Whole Life: Feature Rich, Customizable Permanent Life Insurance

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We all have different financial needs and objectives. But life insurance plays a fundamental role in most of our plans for financial security. That's because of the variety of life insurance plans available and the many ways they can be customized to meet unique needs at different periods of your life.

Whole Life insurance from New York Life is just such a feature-rich and customizable insurance plan. It provides an income tax-free death benefit that can protect the financial security of your family in the event of an untimely death. It offers tax-deferred cash values that, as they accumulate, can be used to help purchase a home, help pay for a child's education, or supplement retirement income. Of course, you can also allow cash values to grow to help meet an unexpected emergency or seize an unanticipated opportunity.

But what's most important about Whole Life insurance is its versatility. Like an umbrella, it can help buffer you and your family from life's storms. But, unlike an umbrella, Whole Life can expand to provide greater protection and cash value as your needs increase. Various policy options allow you to purchase additional coverage over and above what the premium buys, thus simultaneously building cash value and death benefit; boost your coverage with term insurance; convert that term insurance at a later date into permanent Whole Life insurance; add family members to your policy; or even guarantee that premiums will continue to be paid should you become disabled.

Insurance for Your Whole Life
Whole Life is permanent life insurance. As long as premiums are paid on a timely basis, your policy can never be cancelled. It's life insurance you'll always have. Once set, New York Life guarantees that your premiums will never increase.

Your Policy's Guaranteed Cash Values Build Over Time
The value that builds in your Whole Life policy is called cash value. Over the long term, cash value accumulation may be considerable, especially since taxes on the money's growth are deferred.

Your Policy May Also Earn Dividends
In addition to guaranteed cash values, Whole Life insurance offers an additional potential for growth. Because Whole Life is participating insurance, your policy is eligible for dividends if and when they are declared by the Company. Each year the Company determines what portion of the profits, if any, of life insurance policies must be retained to build surplus and the balance that can be returned to policyowners. This portion is returned in the form of dividends. Whole Life insurance dividends are considered a return of premium and are generally not taxable.

Dividends are yours to do with as you like. You can use them to purchase paid-up additional Whole Life insurance or supplemental term insurance, repay policy loans, or you can take them in cash.

Versatility and Variety
Since Whole Life premiums are based largely on age, they are typically lowest when the insured persons are youngest. This makes Whole Life an excellent way to plan for the financial future of children and grandchildren.

The versatility of Whole Life also makes it a prime candidate for meeting a variety of business needs. You can use it to protect against the loss of key employees, to fund buy-sell agreements, or ensure the continuation of your business into its next generation.

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