New York Life has launched Value Whole Life, a new lower-premium whole life product that offers policy owners guaranteed cash value with eligibility to receive future dividends.
New York Life senior vice president Alex Cook said: “Our Value Whole Life product is one of the most competitive products on the market and provides access to all the benefits of whole life insurance, including the guarantees* it provides, at a more affordable cost.
“We believe Value Whole Life will be an appealing product for pre-retirees to meet their permanent death benefit protection and guaranteed cash value accumulation needs, at an attractive premium. Value Whole Life owners also benefit from our company’s mutual business model, in the form of dividends** and in the knowledge that the company is making decisions with the benefit of policy owners top of mind.”
The payment for Value Whole Life for a 50-year-old could be as much as 24% lower than standard whole life insurance policies available today (with a similar decline in cash value growth).
Cook added: “Value Whole Life is a beneficial whole life product for anyone with a need for permanent protection, but may be particularly attractive to many pre-retirees who are interested in leaving a legacy, but have continuing financial obligations such as mortgages and education. We believe that individuals in their 50s and 60s will be attracted to this protection-oriented product with all of the benefits of whole life, and lower premiums in exchange for less aggressive cash value accumulation."
Cook said: “We are proud to offer Value Whole life as a complement to New York Life’s existing whole life insurance products, which include Whole Life and Custom Whole Life. Having a portfolio of products allows our agents to best meet the needs of all of our clients, who can feel secure knowing their future and the future of their beneficiaries is in the hands of an established company with the highest possible financial ratings."