Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.
Cassidy Horton Personal Finance Reviewer and WriterCassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.
Written By Cassidy Horton Personal Finance Reviewer and WriterCassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.
Cassidy Horton Personal Finance Reviewer and WriterCassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.
Personal Finance Reviewer and Writer Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
| Deputy Editor, Insurance
Updated: Jan 3, 2024, 9:19am
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New York Life provides a good combination of top-notch financial strength and whole life insurance policies in which cash value often builds well early. Whole life insurance buyers will also find generally reliable illustrations.
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New York Life offers three types of term life insurance—all with the option to convert the term life to permanent life insurance down the road:
Whole life policies can last for the insured’s lifetime and typically feature a guaranteed fixed premium that remains the same throughout the policy’s lifetime. Whole life insurance policies also accrue a cash value at a fixed rate over time. This money can be borrowed against or withdrawn to help cover expenses when needed.
New York Life’s whole life insurance policy strikes a balance between guaranteed coverage and cash value accumulation. It’s particularly useful if you want to use your cash value to supplement income in retirement. This product is available for people up to age 90 in minimum face amounts ranging from $25,000 to $100,000, depending on the risk classification assigned by the company.
New York Life’s custom whole life insurance may be a good option if you want to adjust your policy’s cash value limit or want to pay off premiums early. The premium pay period can’t be less than five years. This product is available for people up to age 70 with a minimum face amount of $50,000.
New York Life has three types of universal life insurance options. All have flexible death benefit options and are geared toward specific policyholder goals.
New York Life Universal Life Insurance is a basic policy that builds cash value and lets you customize the death benefit amount, coverage length and premium to fit your lifestyle and budget.
New York Life Custom Guarantee is a good option if you don’t want your policy to build cash value but do want a guaranteed death benefit. You lock in a fixed premium and pay that price for as long as you choose.
New York Life Protection Up to Age 90 is an alternative to permanent life insurance. It’s ideal for business owners or families who need at least $1 million in coverage up until age 90.
Variable universal life insurance is a type of permanent life insurance policy that allows you to invest your cash value in different investment options such as stocks, bonds and mutual funds.
Variable universal life insurance policies accumulate cash value based on how well the investment options in your policy perform.
New York Life’s Variable Universal Life Accumulator II features a guaranteed death benefit and a cash value that grows based on market performance.
With this policy, you can either build your own portfolio or choose from over 80 portfolio types based on your time horizon and risk tolerance. Most have expense ratios below 1%, with average 10-year returns ranging from -0.43% to 22.94%, depending on asset type.
New York Life offers two life insurance policies in its Wealth Plus series of products. Wealth Plus policies are a good fit for those who want a death benefit with the ability to grow retirement assets in the earlier years of a policy.
Wealth Plus policies are designed to work in tandem with a traditional retirement savings plan. You can apply for a Wealth Plus policy by filling out an application online and be approved within 48 hours of submitting the application.
Secure Wealth Plus is a whole life insurance policy for those age 60 and younger that has a $10,000 minimum annual premium for 10 years. It provides the potential to boost cash value during the early years of the policy.
Market Wealth Plus is a variable universal life policy for people age 60 and younger with a $10,000 minimum premium.You must pay the $10,000 minimum premium in the first year. After that there are no premium payments required, though you may need to make additional payments to prevent the policy from lapsing.
Market Wealth Plus offers 21 investment options. It is designed to offer enhanced cash value accumulation early on in the policy. Market Wealth Plus is for people who want the growth potential of investments on a tax-deferred basis and are comfortable with the risk that goes with investing.
A life insurance rider is a type of add-on coverage that provides extra benefits or features to your policy. New York Life offers several riders, but exact availability varies based on state and policy type. Here’s an overview of rider options.
New York Life policies are almost exclusively available through agents who sell only New York Life products, with a little availability through financial advisors.
To start the life insurance claims process with New York Life, fill out the form on its website and then mail it in. You can also call (800) 225-5695 and say “claims” to get help from a New York Life professional.
The history of New York Life stretches back to 1845, when it was first established in New York City. At the time, the company was known as the Nautilus Insurance Co., and its primary focus was on providing fire and marine insurance coverage to businesses around the city.
In 1849, it officially changed its name to New York Life to better reflect its growing base of operations. Over the years, it has expanded both geographically and technologically, acquiring new companies along the way.
Its largest acquisition to date happened in 2019 when it bought Cigna’s group life, accident, and disability insurance business for $6.3 billion. Other recent acquisitions include IndexIQ and John Hancock Life Insurance in 2015 and Candriam Investors Group in 2013.
Today, New York Life is a Fortune 500 company and the largest mutual life insurance company in the U.S., with over 12,000 agents.
Compare Policies With Leading Insurers
To find the best whole life insurance, we used data provided by Veralytic, an independent publisher of life insurance research and analytics. Veralytic measures the competitiveness of permanent life insurance products. Veralytic can provide a customized analysis of life insurance policies to life insurance buyers and current policyholders.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
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