New York Life Insurance Company is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States, and ranks #67 on the 2021 Fortune 500 list of the largest companies in the United States by total revenue.
Whole Life Insurance
Discover how a New York Life Whole Life insurance policy can provide you with lifetime protection. Whole life insurance is for people who want lifetime protection with additional benefits. It not only provides a guaranteed life insurance benefit, but it also serves as an important way to plan for the future, allowing you to be ready for whatever comes your way. 1
Dividends are payable to New York Life Whole Life policyholders. Dividends allow the cash value of the policy to grow even more. Despite the fact that dividends are not guaranteed, New York Life has paid them to policyholders every year since 1854. Our diverse range of products at New York Life enables you to create a one-of-a-kind combination of guaranteed death benefits and cash value growth tailored to your specific needs.
Considerations for New York Life Insurance Company policies:
When selecting your whole life policy, consider the following points with your financial advisor:
Entire life premiums are typically paid for the rest of your life. If you want to customize your premiums (perhaps to finish paying off your policy before retiring), talk to your financial advisor about Custom Whole Life.
Think about what’s important to you. The cash value accumulation and death benefit protection offered by New York Life Whole Life and Custom Whole Life differ.
Improvement in cash value
A whole life insurance policy’s cash value is an important feature. Policies can be designed to allow you to choose how quickly your cash value grows, ensuring that the cash value is available when you need it.
Determine which whole life insurance product is best for you:
This is a popular option for those who want to balance cash value accumulation and guaranteed life insurance coverage. Over time, you may discover that your cash value is a convenient way to supplement your income in retirement.
Unless users only want to pay premiums for a limited time (as little as five years) or if you want to maximize the cash value growth in your policy, this may be a good option for you. However, keep in mind that, all else being equal, a shorter paying period means higher premiums.
The following riders can be added to your whole life insurance policy to make it more personalized:
- 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.
Motorcyclist features may differ depending on the insurance product with which they are purchased. Not all riders are available in every state, and the terms of certain riders vary by state. Other restrictions and conditions may apply. For more information, please contact your New York Life agent.