New York Life has expanded its services to provide disability insurance, the company announced Tuesday.

MyIncome Protector is the first offering in a suite of solutions designed to replace a portion of income in the event a policyholder becomes disabled. The new product will replace between 50% and 70% of a covered individual’s income. It can be used to supplement benefits that may be received under employer benefit programs, and it provides a permanent and portable benefit for consumers, with premiums guaranteed until the person is age 67, New York Life said.

MyIncome Protector offers two riders to business owners: the business support rider, which provides an additional lump sum spread over four payments to business owners who become totally disabled, and the business loan rider, which reimburses business owners’ share of any loan payments made on a business loan when the owner is disabled.

The new program also offers an automatic benefit increase and an optional benefit increase, which allows the insured person to increase their monthly disability benefits by up to 10% per year for the first five years without medical evidence of insurability.

“An important component of a sound financial plan, disability insurance is a valuable and portable financial protection tool,” said Paul Fromm, vice president and head of disability income solutions at New York Life, in a statement. “MyIncome Protector [includes] three definitions of total disability to choose from and a range of benefits, including 11 rider options, and the ability to create a custom policy.”