Core Market Expected to be Pre-Retirees Who Seek Affordable Protection that Builds Cash Value and Leaves a Financial Legacy
NEW YORK--(BUSINESS WIRE)-- New York Life, America’s largest mutual life insurer, today introduced Value Whole Life, a new lower-premium whole life product that gives policy owners guaranteed cash value with eligibility to receive future dividends.
“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,” said Alex Cook, senior vice president, New York Life. “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 percent lower than standard whole life insurance policies available today (with a similar decline in cash value growth).
“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,” added Cook.
“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,” said Cook.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).*** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Guarantees of guarantees of the policy are based on the claims-paying ability of the issuer.
**Dividends are not guaranteed.
***Based on a female, best risk class.
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/.
****Individual independent rating agency commentary as of 8/1/17.
*****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180212005758/en/
New York Life
Terri Wolcott, 212-576-5624
Theresa_M_Wolcott@newyorklife.com
or
Sloane & Company
Janet Reinhardt, 212-446-1877
JReinhardt@sloanepr.com
Source: New York Life Insurance Company
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