New York Life August 2023 Update

Premium Deposit Account (PDA) – The Premium Deposit Account rate remains unchanged at 5.50%. PDA is used to fund a Custom Whole Life, Secure Wealth Plus, VUL Accumulator II, or Market Wealth Plus policy in a lump sum without creating a modified endowment contract. The PDA interest is applied to premiums to reduce the client’s out-of-pocket costs.

Secure Wealth Plus (10 pay whole life) is issued on just an e-app and self-complete part II (no exam, APS, or inspection report). The performance is industry leading (even better than some fully underwritten products from other carriers) and the issue time is just 48 hours from the time we receive the electronic application part II, so it is perfect for capturing the current rate of the PDA1.

Attached is a one-pager on the benefits of the Premium Deposit Account (PDA). The flyer shows both the dollar savings and the % savings associated with funding a policy with the PDA.

Attached is a marketing piece discussing Custom Survivorship Whole Life, and how you can use this product in conjunction with the PDA to take advantage of the “bonus” estate tax exemption and potentially save your clients millions of dollars in estate taxes. This is a huge opportunity, so it is worth reading and distributing to your partners that are in this space.