New York Life Insurance and Annuity Corporation introduced The Pinnacle Lifetime Guarantee, an insurance product designed to provide permanent and adaptable life insurance coverage to business owners and high-net-worth clients aiming to provide for their heirs and conserve their assets.
"Our new Pinnacle LTG UL product offers consumers a way to pay affordable premiums for a death benefit guarantee while they address wealth preservation, estate conservation and other needs," said Michael G. Gallo, senior vice president of the individual life department of New York Life. "The appeal of the Pinnacle Series lies in the flexible product designs and four product options that enable advanced market consumers to satisfy their varied and changing needs."
The product has a lifetime no lapse guarantee, no maturity date, a catch up feature which allows policyholders to reinstate their insurance protection once they pay a no-lapse premium amount. It also contains a number of other features.