to appeal to its current customers, by offering a 5% disability insurance premium discount to many current insurance and investment services customers.

The product is available in 42 states and the District of Columbia.

New York Life is offering the policy only through its own agents and advisors.

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