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Whole Life Insurance product details

Download the Product Fact Sheet .

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 via policy loans1 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.


  • A guaranteed death benefit, generally free from federal income tax
  • Tax-deferred cash value accumulation
  • Generally, the ability to borrow from cash value on a tax-free basis
  • A level premium that is guaranteed never to increase1
  • Permanent coverage that can never be canceled, provided that premiums are paid when due
  • Eligibility to earn dividends as declared by the Company2
  • The ability to customize the policy by adding optional riders

Uses of Whole Life


Whole Life can be an effective method of protecting your family’s assets. Some potential uses include:

Traditional insurance — 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, if you no longer need the death benefit protection, accumulated cash value can be accessed through policy loans3 or surrenders to help supplement a retirement income.

Education funding — Help pay for children’s and grandchildren’s education through policy loans3, 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 a pensioner’s death. Note, this may impact the spouse’s health insurance coverage at retirement. Please consult your HR administrator for additional information.

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.


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

Split dollar arrangement — An employee is covered by an insurance policy while premiums are paid by the employer. The employer owns the policy, or the policy is owned by the employee and collaterally assigned to the employer, but the employee can name the beneficiary. Upon the death of the employee, the employer receives proceeds equal to the premium paid or the cash value of the policy, whichever is greater, while the beneficiary receives the remaining proceeds.

Executive bonus — The employer purchases a life insurance policy on the life of a key employee, and pays for that policy as a bonus. The employee owns the policy and has all rights in the policy.

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 with life insurance can be the most cost-effective way to protect your business’s assets.

Product specifics

Issue ages


Face amounts

Minimum: Ages 0-17: $50,000; Ages 18-90: $25,000 (can go below $25,000 minimum as long as annual base premium is at least $480).

Risk classes

Select preferred, preferred, nonsmoker, select standard, standard, juvenile (ages 0-17), and nonsmoker/standard special classes 2–13.

Premium modes3
Annually, semiannually, or Check-O-Matic

Dividend options
Earns dividends declared by New York Life. Dividends are not guaranteed.2

New York Life offers several ways to use these dividends, including:

  • Paid-up additions — Increase your coverage by using dividends to purchase additional, paid-up life insurance.
  • Dividend accumulation — Leave your dividends on deposit with New York Life to earn taxable interest.
  • Premium payment — Use your dividends to pay part or all (if sufficient) of the policy premium.
  • Cash — Receive any dividends paid in the form of a check.
Policy loans3

Borrow up to the maximum loan value from your policy’s cash value though policy loans, generally on a tax-free basis.

Loan interest rate

Features a variable loan interest rate that may increase or decrease over time. New York Life sets the loan interest rate quarterly.4

Available riders5

Choose from a wide variety of policy riders to customize your policy:

Accidental Death Benefit — Provides an additional death benefit equal to the face amount of the policy if the insured dies as a result of an accident prior to age 70 ($300,000 maximum). Available for purchase.

Children’s Insurance — Provides level term insurance on both current and future children of the insured that can be converted to a permanent life insurance policy. Available for purchase.

Child’s Protection Benefit — Provides for premiums to be waived until the policy anniversary closest to the child’s 25th birthday, in the event the premium payer (parent or guardian) dies or becomes disabled. Available for purchase.

Disability Waiver of Premium — With the purchase of this rider, New York Life will waive premiums should the insured become totally disabled, as explained in the policy. Available for purchase.

Dividend Option Term — Combines a decreasing term rider with the paid-up additions dividend option. Each year, the amount of term insurance decreases automatically by the same amount as the increase in permanent insurance provided by the paid-up additions. The remaining term insurance may be convertible to any whole life policy New York Life makes available on an attained age or original age basis. Available for purchase.

Insurance Exchange — Provides for the transfer of policy coverage to a successor insured, subject to evidence of good health. There may be a cost to exercise this rider depending on the policy value adjustments that occur when the insured is changed.

Level Premium Convertible Term — Provides additional term coverage for a level premium that is guaranteed not to increase for the first five years. It also offers a 10-year conversion privilege to upgrade to cash-value-building permanent insurance. Available for purchase.

Living Benefits — Allows a portion of the policy’s eligible death benefit to be accessed should the insured be diagnosed with a terminal illness with a life expectancy of 12 months or less.6 This rider is included with your policy; however, there’s a cost to exercise this rider.

Option to Purchase Paid-Up Additions — An economical way to increase your death benefit protection and build more cash value. OPP premiums are used to purchase additional, paid-up life insurance that has cash value and loan value, and is eligible for dividends.2 There is a front-load/back-end sales charge.

Policy Purchase Option — Guarantees the option to purchase additional insurance at certain ages and special life events, without having to provide evidence of insurability. Available for purchase.

Spouse’s Paid-Up Insurance Purchase Option7 — At the time of the insured’s death, gives the spouse/beneficiary the right to purchase a new paid-up life insurance policy on his/her life without having to provide evidence of insurability. Available for purchase.

Yearly Convertible Term8 — Provides additional low-cost term coverage with premiums that are guaranteed for the first 10 years. The conversion privilege is generally available until the later of 10 years or the policy anniversary at age 55 to upgrade to cash-value-building permanent insurance. Available for purchase.

1 Policy loans accrue interest at a variable loan interest rate and reduce the total cash value and total death benefit by the amount of the outstanding loan and accrued loan interest.

2 Dividends are based on the policy’s applicable scale, which is neither guaranteed nor an estimate of future performance. Although dividends cannot be guaranteed, New York Life has paid annual dividends to policyowners for more than 150 consecutive years.

3 If you pay your premiums other than annually, the total premium you pay each year will be more than the annual premium.

4 In South Carolina and Tennessee, the variable loan interest rate is set no more than once every 12 months. Arkansas has a fixed loan interest rate of 8%.

5 Not all riders are available in every state and some states vary the terms of certain riders. Additional limitations and conditions may apply. Please speak to your New York Life Agent for complete information.

6 Various states have established different life expectancy periods once terminal illness is diagnosed.

7 Referred to as the Insured’s Paid-Up Insurance Purchase Option rider in New York.

8 For issue ages 15-45, the final date for conversion is the anniversary at age 55. For issue ages 46-65, the final date for conversion is the tenth policy anniversary. For issue ages 66-70, the final date for conversion is the anniversary at age 75. For issue ages 71-75, the final date for conversion is the fifth anniversary.

All guarantees are based upon the claims paying ability of the issuer. In Oregon, the Whole Life policy form number is ICC12213-50. The rider form numbers are as follows: Accidental Death Benefit: 208-200; Child’s Protection Benefit: 208-325; Children’s Insurance: 208-247; Disability Waiver of Premium: 208-225; Dividend Option Term: 208-265; Level Premium Convertible Term 5: 210-450; Yearly Convertible Term: 210-340.27; Insurance Exchange: 978-432; Living Benefits: 206 496.27; Option to Purchase Paid-Up Additions: 208-330; Policy Purchase Option: 208-413; and Spouse’s Paid-Up Insurance Purchase Option: 205-375