New York state’s insurance department is inching their way toward the 1980’s in their life insurance product availability. You would have to live there to appreciate (or not), just how antiquated the mortality assumption logic is.

A good example, probably the prime example, is that up until just a few years ago, term insurance in New York couldn’t have a guarantee beyond age 75. Even when the rest of the country had gone to age 80 and then 85, New York held fast. They finally broke through and allowed term to age 80, but no one is holding their breath to see if they will go to 85.

New York and Utah are the only two states not to fully embrace return of premium term products. Outside of those two states there are probably 40 different companies that offer ROP. In New York and Utah, one each.

New York was the last state to adopt universal life with a no lapse guarantee, one of the best permanent products available. They are just now issuing guidelines, and strict guidelines at that, on equity indexed universal life.

Equity indexed universal life, if built on a no lapse guarantee shell, is the same as other UL’s with the added perk of a larger potential (non guaranteed) upside on cash value accumulation. Just a word of caution with any universal life product. Look at the guaranteed side of the illustration and if you can’t live with what it says, ask for a different product. I personally don’t recommend anything but a fully guaranteed UL, with a death benefit well beyond age 100.

Bottom line. New York may break into the 21st century one of these years. When they do, they’ll probably still be 20 years behind, but progress will have been made.