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A few things to discuss with your financial professional when you choose your whole life policy:
Whole life premiums are usually paid for your entire life. If you would like to customize your premiums (perhaps so you can finish paying for your policy before you retire), ask your financial professional about Custom Whole Life.
Mix of death benefit and cash value
Consider what's important to you. New York Life Whole Life and Custom Whole Life offer a different balance of cash value accumulation and death benefit protection.
Cash value growth
The cash value is an important feature of a whole life policy. Policies can be structured to let you choose how quickly your cash value grows, so the cash value will be there for you to access if you need it.
Whole Life Insurance
For those looking to balance cash value accumulation and guaranteed life insurance coverage, this is a popular option. Over time you may find your cash value to be a convenient way to supplement retirement income.
Custom Whole Life Insurance
If you want to pay premiums for a specific amount of time only (as short a period as five years) or if you want to maximize the cash value growth in your policy, this may be a good choice for you. Note, however, that a shorter paying period means higher premiums—all else being equal.
Rider 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.
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Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of his or her life if premiums are paid on time. The cash value is also an important feature of a whole life policy.
The right time to buy life insurance varies from person to person, depending on family and financial circumstances. Generally, you need life insurance if other people depend on your income or if you have debt that will carry on after you pass on.
New York Life’s whole life insurance policies are eligible to receive dividends.
Although dividends are not guaranteed, when they are awarded, you can take them in cash, use them to offset your
premiums, or use them to buy paid-up additional insurance that increases your coverage and cash value.
It's always useful to learn a little more. Take a look at these helpful links.
1 Guarantees of the policy are based on the claims-paying ability of the issuer.
2 Accessing the cash value of a Whole Life policy will reduce the available cash surrender value and the death benefit.
*Accessing the cash value of the policy will reduce the available cash surrender value and death benefit.
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; SMRU: 1798027
**Optional rider available at an additional charge.
***This rider is available 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.
****The 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.
*****Various 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.