Terms and Conditions
New York Life Insurance Company ("NYL") is offering this payment service (the "Service") as a convenience option to the user ("You"). In addition to these Terms and Conditions, You should review our Frequently Asked Questions ("FAQ's") and our Privacy Policy. The FAQ page includes important information about how the Service works and how to get help if You have a problem using the Service. Our Privacy Policy includes important information about the type of information collected about You, how the information is collected, and what can be done with that information.

AUTHENTICATION AND AUTHORIZATION FOR SERVICE USAGE

  • The Service incorporates commercially reasonable methods to authenticate the information that You supplied for making a payment through the Service. You will not be able to submit a payment until the Service authenticates You.
  • To use the Service, You will have to submit your checking/savings or credit/debit card account information. You are responsible for any legal, regulatory, or banking penalties and fees that may be assessed for supplying false information.
  • The account You submit must be one for which You are an authorized signer.
  • You authorize NYL to initiate a debit or charge to your account according to your instructions. Each time You use the Service to pay your premiums, You will be reauthorizing us to debit or charge your account.
  • By using the service, You represent and warrant that:


    • You are 18 years old or older;
    • You are using your actual identity and any information You provide is accurate and complete;
    • You are legally authorized to make payments using the account;
    • You have read our Privacy Policy; and
    • Your use of the Service will not violate any local, state, or national laws or regulations.
NYL Express Pay and NYL Express Pay Plus

By providing NYL with your account information, You authorize NYL to follow the payment instructions received from You through the Service.

When You use the Service to send a payment instruction, You authorize NYL to request your financial institution to debit or charge your account and to send those funds to us for payment of your premium, according to your payment instruction.

To ensure timely processing, it is recommended that You instruct the Service to initiate each payment at least four (4) business days before the actual due date. (Business days are Monday through Friday, except for federal banking holidays). If You use the Service to send your payment instructions after 2 pm (Central Time) on a business day, then the Service will treat your instruction as if it was received on the following business day. The day your payment is received determines whether your payment was made on time.

If You request a refund within two (2) business days of payment or if the policy owner cancels coverage in writing within thirty (30) days of the Insurance effective date, we will refund the full amount of premiums paid. Otherwise, upon receipt of a written request from the policy owner to cancel coverage, we will refund the amount paid for premiums that have not yet become due.

RECURRING PREMIUM PAYMENT

If You elect to set up Recurring Premium Payment, You authorize the Service to process recurring payments from your credit/debit card account in the amount of your premium. You thereby permit the Service to schedule a premium payment for each premium due date and to process any past due payment(s) approximately seven days after initial set up. You agree that this authorization will remain in effect until cancelled by You via the Service or as the result of a declined payment.

Limitations of Liability and Exclusions of Warranties

ALTERATIONS AND AMENDMENTS

These Terms and Conditions are the legal binding agreement between NYL and You with respect to the Service. These Terms and Conditions may have been altered or amended from the last time You used the Service. Each time You make a payment using the Service, You agree to the current provisions of these Terms and Conditions. Your use of the Service after any changes to these Terms and Conditions will constitute your agreement to such change(s).

TERMINATION OR DISCONTINUATION

NYL reserves the right to terminate the Service at any time, or to terminate your use of the Service. If your use of the Service is terminated, then You will need to pay your life insurance premium in another manner.

DISPUTES

If there is a dispute regarding the Service, You agree to resolve the dispute in accordance with the dispute resolution procedures and governing law as outlined by your card issuer or financial institution.