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Custom Whole Life – A Revolutionary Product for Today's Family

Want a life insurance policy that fits your lifestyle and plans? Do you think it is a bit strange to be expected to pay premiums to age 100? Have you heard about New York Life's Custom Whole Life?

New York Life Insurance Company took the "whole life" insurance concept (around for more than a century and which, by the way, New York Life helped pioneer) retooled it and modernized it.

The result: In 2006, we rolled out a whole life product that is close to being downright exciting. Exciting? This first–of–a–kind policy can help you to stop paying premiums on your terms — when you choose. We think that's exciting. So innovative that it's patent pending.

Our life insurance policy is called New York Life Custom Whole Life, and it is the first whole life product that allows you to pick the exact year you want your policy to be "paid–up," ending all premium payments*. The premium–paying period must be at least five years from issue and not extend beyond age 75.

What does this mean in terms of your life and your lifestyle? In a word — choices! Your policy is customized by you to work within your long–term retirement plans or any other date that you desire. If you plan to retire in 12 years, you can design your policy so your premium payments end in 12 years, AND have a fully paid–up policy. When do you want to stop paying premiums? Five years? Nine years? Fifteen years? Age 75? It's your call. Choices. Exciting choices.

This can benefit you in several ways:

  1. No premium payments in retirement, if you prefer. As you enter retirement, you will most likely want to reduce your expenses. Carrying a whole–life premium for the rest of your life (traditionally, premiums are due until either your death or age 100) can cut into precious resources. Later on in life, when your income may become smaller, premium payments will have ended.
  2. Potential for retirement income. If you like, after the end of the premium paying period, you can begin taking the accumulated cash value from the policy to supplement your other retirement income. You can even arrange to have New York Life send you a check each month. This is an attractive double benefit. Not only do your premiums stop, but an income can be generated for years, while still maintaining life insurance protection.* This policy can provide a periodic payment through the use of policy values. This periodic payment can be funded by: (1) only a surrender of any available paid–up insurance cash values up to the amount of premiums paid; (2) only a policy loan from the base policy's cash surrender value; or (3) a combination of both. Since these policy values include dividends, which are not guaranteed, the periodic payment funded by these policy values is not guaranteed. Loans against your policy accrue interest and decrease the death benefit and cash surrender value by the amount of the outstanding loan and interest.

Unlike many insurance companies, New York Life does not use a Direct Recognition method of calculating dividends.* Direct Recognition reduces dividends to reflect any outstanding loan against the policy. Since New York Life does not use this calculation method, New York Life policyowners would receive the same dividend, whether or not they have a policy loan. Dividends are based on the policy's applicable dividend scale, which is neither guaranteed nor an estimate of future performance. Although dividends cannot be guaranteed, New York Life has paid annual dividends to policy owners for over 150 successive years.

In short, this policy can adapt to your needs and your timetable. The pace is up to you. This policy can help you meet your goals and fit into your financial strategy. It can reflect your individual lifestyle and plans Custom Whole Life is a blend of traditional and new features:

Traditional values are the cornerstone of Custom Whole Life:

  • You lock in the premium when you buy your policy. That premium will never go up, guaranteed.
  • The cash value grows at a guaranteed rate. Unlike with equity–based and interest–sensitive products, your cash value grows at a steady rate, without regard to market fluctuations. Plus, since this is a limited–pay policy, your cash values can grow at an accelerated rate from most traditional whole life policies.
  • Cash value growth is tax–deferred.
  • As long as the agreed upon premiums are paid, your life insurance can never be canceled. Even if your health declines or you become completely uninsurable, your policy stays in force. And once the policy is paid–up, it remains in force for life, as long as adequate cash value remains. Keep in mind that loans reduce both the cash value and death benefit
  • The death benefit paid to your beneficiaries is generally tax–free.

There's nothing traditional, though, about how you pick the exact year your policy becomes "paid up," which means no further premiums are required:

  • You can pay all premiums in as few as five years.
  • You can arrange to have your policy paid–up at any age you choose, up to age 75.

However, if you are in the following situations, you may want to consider Custom Whole Life:

You are under age 70 and, if not retired already, you do have a projected retirement target date. Most of all, you need insurance protection now and you want to reduce the expenses you will have in later years when your income may be smaller, and enhance your supplemental income in retirement.

You have children or grandchildren you want to help. Eligible insureds can be as young as newborns. You can purchase a Custom Whole Life, either on your life or on the life of the child. This not only lays the foundation for his or her financial future, but it also continues to accumulate cash value that can be borrowed to help pay college costs or provide a down payment for a first home.

You are a business owner or key executive interested in a deferred compensation plan that can help assure your financial independence upon retirement. This policy can be customized to become paid in the exact year you retire.

We at New York Life are proud of Custom Whole Life, the first whole life insurance policy of its kind. Is it right for you? That's something only you can decide. We invite you to find out more by contacting a New York Life agent for an appointment. There will be no pressure, no cost, and no obligation.

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Custom Whole Life – A Revolutionary Product for Today's Family

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