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Benefits of Whole Life Insurance:
- Permanent life insurance protection
- Annual dividend potential—dividends have been paid continuously since 1854
- Access to your cash value, generally tax free2
- Premiums that are guaranteed never to increase
Whole life insurance policies—things to consider:
A few things to discuss with your financial professional when you choose your whole life policy:
Premiums
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.
Find out which whole life insurance product is right for you:
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.
Riders you can use to customize your whole life insurance policy include:
- Disability Waiver of Premium
With the purchase of this rider, New York Life will waive premiums should the insured become totally disabled, as explained in the policy.*** - Option to Purchase Paid-Up Additions
Allows you to contribute more to your policy when it’s convenient for you. It’s a valuable way to increase your death benefit protection and build more cash value. OPP premiums are subject to an expense charge at the time of payment. - Chronic Care Option
Protects policyholders from the financial hardships of chronic care by providing tax-free access to a portion of their base policy benefits should they become chronically ill. It’s available on most whole life and custom whole life policies at issue.1 This rider is available for an additional cost, and it must be elected when the policy is issued.**** - Living Benefits Option
If you are terminally ill, you can use a portion of your death benefit to pay for treatment or care with this option. This rider involves a charge if the rider is exercised.***** - Accidental Death Benefit Offers an additional death benefit for your loved ones if the death was caused by an accident. The rider terminates automatically at age 70. The rider involves a monthly charge until it expires.
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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Learn more
It's always useful to learn a little more. Take a look at these helpful links.
Five good reasons why whole life can be good for your portfolio
This powerful financial tool has more benefits than you might realize.
Life insurance costs and pricing explained
The cost of life insurance can vary greatly from company to company, even for the same amount of coverage.
Insurance with benefits
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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.