Estimate whole life insurance costs and coverage and discover an insurance policy that fits your needs.
Whole life insurance is a powerful financial tool for you and your family. A whole life insurance cost calculator can help you figure out how much insurance you’ll need. A New York Life financial professional can also assist you in finding the right whole life insurance policy for you. Here are a few things to discuss with your financial professional when choosing your whole life policy:
Regular whole life premiums are set for the duration of your coverage. Your premiums are guaranteed to never increase, regardless of your health, the economy, or your age.
Mix of death benefit and cash value
While all whole life policies offer a guaranteed death benefit and cash value growth, the amount of cash value you accumulate can vary depending on the policy you choose. The guarantees of the policy are based on the claims-paying ability of the issuer.
Cash value growth
Cash value can be as important as the death benefit. With whole life you can choose the Option to Purchase Paid-Up Additions Rider which allows you to purchase additional coverage. This will increase the cash value more quickly depending on how much extra you contribute. This rider includes an up-front expense charge on additional purchases.
The cost of life insurance is based on several factors: your age, gender, health, lifestyle, and occupation. Regardless of your budget, a financial professional should be able to find a solution that covers your needs at a price that suits your wallet. The following are just some of the factors that determine the cost of your policy:
Whole life insurance is for those looking for lifetime protection with added benefits. In addition to providing a guaranteed life insurance benefit, it also offers an important way to save for the future, helping you to be prepared for whatever lies ahead. When it comes to whole life there are basically two options:
Life insurance can make a huge difference for you and your family, not just financially but emotionally, too. Using a whole life insurance calculator to help examine your coverage needs will give you more options and flexibility, as well as the financial security you'll need in the future.
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1,2Nupur Gambhir and Amanda Shih, “Life Insurance Calculator,” Policy Genius, March 18, 2021. PolicyGenius.com
Guarantees of the policy are based on the claims-paying ability of the issuer
*Accessing the cash value of the policy will reduce the available cash surrender value and total death benefit
**Optional rider available at an additional charge.
The policy form number for the New York Life Whole Life Series of products is ICC18217-50P (4/18). SMRU: 1798027