Whole Life Insurance Information
Nothing is more important than taking care of the people you love. You work hard to provide a good life for your family, build a successful business or career, and lay the groundwork for a bright future.
While you can’t always know what tomorrow will hold, you can do something now to help ensure the financial security of your loved ones or business, no matter what lies ahead. You can trust whole life insurance from New York Life Insurance Company to provide a lifetime of protection and value.
In many ways, New York Life Whole Life insurance is one of the most generous gifts you can give your loved ones, because it insures more than your life. It insures the lifestyles of the people you love and their dreams for the future. And by choosing New York Life, you’re giving yourself the peace of mind that comes with owning a whole life policy with the largest mutual life insurance company in the United States.1
1 Fortune 500, Fortune magazine, May 5, 2008. The Fortune 500 ranks America’s largest corporations based on revenue.
Whole Life Insurance: A Lifetime of Value
While 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:
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 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.
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.
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 death 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 life insurance 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.
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 fo r more than 150 consecutive years.
Consider Modified Premium Whole Life
Like 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.
New York Life Insurance Company: An Industry Leader Since 1845
When you are seeking financial security for you and the people most important to you, you want a product that’s backed by a strong insurance and financial services leader, one that will still be thriving 20, 30, 40 years from now — and beyond.
For more than 160 years, New York Life Insurance Company’s unwavering financial strength and timetested investment strategies have provided consistent value and solid financial protection to individuals, families and businesses. We are the nation’s oldest and largest1 mutual life insurance company.
The Mutuality Advantage: You Don’t Just Own A Policy
Unlike publicly traded companies, New York Life issues no stock and has no stockholders to answer to. Instead, we are owned by our participating policyowners — including you, when you purchase New York Life Whole Life insurance. This means you have the right to expect that our highest priority is to safeguard your interests for years to come. Think of New York Life as a partner in your long-term financial planning.
As a New York Life Whole Life policyowner, you share in any annual dividends that are declared by our Board of Directors.4 Although dividends are not guaranteed, New York Life has paid dividends to policyowners for more than 150 consecutive years. In fact, since the mid-1800s, we have paid more than $35 billion in dividends to our participating
policyowners.
New York Life Agents: Setting a High Bar for Client Service
Central to our success are our New York Life agents, who are widely recognized as among the best-trained professionals in the industry. Our agents have the ability to understand each customer’s objectives and draw upon New York Life’s products to best address those objectives.
For more than a half-century, New York Life has held the distinction of having the most agents qualify for U.S. membership in the Million Dollar Round Table. The Million Dollar Round Table is recognized throughout the industry as the standard of excellence in life insurance sales performance.
The Company You Keep® For Your Whole Life
With our long history and heritage of financial strength, you can be assured that New York Life Insurance Company will be there when you need us most. When you’re looking for a lifetime partner to help you meet your financial planning needs, New York Life Insurance Company is The Company You Keep®.
SMRU 00374421CV (Exp.3/3/12)
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* Offered through NYLIFE Securities LLC (Member FINRA/SIPC)
Ruthe B. Schwartz is an Agent for New York Life Insurance Company. Money In Motion Inc. is not owned or operated by New York Life Insurance Company, its subsidiaries or affiliates.
Neither Money in Montion Inc, its employees nor NYLIFE Securities LLC render tax, legal or accounting advice. Please consult your own professional advisor before making any decisions.
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