Whole Life Policy


Fortune favors the best covered.
Whole life insurance offers much more than the basic safeguard of term life. When you purchase a whole life policy, you receive lifelong protection as long as premiums are paid when due** —coupled with an opportunity for additional coverage and cash value growth. It’s one of our most versatile offerings.

A simple set premium gets you the protection you need for your family or business. In addition, the cash value of that policy accumulates over time—and it’s tax-deferred. So that cash value will grow continuously, and you can borrow against it  at any time.*** From the day you purchase a whole life policy, you will be covered for the duration of your life. And once your premiums are set, they’re set in stone.


Whole life offers a breadth of options, because we understand that everyone has different goals and needs. Here’s how the policy’s various features work:


With whole life, you are guaranteed to be protected for life, so long as your premiums are paid. Your beneficiaries will receive a guaranteed death benefit, generally free from federal income tax, that can be used for:

  • Continuing financial needs
  • Paying off a mortgage
  • Wealth transfer
  • Charitable giving
  • Business needs


The policy’s cash-value accumulates, tax-deferred, over your lifetime. Plus it has a guaranteed rate of return for continuous growth—that’s not subject to interest rates or market turns. You can access this cash, generally on a tax-free basis, at any time. It’s common to apply these funds to expenses like these:

  • Retirement income
  • College tuition payments
  • A downpayment on a home
  • Emergencies

What’s more, because we’re a mutual company, ownership of one of our whole life policies entitles you to receive dividends when they’re declared, which can provide tremendous additional growth potential.*


Dividends enable you to grow your policy’s cash value over time, even more. What do we mean by a dividend? Essentially, it’s a portion of the company’s surplus that is shared with participating policy owners. And it’s one of the key benefits of being a mutual company. New York Life has an established history of paying out dividends to our policy owners—every single year since 1854.

You can use dividends to:

  • Increase your coverage
  • Supplement/pay your premiums
  • Get cash in the form of checks
  • Or, keep them on deposit to earn interest


There are a number of ways to tailor a whole life policy’s coverage to meet your particular needs through optional riders. Explore additional rider options here.


A whole life policy can be vital to a business and help ensure a favorable financial future. Here are a few ways businesses frequently take advantage of our policies:

  • Executive bonus: The employer purchases a life insurance policy on the life of a key employee, and pays for that policy as a bonus. The employee owns the policy and has all rights in the policy.
  • Deferred compensation: Offers employers the opportunity to provide benefits to employees at a later date, such as at retirement.
  • Split dollar arrangement: A policy covering an employee, owned and paid for by the employer. Upon the employee’s death, the employer receives proceeds equal to the premium paid or the cash value, whichever is greater, while the beneficiary named by the covered employee receives the remaining proceeds.
  • Buy/sell agreement: Funding buy/sell agreements with life insurance can be the most cost-effective way to protect your business’s assets.


For more information, contact New York Life Partner Danielle Goslin at 956-412-4949 or dmgoslin@ft.newyorklife.com.