Whole Life Insurance

For generations, families have relied on the essential financial security that Whole Life insurance provides. In addition to paying a death benefit, Whole Life is also a value builder. The cash values that accumulate in the policy can be accessed during your lifetime to fund vital needs such as a child's education or a new home. Whole Life is a flexible product that can be customized to meet your family's unique needs. It can provide a foundation upon which you can help build your family's financial future.

Benefits

Uses of Whole Life
Individual - Whole Life can be an effective method of protecting your family's assets. Some potential uses include:

• The 412(i) Plan - Retirement Planning Advantages for the Well-Established Business Owner
• Traditional Insurance Protection - Provides the financial security that gives families the peace of mind they deserve.
• Mortgage Protection - Can help pay off mortgages and other outstanding debts in the event of a premature death.
• Retirement Funding - Over the long term, accumulated cash value can be accessed through policy loans¹ or surrenders to help supplement a retirement income.
• Education Funding - Help pay for children's and grandchildren's education through policy loans¹, or as named beneficiaries.
• Pension Maximization - A possible solution to the pension dilemma, whereby a "single-life" pension option is chosen and life insurance proceeds are earmarked to replace the lost pension benefit in the event of pensioner's death.
• Estate Planning Tool - Whole Life insurance can be an effective way of providing funds for estate expenses, and to help avoid the sale of assets and/or the need to borrow.
• Charitable Giving - Bequeathing life insurance is an effective way to make a significant donation to your favorite charity.

1 Loans against your policy accrue interest at the current rate and decrease the death benefit by the amount of the outstanding loan and interest.

2 Dividends are based on the policy's applicable dividend scale or interest crediting rate which is neither guaranteed nor an estimate of future performance.

Business
Whole Life can play many vital roles in the smooth operation of a business. It can be used as an attractive employee benefit, and as a means to assure the business's financial future. Following are some examples of its use:

• Accidental Death Benefit - Provides additional death benefit equal to the face amount of the policy if the insured dies as a result of an accident, up to $300,000 maximum to age 70.
• Child's Protection Benefit - Protects the ability to continue paying for insurance purchased on a child. If a parent or guardian becomes disabled, the premiums on the child's policy will be waived by New York Life until the child is 25 years old.
• Children's Insurance - Provides level term insurance on the children of the insured.
• Dividend Option Term (DOT) - Helps make more insurance coverage available at a lower cost. DOT combines a decreasing term rider with the paid-up additions dividend option. As the paid-up additions increase, the term insurance decreases to provide a level death benefit.
• 5 Year Term - Offers affordable life insurance coverage for 5 year intervals. Premiums are guaranteed and level in the first 5 years, then increase and are expected to remain level for each successive 5 year period, but are not guaranteed to do so. It can be converted into permanent insurance on an attained age basis.
• Increasing Premium Term (IPT) - Additional coverage through low cost insurance. It can be converted into permanent insurance without providing evidence of insurability.
• Insurance Exchange³ - Provides for the exchange of policy coverage to a successor insured, subject to evidence of good health.
• Living Benefits Rider³ - Gives the policyowner access to a portion of the policy's eligible death benefit should the insured be diagnosed with a terminal illness with a life expectancy of 12 months or less. (Various states have established different life expectancy periods once terminal illness is diagnosed.)
• Option To Purchase Paid-Up Additions - OPP is an economical way to increase your protection and build more cash value. OPP premiums are used to purchase additional, paid-up insurance supplementing the total death benefit and cash value.
• Policy Purchase Option - Gives the policyowner the right to purchase a new policy on the insured without proof of insurability.
• Spouse and Children's Insurance - Allows the insured to purchase term insurance for spouse and children. ⁴
• Spouse's Paid-up Insurance Purchase Option³ - Gives the spouse/beneficiary the right to purchase a new paid-up whole life policy on his/her life without evidence of insurability.⁴
• Unemployment Rider - Helps keep valuable life insurance coverage in force during a difficult time. Policy premiums will be waived for up to one year provided the primary insured has been employed for two consecutive years and has not collected any unemployment benefits during that time to qualify for the rider.
• Waiver of Premium - Waiver of Premium gives peace of mind by assuring that the valuable insurance coverage is not lost when the policyowner is unable to pay premiums due to a disability. With this rider, New York Life will waive all premiums should the insured become totally disabled, as explained in the rider.
• Split Dollar Arrangement - Employee is covered by an insurance policy while premiums are paid by the employer. The employer owns the policy, but the employee can name the beneficiary. Upon the death of the employee, the employer receives proceeds equal to the cash value of the policy, while the beneficiary receives the remaining proceeds.
• Executive Bonus - An effective way to show an employer's and executive's participation in a policy financed by a bonus from the corporation.
• Group Equity Carve-Out - A cost-effective way for employers to provide permanent, cash value life insurance to select employees.
• Deferred Compensation - Offers employers the opportunity to provide benefits to employees at a later date, such as at retirement.
• Salary Continuation - An executive incentive plan that offers the employee supplemental retirement and death benefits.
• Buy/Sell Agreement - Funding a buy/sell agreement through life insurance can be the smart choice in protecting your business's assets.

Product Specifics
Issues Ages - 0-90

Minimum Death Benefit
Issue Ages
0-10: $5,000
11-90: $10,000 ($5,000 minimum as long as annual premium is at least $480)

Premium Modes
New York Life offers several convenient ways to pay premiums: annually, semi-annually, quarterly, monthly, or through our automatic bank drafting method Check-O-Matic (C-O-M), NYL-A-Plan, or government allotment.

Policy Loans
To help you meet emergency needs, you can tap into your policy's cash value through policy loans. The maximum loan value on a policy anniversary, on a premium due date or during the grace period, is: Guaranteed cash value plus dividend values plus Option to Purchase Paid-up Additions (OPP) values minus the total of current loans and loan interest.

At all others times, the maximum loan value is the amount that, with interest, will equal the maximum loan value on the next anniversary or on the next premium due date, if earlier.

Loan Interest Rate
Whole Life features a variable loan interest rate, which is increased or decreased based on the Monthly Average Corporate Yield shown in Moody's Corporate Bond Yield Average. The Company sets the loan interest rate at least once year and may set the year and may set the rate as often as quarterly.

Available Riders
Whole Life is a highly customizable product. You can choose from a wide variety of policy riders to meet your specific needs.

Dividend Options
Whole Life policy owners earn dividends when they are declared by the Company. Dividends are not guaranteed. New York Life offers several ways to utilize these dividends including:

• Paid-up Additions -  Increase your coverage by using dividends to purchase additional, paid-up insurance.
• Dividend Accumulation -  You may leave your dividends on deposit with New York Life to earn interest.
• Premium Payment -  You may have your dividends applied to pay part of or all (if sufficient)of the premium.
• Cash - A check can be mailed for the full amount of your dividend.

Notes: These are only partial descriptions of these riders. Not all riders are available in every state, and some states vary the terms of certain riders. We encourage you to speak with your New York Life agent for more complete information.

³ There is no charge for this rider.

⁴ Not available in New York.

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