Products
Life Insurance
What Is Life Insurance?
The old cliché of the “pushy insurance salesman” is a thing of the past. Today’s life insurance buyer is looking for expert help. You want to be sure your family and your business are protected if the worst should happen.
What kinds of life insurance are there?
There are two major types of life insurance. Term life is put in place for just a few years (often 10 or 20), and does not gain in value during that time. Permanent life, most often designed as whole life or universal life, can last the rest of your years. It has a cash value, which can be accessed via policy loans that help supplement your retirement income when your protection needs decrease.*
Why Whole Life insurance?
With a New York Life whole life insurance policy, you can protect your family or business no matter what lies ahead. It is a permanent policy that remains in effect from the day you purchase it until you die, as long as premiums are paid.
Cash Value
The cash value that accumulates in whole life policies can be 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
Death Benefit
The policy's death benefit can be used for:
Survivor needs
Mortgage protection
Wealth transfer
Charitable giving
Business needs
We know your financial goals are unique. With that in mind, We offer the following products:
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 death protection as standard whole life insurance, while also allowing you to select how long you pay premiums. It is designed to build the cash value more quickly.
* Policy loans will accrue interest at the current variable loan interest rate. Any outstanding loans plus interest will reduce the cash value and death benefit of the policy.
Start Saving For The Future
Annuities
Will your retirement income keep pace with inflation?
The average annual inflation in the U.S. from 1913 to 2015 was 3.29%.* At 3.29% annual inflation, $50,000 in expenses today will cost $69,101 in 10 years, $95,498 in 20 years, and $131,980 in 30 years. If your expenses rise, will your current retirement income keep up? If you are concerned about making your money last for as long as you life, think about a New York Life Annuity.
What is an annuity?
An annuity is a tool that helps you secure a steady cash flow in your retirement years. You put money into it now, and when you’re ready, you take it back out of the account at a rate you determine. If you have a defined benefit pension or are collecting Social Security, you’re already seeing the benefits of an annuity.
Preparing for retirement is easier with the help of our guaranteed** lifetime income annuity products. You can select an immediate annuity1 that pays income right away, or a tax-deferred fixed annuity1 that allows you to set aside money until you need it2. Either way, you will be assured a steady, dependable source of income for life.
Source: History of Consumer Price Index, 1913-2015, U.S. Department of Labor, Bureau of Labor, December 2015 edition.
* Guarantees are backed by the claims-paying ability of the issuer.
1 Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation).
2 Early withdrawals may incur charges. In addition to paying income taxes that may be due, distributions from annuities before age 59 1/2 may also be subject to a 10% federal tax penalty.
