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New York Life Insurance Company
6mo New York, NY, United States Story
Compare and contrast:  Term and whole life insurance

Both offer valuable protection, but each has different features. Which one may be right for you?

Needs evolve. And your insurance should change with them. But deciding what product is best for you can be difficult. While there are benefits to retaining your term policy, many people enjoy added protection by converting to a permanent or whole life insurance policy.

The value of term life insurance.

Term life insurance is designed to help people purchase the protection they need when they can’t afford to purchase permanent life insurance or when they need coverage for a specific time period only. Term life has a guaranteed death benefit, but no cash value, and the premiums will increase at predetermined intervals, such as after one year, five years, 10 years, or 20 years, depending on the kind of policy you purchase.

Term life insurance is often the product of choice when protection needs are high for a period of time, such as when your family is growing. Term life can also be an effective way to supplement permanent insurance during high-need years, such as when family and financial responsibilities are outpacing income.

The value of whole life Insurance.

In contrast to term insurance, whole life was designed to provide life insurance coverage plus other “living benefits,” including guaranteed cash value accumulation as long as premiums are paid, eligibility to earn dividends,1 and access to cash value via loans and partial surrenders.2

Here’s why whole life is often the best long-term solution:

  • Whole life provides life-long insurance protection. Once you have been approved for coverage, your policy cannot be canceled by the carrier as long as premiums are paid when due. Regardless of your health, the insurance will remain in force.
  • Whole life builds guaranteed cash value, provided premiums are paid. This amount can be used in the future for any purpose via a policy loan. For example, you can borrow cash value for a down payment on a home to help pay for your children’s education or to provide retirement income.2 The cash value can be increased by dividends when declared by the company.1


New York Life is a trusted and valued partner to millions of policyholders and customers, guided by our values of integrity and humanity. New York Life is a Fortune 100 company and the largest mutual life insurance company in the United States. Headquartered in New York City with regional hubs and [...]

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