We all have different financial needs and objectives. But life insurance plays a fundamental role in most of our plans for financial security. That's because of the variety of life insurance plans available, such as Whole Life, Custom Whole Life, and Modified Premium Whole Life, and the many ways they can be customized to meet unique needs at different periods of your life.
Whole Life
Whole Life Insurance protects you for your whole life, from the day you purchase the policy until you die, as long as you pay the premiums. It is also called permanent insurance.
Custom Whole Life New!
New York Life's Custom Whole Life Insurance is the first whole life insurance product that allows you to select how long you pay premiums. The unique flexibility of Custom Whole Life allows you to coordinate the paid–up date of your policy precisely with your individual financial goals and timetable, while enjoying all the traditional features of whole life, including lifetime life insurance protection and tax–deferred cash value accumulation.
Modified Premium Whole Life
Modified Premium Whole Life Insurance is insurance that protects you for your whole life, from the day you purchase the policy until you die, as long as you pay the premiums. It is a form of permanent insurance that accumulates cash value and is eligible to receive dividends. It differs from Whole Life in that it features a lower initial premium that remains level for the policy's first five years. The premium increases in year six and remains at that level for as long as you own the policy.
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