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LIFE INSURANCE Find the right life insurance policy for your needs

When considering your family’s future, you may want to ensure they’ll be protected financially if something ever happens to you. Once you decide how much life insurance you need, you can choose from several options and even combine different products.

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Life insurance products can help you achieve different goals

Whether you need short- or long-term protection, we can help you find the life insurance policy that fits your budget and offers the financial benefits you want.

Financial protection for your family

All life insurance policies offer a guaranteed death benefit, a payout to your loved ones if you pass away. It’s a core feature of term life insurance, a type of temporary coverage available at a lower cost than some other options.

Flexibility to adapt to changing needs

Universal life insurance offers long-term coverage that’s flexible in terms of the timing and amount of premiums paid (within limits). You can adjust your payments (premiums) and benefits when your needs change.

Cash value to use during your lifetime²

Permanent whole life insurance has accessible cash value that’s guaranteed to grow. Variable universal life insurance, another lifetime option, can grow in value through investments, although market risk is involved.

Long-term wealth accumulation

Tackling multiple goals at once, accumulation-focused life insurance helps you tackle multiple goals at once. You can protect your loved ones while building wealth for long-term needs such as retirement.

Compare different life insurance types

	Your payments (premiums)	Builds cash value	Guaranteed cash value growth	Potential earnings (dividends¹)	Market growth potential and/or risk
Term life insurance	Gradually increase after a certain period
Whole life insurance	Always the same amount
Universal life insurance	Can be adjusted	In some cases	Guaranteed minimum interest credited
Variable universal life insurance	Can be adjusted	In most cases (market risk)
Accumulation- focused life insurance	Consistent amounts, ending after a specified period		Secure Wealth Plus	Secure Wealth Plus	Market Wealth Plus

See a detailed comparison of whole vs term life

Common questions about life insurance

Life insurance is a policy (or, a contract between you and an insurance company) that provides financial protection for your family. If you pass away, your policy will pay cash (death benefit) to your loved ones. Many families use this money to cover funeral costs, make up for lost income, or build wealth by leaving money for the next generation. Working with a New York Life agent, you can choose between a temporary option like term life insurance or something permanent like whole life insurance. We also offer universal life insurance, which has some flexibility in terms of the timing and amount of premiums paid, and variable universal life, which gives you the option to invest in the markets.

No matter where you are today, life insurance is a valuable tool to help protect what’s important to you, now and in the future. All life insurance policies, including term life insurance, provide a cash payment (death benefit) that helps to support your family financially if you pass away. Long-term options such as universal life and variable universal life insurance also have cash value that you can use during your lifetime for things like a down payment on a house or supplemental retirement income. (Accessing the cash value will reduce the available cash surrender value and death benefit.) With permanent whole life insurance, the cash value is guaranteed to grow over time, helping you to also build wealth for future generations. Connect with an agent to discuss the best options for you.

It can be a nice benefit to have life insurance that’s offered through, and possibly funded by, your workplace. The downside is that your life insurance ends if you leave your job. You may also have fewer coverage options from which to choose. When you buy individual life insurance (either to replace employer-sponsored life insurance or in addition to it) you hold onto that policy for as long as you continue making payments. Connect with an agent to learn more about individual life insurance options.

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New York Life Variable Universal Life Accumulator II and Market Wealth Plus variable universal life are sold only by prospectus. Ask your registered representative for a policy prospectus containing more complete information about New York Life Variable Universal Life Accumulator II and Market Wealth Plus including investment objectives, strategies, risks, charges and expenses. Please read the prospectus carefully before investing. Variable universal life insurance involves fluctuating returns and unit values; investment losses are possible.

¹Guarantees are based on the claims paying ability of the issuer.

²Accessing the cash value will reduce the available cash surrender value and the death benefit.

The Oregon Policy Form Number for New York Life Whole Life and Secure Wealth Plus is ICC18217-50P (4/18). The Oregon Policy Form Number for Market Wealth Plus is ICC22-322-32P.

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LIFE INSURANCE Find the right life insurance policy for your needs