Custom Whole Life is an insurance plan providing life protection up to age 100 of the insured. It can also help with final expenses and burial costs. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best. In addition, the death benefit is guaranteed to be at least as large as the policy's original face value. Premiums increase annually; policy can be renewed until age 90. It also depends on the face value of your policy, as larger policies are given a higher crediting rate so long as the policy has been held more than 10 years. Extension of conversion period option: A longer time during which you can choose to convert your coverage to permanent life insurance. New York Life Insurance doesn't have a mobile app, but you can sign in to its website to make premium payments online for life insurance products. Survivorship policies are also available, but the minimum face value is $250,000. Customers who buy certain products, such as whole life insurance, are entitled to a vote in board elections and share in any annual dividends. You might choose custom whole life insurance if you're currently making a comfortable income and want to lock in permanent coverage that you won't have to pay for in retirement. Whole Life Insurance: This policy option considers both the cash value growth and the death benefit in its distribution. With a standard whole life policy, premiums are level and paid until you reach age 100, at which time you no longer have to pay premiums, but coverage remains in force. The company was founded in 1845 and offers life insurance in 50 states (and Washington, DC). Whole life insurance policies come with a variety of riders, which are essentially add-ons to your coverage that offer additional benefits. The Pros and Cons, What is Universal Life Insurance? Although dividends are not guaranteed, New York Life has a good track record of paying, being one of the few companies that have continuously paid them (dating back to 1854). They come with a premium deposit account option, in which you can deposit up to nine premiums' worth of money into an account. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Northwestern is hands down your best bet if you are healthy enough to get coverage with them. You can borrow against the policy's cash value by taking out a policy loan, which is charged interest at a rate NYL determines quarterly. Spouse's paid-up insurance purchase option: If you die during the policy term, your beneficiary can buy a new paid-up policy without demonstrating insurability. The period over which you pay premiums is flexible, similar to the custom whole life policy, and premiums are level over the life of the policy. Adults can choose coverage between $100,000 and $1 million each. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. The company boasts an A.M. Best rating of A++ (Superior). The New York Life Insurance Company was founded in 1845 and has a long history as a financially stable insurer. Paid-up additions allow you to increase the size of your policy's death benefit without increasing your premiums by essentially paying for the additional coverage all at once. All financial products, shopping products and services are presented without warranty. The premium deposit account option is available in all states, but you'll need to add it as a rider if you live in: New York Life's value whole life insurance is essentially its standard whole life policy, but your cash value grows at a lower guaranteed rate. New York Life offers universal life insurance policies, which offer permanent coverage with the ability to accumulate cash value at a faster rate. It also allows you to fund the policy's cash value faster, meaning it grows more quickly as interest is applied to a larger sum over time. The primary differences between these policies have to do with their payment schedules and the rate at which your cash value accumulates. If you'd like permanent life insurance but aren't interested in a cash value policy, New York Life offers a guaranteed universal life insurance policy called custom universal life guarantee. The level convertible term policy from New York Life is its most "standard" term life insurance policy, similar to coverage offered by competitors. But others feel scammed or ripped off after receiving misleading information, or they have difficulty canceling their policies. Premiums are typically lower than buying two policies, since the company expects to collect payments over a longer period of time. If you're looking for two to four years of coverage, we recommend comparing rates for the yearly convertible term against those of a level convertible term policy. Initially also selling marine and fire insurance, the company was rebranded as New York Life Insurance Company in 1849 to reflect its focus on life insurance. Instant legacy is a single premium policy, meaning you only make one lump sum payment, and coverage remains in place essentially for your lifetime. Please help us keep our site clean and safe by following our, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. New York Life's family protection term life insurance policy offers coverage for an entire family, including both parents and children. Instead of level premiums until age 100 or your death, you can choose the number of years you pay. Instant legacy universal life policies are available if you're between the ages of 21 and 85, and the policy comes with an accelerated death benefit option if you develop a terminal illness. Variable universal life insurance policies are available if you're under the age of 80 and have a $50,000 minimum face value ($100,000 if you purchase a survivorship policy). A poorly understood function within the insurance-sales arena is/are the actual workings of whole life. The premiums are $800 a month for 30 years. 8 overall among the 24 companies included in the survey. If you're interested in permanent life insurance, New York Life has great options, but we recommend carefully reviewing their agents before working with one, as customers have a range of experiences depending on the representative. New York Life offers three different whole life insurance policies: standard, custom and value. As one of the biggest insurance providers, New York Life is available everywhere with affordable policies and great customer service. The interest rate on guaranteed cash value is 4%. When evaluating offers, please review the financial institution’s Terms and Conditions. You can receive a portion of your policy's face value while still alive if you become terminally ill. After five years, premiums can increase annually. New York Life's custom whole life insurance is similar to a standard policy, with the difference that you can choose the length of time over which to pay premiums. Custom Whole Life: Pay a higher premium for a shorter time while still receiving lifetime coverage. When you purchase a universal life policy, there are three death benefit payout options you can choose from: The payout structure you choose will impact the policy's cost, so you may want to compare rates for the different payout options before choosing. 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