With New York Life Secure Wealth Plus, a permanent whole life insurance product, you can protect what matters most and enjoy tax-efficient cash value accumulation for the future.
There comes a time when traditional financial products alone aren’t enough to help you achieve your financial goals. That’s why we created a new type of insurance solution: one that gives your loved ones the dependable whole life protection they deserve, and helps you build wealth by capitalizing on enhanced cash value during the first years of coverage.
Secure Wealth Plus is a permanent whole life insurance product, and as such, provides lifetime insurance protection as well as cash value, assuming premium payments are made in a timely manner. However, with Secure Wealth Plus, the product’s design has been optimized to emphasize the accumulation aspect of the value proposition. At the expense of lower initial coverage per dollar of premium compared to other, more protection-focused solutions, Secure Wealth Plus provides meaningful cash value buildup during the first years of coverage.
Secure Wealth Plus offers a generally tax-free death benefit, tax-deferred growth of your cash value, and access to your cash value,2 in most cases on a tax-free basis.3 Moreover, Secure Wealth Plus allows you to make substantial premium payments to fund your policy.
The cash value in your Secure Wealth Plus policy is guaranteed to grow each year throughout the life of your policy.1 On top of that, your policy is eligible for additional growth potential through dividends. While the dividend is not guaranteed, New York Life has paid its policy owners a dividend for 168 years. To learn more or request a personalized illustration, speak to your New York Life financial professional.5
The Secure Wealth Plus underwriting process is designed to be fast and hassle-free. Decisions typically come within just 24–48 hours—often without any medical exams or lab tests.4
As your protection needs change, you can access your policy’s cash value during your lifetime through loans or surrenders.2 You can borrow up to the maximum loan value from your policy’s cash value through policy loans, possibly on a tax-free basis, with a variable loan interest rate.
Secure Wealth Plus may be an ideal solution for business owners seeking to help facilitate business succession, minimize taxes, and build cash-flow reserves for their business. To learn more and find out if Secure Wealth Plus is a fit for you and your business, talk to your New York Life financial professional.
Secure Wealth Plus was created to help people who need life insurance protection as well as an additional source of tax-advantaged growth.
Neither New York Life Insurance Company nor its agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
Secure Wealth Plus is issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
The Secure Wealth Plus whole life insurance policy form number is ICC18217-50P (4/18) Available only in jurisdictions where approved.
1The guarantees of a life insurance policy are backed solely by the claims-paying ability of the insurer.
2You can access cash value via loans or through surrenders. When accessing cash value via loans, the total outstanding loan balance (which includes accrued loan interest) reduces your policy’s available cash surrender value and life insurance benefit. The amount you borrow will accrue interest daily. When accessing cash value through surrenders, you are surrendering any available paid-up additional insurance for its cash surrender value. This means that your policy’s cash value, available cash surrender value, and death benefit will be reduced
3Certain tax advantages are no longer applicable to a life insurance policy if too much money is put into the policy during its first seven years, or during the seven-year period after a “material change” to the policy. If the cumulative premiums paid during the applicable seven-year period at any time exceed the limits imposed under the Internal Revenue Code, the policy becomes a “Modified Endowment Contract” or MEC. An MEC is still a life insurance policy, and death benefits continue to be tax free, but any time you take a withdrawal from an MEC (including a policy loan), the withdrawal is treated as taxable income to the extent there is gain in the policy. In addition, if you are under 59½, a penalty tax of 10% could be assessed on those amounts and upon surrender of the policy. In addition, withdrawals within 15 years after a policy is issued may be taxable to some extent if the death benefit under the policy is also reduced. You should talk to your tax advisor if you anticipate making withdrawals.
4Expedited underwriting is typically processed within 48 hours and involves no lab tests or medical exams. Please note that we reserve the right to decline the application for insurance. Expedited underwriting requires an application, self-completion of Part 2 of the application/TeleApp, and search of prescription database, Medical Information Bureau records, and motor vehicle records. Note that annual premium amounts over $150, 000 for adults, and $100,000 for ages 0–17, require traditional, standard underwriting, which may include medical and lab tests.
5An illustration will show you how Secure Wealth Plus could perform over time on a current (non-guaranteed) and guaranteed basis. Contact your New York Life financial professional for assistance.