Whole Life Insurance - A Lifetime of Value

 

whole life insuranceWhile the primary goal of whole life insurance is making sure your family or business is protected in the event of your death, it has extraordinary value during your lifetime. Unlike a temporary, or term insurance policy, whole life insurance provides a lifetime of value. It offers access to your growing cash value through policy loans or dividend withdrawals2 that can help you and your loved ones meet unexpected, or happily anticipated, financial needs.

By accessing your cash value, you may:

  • Provide additional income during your retirement.
  • Help a child attend the school of their choice.
  • Help make a down payment on a new home.
  • Start the new business of your dreams.

Why Whole Life?

Whole life insurance can help you meet your long-term financial goals, as well as protect you against life’s uncertainty. It provides protection for your loved ones or business in the event of your death. It can mean keeping the family home, enabling a child to complete a college education, or allowing your beneficiaries to maintain their lifestyle. If you’re a business owner, whole life insurance can help ensure the continuation of the business you’ve worked hard to build.

Whole Life InsuranceWhole life insurance is often referred to as permanent life insurance protection. This means you are purchasing a policy that will protect your beneficiaries throughout your entire life, as long as premiums are paid when due. Unlike term insurance, which only provides protection for a specified period of time, whole life insurance provides a lifetime of coverage plus “living benefits” through access to the cash value that accumulates in your permanent policy.2 That means your cash value can go to work for you.

Over the long term, whole life is often a better value than term, since your whole life premiums are guaranteed over the life of the policy, while term premiums can increase at each policy renewal. Because of increasing longevity and the chance you may need life insurance late into life, whole life’s stable premiums and guaranteed life insurance benefit are now more important than ever.

For these reasons and more, whole life insurance has been the foundation people have built their financial futures upon for more than a century.

An Essential Part of Your Financial Planning Solution

With all it has to offer, one thing is clear: Few financial products can match the protection and value of New York Life Whole Life insurance.

  • Permanent Life Insurance Protection — Whole life provides both life insurance benefit protection and cash value accumulation. Your coverage can never be cancelled as long as your premiums are paid when due.

  • A Product of Guarantees3 — Whole life has important guarantees that are unaffected by market conditions such as interest rates or stock market returns. This means you know what to expect in the way of expenses and can have confidence in your policy’s value.

    • Guaranteed Life Insurance Benefit — Your policy’s proceeds will never be less than the amount specified in the contract, provided there are no outstanding loans.

    • Guaranteed Premium — Your premium will never change over the life of the policy, regardless of economic conditions or changes in your health.

    • Guaranteed Cash Value — Your policy’s guaranteed cash value will accumulate tax-deferred each year.

  • Tax Advantages — Whole life’s insurance benefits are distributed to beneficiaries generally income tax-free. Your policy’s cash value grows tax-deferred and can be borrowed against, generally on a tax-free basis. 2

  • Added Value in the Form of Dividends4 — Since New York Life is a mutual company, our whole life policyowners are entitled to dividends when declared. Once declared, dividends can be used to help pay premiums or purchase additional insurance.

  • A Variety of Options — New York Life offers a range of policy riders to help manage your financial needs.

Consider Modified Premium Whole Life

Whole LifeLike whole life insurance, New York Life Modified Premium Whole Life insurance offers permanent coverage and tax-deferred cash value accumulation, with one fundamental difference: Modified Premium Whole Life features a lower initial premium that remains level for the policy’s first five years. After the fifth policy year, the premium increases and remains at that level for life. It can be an effective tool for estate planning and business owners, since policyowners can receive more insurance coverage for less money for the first five years.

Control and Flexibility to Respond to Life’s Changes

You can add even more value to your New York Life Whole Life insurance policy by taking advantage of features like the Option to Purchase Paid-Up Additions (OPP) and the Dividend Option Term (DOT) riders.

Included with most New York Life Whole Life insurance policies, the OPP rider allows you to pay extra money into your policy (within certain limits) to purchase additional life insurance coverage. This enables you not only to increase your policy’s life insurance benefit, but to grow your cash value as well.

The DOT rider enables you to obtain additional coverage at an affordable cost. It adds term insurance to the policy that provides additional life insurance benefit protection. You can also convert the term coverage to permanent insurance protection.

New York Life Whole Life insurance offers access to a wide range of additional riders to further customize your policy. Your New York Life agent can provide you with additional information on the OPP and DOT riders and help you choose additional riders based on your specific needs.

More about our life insurance options.

2 Cash value is accessed through policy loans and dividend withdrawals. Loans accrue interest at the current variable loan interest rate. Loans and dividend withdrawals reduce the total policy cash value and total life insurance benefit by the amount of the unpaid loan plus accrued loan interest or the amount of the dividend withdrawal. Please see the contract for complete terms and conditions.

3 Guarantees are backed by the claims paying ability of New York Life Insurance Company.

4 Dividends are based on the policy’s applicable dividend scale, which is neither guaranteed nor an estimate of future results. Although dividends cannot be guaranteed, New York Life has paid annual dividends to policyowners for more than 150 consecutive years.

SMRU: 003374421

 

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