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Whole Life at-a-glance

Everyone wants to protect their family. We know. We’ve been doing it for over 160 years, sometimes protecting multiple generations of the same family. Many with our flagship product: New York Life Whole Life insurance *and its myriad of benefits. In addition to a death benefit, which can ensure that your family can maintain its standard of living should something happen to you, Whole life also accumulates cash value, and is eligible, although not guaranteed, to receive dividends.

You can use the cash value to fund any needs you have, such as a child’s education or a new home. However, loans against the policy do accrue interest and decrease the cash value and death benefit by the amount of outstanding loan and interest.

Whole life can be customized to meet your family’s unique needs.

Highlights of a whole life policy include:

  • A level premium guaranteed never to increase
  • A guaranteed death benefit, as long as premium is paid
  • Tax-deferred cash value accumulation
  • The freedom to borrow from cash value, generally on a tax-free basis
  • The potential to earn dividends as declared by the company.

A Good Choice When

  • You need lifetime protection for your family or a business in the event of your death
  • You want to accumulate cash value
  • You have unique needs- the policy can be customized in many ways through the addition of policy riders
  • You need traditional insurance protection, mortgage protection, supplemental retirement funding, supplemental education funding or other cash value needs.

Whole Life in Action

Frank and Roberta, both 25, have been married for two years. They recently had their first, baby, Sophie, six months ago. While they each had $200,000 of term coverage, after the baby was born, they wanted a more permanent solution to their long-term insurance protection needs. They each converted their term policies to whole life policies .They now know they are covered in the event of their death and can increase their coverage as their insurance needs grow.

Customize Your Policy

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

If you would like to discuss your life insurance needs with a New York Life agent, click here and we’ll help find one near you.