New York Life Insurance
New York Life’s mission is to provide financial security and peace of mind through their insurance, annuity and investment products and services.
"By continuing to be a mutual company, we are uniquely aligned with our customers. By maintaining superior financial strength, we protect their future. By acting with integrity and humanity, we earn their trust and loyalty.
Every decision we make, every action we take has one overriding purpose: To be here when our customers need us."
The policy’s death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
The cash value that accumulates in whole life policies can also be accessed during your lifetime through a policy loan and used for:
- Supplementing retirement income, as your need for life insurance decreases
- College tuition expenses
- A down payment on a home
- Emergency and other needs
Please note that loans against your policy accrue interest at the current variable loan interest rate and decrease the death benefit and cash value by the amount of the outstanding loan and loan interest.
Flexibility of the product:
- Standard whole life provides death protection benefits, accumulates cash value and offers the potential for the policy to earn dividends.
- Custom Whole Life insurance offers the same basic insurance/death protection as whole life, while also allowing you to select how long you pay premiums (within limitation). It is designed to build the cash value more quickly which can be accessed once the policy is paid up.
You choose a coverage level, a term (usually 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Term insurance can help you meet a number of personal and business needs and is often a good choice:
- when life insurance is essential but dollars are scarce
- for a well-defined period of time
- to protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
- to protect your business (benefits can ensure business continuation by helping to cover business expenses)