Whole Life Insurance

Learn about securing lifetime protection with a New York Life Whole Life insurance policy.

Whole life insurance is for those looking for lifetime protection with added benefits. In addition to providing a guaranteed life insurance benefit, it also offers an important way to prepare for the future, helping you to be prepared for whatever lies ahead.1

Policyholders in New York Life Whole Life are eligible to receive dividends. Dividends provide an opportunity for the policy’s cash value to grow more. Though dividends are not guaranteed, New York Life has been paying them to policy owners every year since 1854. At New York Life, our diverse range of products lets you develop a unique combination of guaranteed death benefits and cash value growth designed to meet your specific needs.

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.

Grandfather and grandchild reading

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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Whole Life Insurance