Buying life insurance is about making sure the people who depend on you will be cared for, even if you’re not around. With whole life insurance from New York Life, however, you get a whole lot more. In addition to giving your loved ones the financial security they deserve, whole life can help you prepare for retirement, pay for college, or just manage unexpected expenses if the need arises by accessing the cash value* in your whole life policy.
* Accessing the cash value of the policy will reduce the total cash value and total death benefit.
No matter which policy you choose, few other financial products come with the guarantees of our whole life insurance:
Guarantees of a Whole Life policy are based on the claims-paying ability of the issuer
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What it is and how it works.
Whole life is permanent, guaranteed life insurance coverage. Simply put, as long as you pay the premiums, your policy will provide the security of a guaranteed death benefit and an accumulation component called cash value.
The Cost of Waiting
When it comes to purchasing a permanent life insurance policy, there is a cost to waiting. Life insurance premium rates are based in part on age, which means any new coverage will cost more the longer you wait. Also, to qualify for life insurance, you must be healthy. Most people are healthy when they are younger, the older we get, the more health can impact our ability to qualify for life insurance. That’s why it is wise to put a permanent policy in place early to lock in your insurability at a cost-effective rate.