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Whole Life Insurance Choices
Whole Life Insurance
Whole Life insurance has provided essential financial security to families for generations. It helps provide a foundation upon which you can build your family’s financial future. In addition to a death benefit, Whole Life also builds cash value, and is eligible to receive dividends1.
Custom Whole Life Insurance
Our Custom Whole Life policy is the first whole life policy that lets you select how long you pay premiums, guaranteed. It is designed to maximize the cash value accumulation in the policy to be accessed2 for a variety of needs during your lifetime, such as supplementing retirement income or college tuition.
Modified Premium Whole Life Insurance
Modified Premium Whole Life offers the same guarantees of traditional Whole Life, however initially has a lower premium that increases in later policy years
Whole life is permanent life insurance protection that protects your family or business no matter what lies ahead, from the day you purchase the policy until you die, as long as you pay the premiums when due.
Whole life insurance can be a solid foundation upon which to build a long-term financial strategy because it guarantees a lifetime of protection for your family or business.
Generally, the death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
The cash value of Whole Life policies can also be accessed2 during the insured’s lifetime for:
- Supplementing retirement income
- College tuition expenses
- A down payment on a home
- Emergency and other needs
New York Life Insurance company offers three Whole Life policies:
- Our Whole Life policy is permanent life insurance providing death protection benefits, accumulating cash value and offering the potential for the policy to earn dividends1.
- Custom Whole Life insurance offers the same basic insurance/death protection as Whole Life insurance, while also allowing you to select how long you pay premiums3. It is designed to build the cash value which can be accessed2 once the policy is paid up.
- Modified Premium Whole Life insurance differs from Whole Life insurance by offering a lower initial premium that remains level for the policy’s first five years. The premium increases in year six and remains level for as long as you own the policy.
1 Dividends are based on the policy's applicable dividend scale, which is neither guaranteed nor an estimate of future performance.
2 Loans against your policy accrue interest at the current variable loan interest rate and decrease the death benefit and cash value by the amount of the outstanding loan and loan interest.
3 In no case the premium paying period be less than five years or can it extend beyond age 75.
Questions about this article or about New York Life, our subsidiaries and the products that we offer? Please call this toll-free number 800-710-7945 to arrange for a discussion with a New York Life agent or a NYLIFE Securities LLC financial services professional.
This material is for informational purposes only. Neither New York Life nor its agents provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
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