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WHOLE LIFE INSURANCE Permanent protection that helps build wealth
If you’re looking for lifelong coverage, whole life insurance is a versatile option. It grows with you, building cash value that you can use to help fund the big things in life, as your protection needs change. It also takes care of your loved ones, guaranteeing a payment to them after you pass away.
What a whole life insurance policy offers
If you need life insurance and you’re planning for a down payment on a home, college tuition, or additional retirement income, we’ll help you find the right balance of financial protection and accumulation for you.
Guarantees for your family
Your premiums (which are generally lower the earlier you start) will never increase and your loved ones can rely on a death benefit in the future
Accumulation benefit
The cash value of your policy accumulates over time, providing more funds that you can withdraw or borrow (like a loan)1
Tax advantages & dividends
The cash value in your policy is guaranteed to grow over time, tax-deferred, and is eligible for dividends every year2,3
Financial reliability
We’ve been paying benefits consistently for 175+ years and, as a mutual insurer, we always put policy owners financial needs first
We offer several types of permanent life insurance
Whole Life Insurance
Balances guaranteed life insurance coverage with accumulation of cash value, which can be a convenient way to supplement retirement income
Custom Whole Life Insurance
Gives you choices to limit your premium-paying period to a certain number of years, while maximizing the cash value of your policy
Secure Wealth Plus
Valuable life insurance protection, an expedited underwriting process9 and guaranteed accumulation of cash value, which is increased during early years of coverage
Riders (add-ons) to customize your whole life policy⁴
Disability Waiver of Premium
If you’re ever disabled and can’t make your regular payments, this rider is designed to pay premiums during a disability. Available for an additional cost5
Chronic Care
If you’re chronically ill, you can access a portion of the death benefit to help you cover the cost of long-term care. This rider is available for an additional cost, and it must be elected when the policy is issued6
Living Benefit
If you’re terminally ill, you can use a portion of the death benefit to pay for treatment or other care that you might need. This rider involves a charge if the rider is exercised7
Option to Purchase Paid-Up Additions
You can make additional premium payments to build more cash value now and increase the death benefit. Premiums are subject to an expense charge at the time of payment
Accidental Death Benefit
You can add an additional death benefit for your loved ones in the event that you die as a result of an accident. The rider terminates automatically at age 70 and involves a monthly charge until it expires8
Common questions about permanent life insurance
Whole life insurance offers permanent protection for you and your family. As long as you continue to pay your premiums, you’ll be covered for life and your loved ones are guaranteed to receive a payout in the future (also known as a death benefit). Whole life insurance also builds cash value that you can use during your lifetime if and when your needs for protection change.
Whole life insurance offers many benefits—more than some other types of coverage. The payments (premiums) you make into the policy never go up, so you can rely on having consistent expenses. Your loved ones are guaranteed to receive a payout (death benefit) after you pass away. Whole life insurance also has cash value that is guaranteed to grow, tax-deferred, over time. You can withdraw some of this cash value during your lifetime to fund things such as a down payment on a home or to supplement your retirement income as your needs change. (Accessing the cash value will reduce the available cash surrender value and the death benefit.)
It’s never too soon or too late to consider whole life coverage. Your payments into the policy (premiums) are usually lower when you’re younger, and they’re guaranteed never to go up. Whole life insurance also helps your money to grow over time, so you can even purchase a policy for a child to help pay for college someday. Later in life, after your protection needs have changed, your own whole life policy can also supplement your retirement income.
Whole life insurance builds cash value over your lifetime. If your need for the death benefit changes, you can withdraw some of this cash value without needing to cancel the policy. (This option would reduce the amount of the death benefit paid to your loved ones in the future.) You can also borrow money from your policy and then repay it to maintain a higher level of coverage. Interest payments would also be due on the money you borrow. Or, if you decide to cancel your policy, you’ll receive what’s called the surrender value (the cash value minus any charges associated with canceling).
Whole life insurance is a good choice for many different families and needs. You can protect your loved ones financially with the guarantee that a death benefit will be paid to them after you pass away. You can also use whole life insurance to build wealth, since it has cash value that grows over time, tax-deferred. Additionally, a whole life policy can supplement your finances at several points in your life: potential regular earnings (dividends), loans you can borrow for expenses such as a down payment on a home or college tuition, and withdrawals later on to support your retirement.
Whole life insurance is a long-term financial product that can help your family in many ways. Your monthly costs may depend on features of the policy you choose, the amount of coverage you need, and your current age. (The younger you are when you purchase whole life insurance, the lower your monthly payments will be.) Your agent will work with you to create a whole insurance policy that fits your budget and helps you work towards your financial goals.
There’s more than one way to protect the ones you love
COMPARE YOUR LIFE INSURANCE OPTIONS
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Remains level for a period of time you select, then increases over time |
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Guaranteed minimum interest credited |
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Cash value growth subject to market risk |
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Whole life is issued by New York Life Insurance Company (NY,NY). In most jurisdictions, the policy form number for the New York Life Whole Life series of products is ICC18217-50P (4/18), Accidental Death Benefit: ICC17217-200R; Disability Waiver of Premium: ICC17217-225R; Living Benefits: ICC17217-495R; Chronic Care Rider: ICC17217-485R; Option to Purchase Paid-Up Additions: ICC17217-330R. State variations may apply.
1You can access cash value via loans or withdrawals 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 taking a withdrawal 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 by the amount of the withdrawal.
2Dividends are not guaranteed. Not all participating policy owners are eligible for dividends.
3Guarantees are based on the claims paying ability of the issuer.
4Most riders are available at an additional cost. Premiums and available benefits vary based on coverage levels and riders selected. Option to Purchase Paid-Up Additions involves an up-front expense charge.
5Available to insureds ages 0 through 59. In Maryland and Montana, this rider is not available until the insured has reached his or her fifth birthday. The benefits of this rider depend in part on when disability occurs in relation to age 60.
6The Chronic Care Rider is not available in California. Receipt of accelerated death benefits may affect eligibility for public assistance programs and may have income tax consequences. You should consult your tax advisor regarding your circumstances. This is a life insurance rider providing for an accelerated payment of the base policy face amount in the event that you are certified chronically ill as described in the policy.
7Various states have established different life expectancy periods once a terminal illness is diagnosed. There are maximum benefit levels set for this rider. A charge is applied when the rider is exercised. Your agent can provide more specific information. Receipt of accelerated death benefits may affect eligibility for public assistance programs and may be taxable. You should consult your tax advisor regarding your circumstances.
8Rider features may differ based on the insurance product that they are purchased with. Not all riders are available in every state, and some states vary the terms of certain riders. Additional limitations and conditions may apply. Please speak to your New York Life agent for complete information.
9Policies with total annual premiums exceeding $150,000 for adults or $100,000 for issue ages 0-17, require traditional underwriting,
which may include medical and lab tests.