A few things to discuss with your financial professional when choosing your whole life policy:
Most people like to select the payment schedule that matches with their needs. Think about how you'd like to customize your premiums -- you can choose how long you want to pay premiums with a guarantee that they won't go up.
Mix of death benefit and cash value
Consider what's important to you. Each of our products has a different balance of cash value accumulation and death benefit protection.
Cash value growth
Cash value can be as important as the death benefit. Policies can be structured to let you choose how quickly your cash value grows, so you can access it when you need to.
If you're getting closer to retirement and your priority is maximizing your life insurance coverage, this is the right policy for you. Your premiums will never go up, but your coverage will be guaranteed for life.
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.
If you only want to pay premiums for a specific amount of time—as little as five years—or if you want to maximize the cash value growth in your policy, this may be the best choice for you. If you choose to pay premiums over a shorter amount of time, they may be higher. You can schedule your payments to fit your budget while building cash value that can be used for retirement income, college tuition, or whatever else comes your way
Work with a financial professional to customize your policy with these add-ons, which are also known as riders.
Premium coverage when you need it
If you become disabled, New York Life will cover your premiums if you purchase the Disability Waiver of Premium option. Your coverage continues as long as you’re disabled.
Planning for health events
If you want tax-free acceleration of your policy’s death benefit to protect against financial hardship should you become chronically ill, you might want to purchase our Chronic Care option. Additionally, if you are terminally ill, you could use a portion of your death benefit to pay for treatment or care with the Living Benefits option.
Grow your policy faster
If you’d like the option of contributing more to your plan when it’s convenient for you, consider the Option to Purchase Paid-Up Additions. It’s an economical way to increase your death benefit protection and build more cash value.
Protect your family in the event of an accident
If you want an additional death benefit for your loved ones in case you die as a result of an accident, you may want to purchase the Accidental Death Benefit option.
It's always useful to learn a little more. Take a look at these helpful links.
Guarantees of the policy are based on the claims-paying ability of the issuer
*Accessing the cash value of the policy will reduce the total cash value and total death benefit