Designed as a limited pay insurance policy, clients opting to purchase Custom Whole Life Insurance obtain all the features of traditional whole life, but only pay premiums for a period that they decide at issue. The policy offers a wealth of benefits, including:
— Permanent coverage that can never be cancelled;(2)
— Guaranteed paid-up status at selected date, independent of interest rates or market performance;
— A guaranteed death benefit, generally free from federal income tax;
— The ability to borrow from cash value on a tax-free basis;(3)
— Tax-deferred cash value accumulation; and
— The ability to customize the policy by adding optional riders such as Accidental Death Benefit and Waiver of Premium.
“With the unmatched flexibility this product currently offers, consumers taking advantage of guaranteed paid-up status have the ability to use policy values in a variety of situations – to help supplement retirement income, pay for a loved one’s education, or pay off mortgages and other outstanding debts. Or they can continue the policy in-force without taking an income stream, which provides the full life insurance protection.” Mr. Berlin added. “With New York Life’s financial strength and stability, we are able to offer customers a more comprehensive selection of limited pay whole life options than any other company in today’s market.”