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20 Year Level Term Insurance

The Company You Keep®

Fact Sheet

20 Year Level Term (20YLT) offers affordable life insurance protection. The initial premiums are guaranteed to remain level for the first 20 years. At year 21, the premium rates increase annually and are guaranteed.

The coverage 20YLT provides can help families and business owners safeguard their financial futures. The death benefit can be used to help pay mortgages and other debts, fund a child’s college education, expand business operations, and help a family continue its standard of living.


  • Pure life insurance protection.

  • A death benefit that, in most instances, is free from federal income tax.

  • Guaranteed renewable coverage through the expiry age (see below).

  • The privilege to convert to a permanent policy that builds cash value

(see “Conversion Privilege”).

  • A conversion credit that’s applied to the new permanent life policy’s first-year premium.

  • The financial strength of New York Life Insurance Company.

There are many situations in which 20YLT may be appropriate. Here are just a few examples:

Temporary Need for Protection –– When coverage is needed for a finite period of time, 20YLT can be ideal. A common use is when a mortgage or student loan is taken.

Limited Funds –– In situations in which life insurance is essential but dollars are scarce, 20YLT can serve as a stop-gap. Young people starting their careers can choose 20YLT, then convert to a permanent plan as their finances improve.

Protection for Business Owners –– 20YLT can be used as a hedge to cover outstanding loans, thus shielding partners or shareholders from the financial hardship experienced if a business owner dies.

Product Uses

Issuing Company

New York Life Insurance Company

Product Type

Term insurance

Issue Ages


Expiry Age

90 for all states

Minimum Face Amount



Issue ages in New Jersey: 15-59.

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