Life Insurance: Life insurance is an effective way to help protect your family's lifestyle and future. Plus the cash value in a whole life insurance policy can be accessed via policy loans and partial surrenders can be used to help you supplement your retirement income*. This cash value can also be accessed and used for other major life events and can play an important part in estate, business succession, or charitable giving plans.*

Many people think that life insurance is only for people with families. While it is true that life insurance can help provide for the needs of dependents, life insurance also can be an important part of a well-thought-out estate, business succession or charitable giving plan. And permanent life insurance offers many living benefits as well, such as tax-deferred cash value accumulation. For all of these reasons, life insurance can be important for someone starting out — or for someone who's starting over.

You can use the articles on this page to learn more about the various types of life insurance that are available.

• Whole Life - Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.

• Term Life - Term Life policies provide coverage for a specific amount of time – such as 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.

• Universal Life - Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change. The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or withdrawals are made, or if current interest rates or charges fluctuate.

• Variable Universal Life# - Variable Universal Life combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You can allocate your premium amongst a variety of professionally managed investment divisions plus a fixed account. Assets allocated to the investment divisions are subject to market risk and may lose value. Of course, with investment opportunities comes risk along with the potential for reward. These products are offered by prospectus through NYLIFE Securities LLC, (member FINRA/SIPC), a Licensed insurance Agency. Be sure to request one and read it carefully before investing as both the product and investment options prospectuses provide complete information you need to know regarding charges, expenses and risk factors

• Survivorship Life - Survivorship life insurance – available as whole life, universal life or variable universal life# – covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals. The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments. If loans or withdrawals are made, or if current interest rates or changes fluctuate.