Is it time to upgrade your term policy?
Take advantage of the term conversion privilege.
What do life insurance policies and real estate have in common?
As a term policyholder with New York Life, you understand the value of life insurance and the peace of mind it can bring. But, like renting an apartment, once your term—or lease—ends, you haven’t built up any “equity.”
Whole life insurance, on the other hand, can offer that same peace of mind, but offers a permanent solution. Also, like owning a house, whole life can help you build “equity” with guaranteed cash value growth4. Additionally, policyholders have potentially tax-free access to that cash value through policy loans, which can help pay for college, a down payment on a house, a wedding, or even serve as a cushion for emergency expenses.
Like many renters, you may be wondering: How can I buy? The answer’s simple: term conversion.
With term conversion, you can upgrade all or some of your term policy to a permanent policy and get that lasting protection you’re looking for. Your agent can give you all the details you need about taking advantage of your “conversion privilege” as a policy owner, as well as help you decide if it’s the right solution for you.
Knowledge is power.
To help you understand the additional benefits of owning whole life insurance from New York Life, we’ve put together this simple comparison chart below.
|Guaranteed term death benefit.||Guaranteed permanent death benefit.|
|Generally federal income-tax free death benefit.||Generally federal income-tax free death benefit.|
|Premiums are usually guaranteed only for the initial term.||Premiums are guaranteed to stay level for the life of the policy.|
|Potential additional growth of policy value through dividends.1|
|Inexpensive initially, with costs increasing at each renewal point.||Premiums are higher initially, but remain level, regardless of age, for life of policy.|
|You pay for pure death benefit protection for a certain period, without cash value accumulation.
Term conversion privileges are available with most policies, enabling you to convert to a permanent policy that builds cash value, with no additional medical underwriting.3
|Offers tax-deferred cash value growth that is accessible through policy loans or partial surrender of any paid-up additions.2|
How much life insurance do you need?
One of the challenges of purchasing a life insurance policy is determining the amount of coverage you’ll need. Our life insurance calculator can help.
Get help from a financial professional.
Keep in mind that life doesn’t always go as planned, but New York Life’s Whole Life insurance can help ensure you and the people you love are protected, no matter what life brings. And, it’s backed by the claims-paying ability of a company with over 170 years of financial strength and integrity.
Are you ready to start building your financial house? Term conversion can help. Contact your agent today to discuss converting your term policy to whole life.
Don’t have an agent but would like to explore our products and services? Contact us to learn more.