A Permanent Life insurance policy serves two purposes: to help you financially support your family should you die, and helps you build wealth. As the name states, a New York Permanent Life insurance policy stays with you permanently. The premium you pay is invested, producing returns that can help you fund retirement, emergencies, and more.
PERMANENT LIFE INSURANCE POLICIES
A Whole Life policy accumulates value based on a fixed rate. Your premium will remain the same for the length of your policy, which is as long as you live. You can borrow against a Whole Life policy at any time at the policy’s current loan interest rate.
A Universal Life policy typically offers more flexibility than a Whole Life policy. After your initial premium, your monthly or annual rate is based on how much and when you want to pay. You have the option to skip payments, so long as you know your policy’s cash value can cover the cost of the policy. A Universal Life policy also gives you the freedom to alter your death benefit amount without buying a new policy.