Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit.

The Custom Whole Life Insurance policy from New York Life allows you to pay your premium for a specific period of time (at least five years), after which the policy will be paid up.

New York Life and its subsidiaries provide insurance, investment, and retirement solutions that help people at all stages of life achieve financial security, delivered through financial specialists nationwide.

mutual company New York Life is a mutual company, meaning we are not traded on the stock exchange, we don't have shareholders, and we don't answer to Wall Street. We answer to and operate for the benefit of current and future policy owners.

Whole life insurance has several variations, including limited payment, modified, single-premium, and variable whole life.

Whole-of-life policies are designed to provide a sum of money (the sum assured) to a customer's family or estate when the customer dies. The customer pays either a lump sum at the outset or a premium every month.

If you're already at retirement age and you'd like to explore whole life insurance options, our agents can help you find something that you can fit into your budget and that delivers the peace of mind you're looking for. Let us help you make sure your family is taken care of.

Key Takeaways Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection - if you can keep up with the premium payments.

Term life insurance provides coverage for a set period of time, typically between 10 and 30 years, and is a simple and affordable option for many families. Whole life insurance lasts your entire lifetime and also comes with a cash value component that grows over time.

New York Life earned 5 stars out of 5 for overall performance. NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

We rank #71 on the prestigious 2023 "Fortune 500" list. Once again we retained our title as the largest mutual life insurance company in the U.S. and in the "Fortune 100".

Whole life insurance is a permanent insurance policy that builds cash value over time. As long as the premiums are paid on time, the policy remains active for the entire life of the policyholder and the beneficiaries will receive a set death benefit upon the insured's death.

Whole or ordinary life This is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you pick this type of life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit.

Top 4 benefits of a whole life insurance policy

• Whole life insurance never expires.
• Premiums on whole life policies stay the same.
• Whole life insurance builds cash value.
• Whole life policies can earn dividends.

Key takeaways Term life insurance is active for a set length of time (typically 10, 20 or 30 years). In contrast, whole life insurance covers you for your entire life (as long as you pay your premiums).

The difference between term and whole life insurance can be boiled down to cost and length. Term life insurance is cheaper than whole life and covers you for a set period of time. Whole life insurance typically lasts your entire life and can build cash value, which makes it a more complex and expensive product.