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Custom Survivorship Whole Life can provide a distinct advantage

How your young family or small business can benefit with our CSWL product

Anyone with children knows that ensuring the happiness, health, and safety of the family is a lot of work and should be taken seriously. It is not uncommon for couples to wonder “What would happen to our kids if something were to happen to both of us?”

Traditionally, whole life insurance offers you a permanent way to provide guaranteed coverage that will protect your family for many years to come. As long as you pay the premiums, your policy will provide the security of a guaranteed death benefit, as well as an accumulation component called “cash value” that you can access through policy loans* to help you through some of life’s most pivotal events.

Now, couples can take advantage of New York Life’s new Custom Survivorship Whole Life (CSWL) product, which makes it easy and less expensive for them to feel more secure about these needs, offering a guaranteed paid-up second-to-die whole life insurance policy.

A second-to-die policy pays benefits after the second of the two insureds has died. This not only allows two people to be insured on the same policy, but also generally has lower premiums than the cost of maintaining two individual policies for the couple or business partners who own the policy.

A CSWL policy can also be used for small business partnerships with two employees. These businesses can often withstand the loss of one employee, but the loss of both key employees could be devastating. The lower premiums and second-to-die structure make it an ideal way to protect the business and prepare for unexpected changes. Death benefit proceeds can help offset expenses including recruiting and training new employees, paying operating expenses to keep the business going, or other transitional issues.

Throughout the development process, New York Life product manager Silvio DiSisto, couldn’t help but keep his personal situation top of mind. “My wife and I have two boys, Giovanni, two years old, and Alessio, one year old. They mean the world to us,” shares DiSisto. “CSWL is perfect for our needs. We have two term policies that we are going to convert into a CSWL, so that we have permanent insurance in place for our children. This allows me to pay a lower premium, get a higher death benefit, and still access the same amount of cash accumulation value as I could if I bought two separate policies.”

Young couples who are exploring coverage options should ask themselves a few questions when considering a CSWL policy:

  1. Do you need a death benefit if the first person dies? If so, in addition to CSWL you many want to consider purchasing some term insurance to cover expenses after the first spouse or partner dies.
  2. How long do they want to pay premiums? Akin to a mortgage, Custom Survivorship Whole Life clients can choose to pay up their policy in a total of 10, 20, or 30 years, in addition to the traditional Pay-to-the age of 100 option offered with other products.
  3. Is cash value accumulation important to you? If so, CSWL or CWL is more likely to be the product that will meet your needs.

By adding the combination of the new custom pay periods and a wide variety of optional riders (some at additional cost) and product features to Custom Survivorship Whole Life, the product is prospectively attractive to a number of clients in addition to young families and small businesses. These include:

  • Couples who want to have their life insurance policy guaranteed paid up over a specified time horizon
  • Empty nesters looking for supplemental retirement planning when their life insurance needs decrease
  • Parents with special needs children
  • Grandparents looking to leave a legacy for their grandchildren
  • People with excess qualified assets, such as IRAs or 401ks, looking for a way to use the required distributions to establish a legacy
  • Clients looking for a guaranteed premium outlay endpoint for estate tax planning purposes.

Click here for a basic fact sheet on Custom Survivorship Whole Life Insurance, as well as information on a wide variety of policy riders that can allow you to customize your policy.

A New York Life agent would be happy to discuss your need is a free, no-obligation meeting. Click here to find an agent near you.

*Policy loans accrue interest and reduce cash value and death benefit.

In Oregon, the New York Life Survivorship Whole Life policy form number is 207-100.27.