No content within The Visible Policy has been approved, authorized, or verified by New York Life or any of its representatives. I have attempted to fairly and accurately portray the policy, but there are likely to be mistakes. Over time, I shall endeavor to correct any misinformation found herein. |
Several years ago I purchased a "Whole Life" insurance policy from New York Life. I had no idea how it worked. I knew my premiums would stay the same, and I could keep coverage for my entire life. And I knew the policy was building up cash value, which I could use for a loan or get back should I decide to cancel ("lapse") the policy.
But what the heck is a participating Whole Life policy? What exactly are the premiums "buying" me? How much does the policy earn? And, of course, "Am I getting screwed"? You might be interested in what I have figured out.
The chart and numbers below are basically all I knew to start with. These are from the "policy illustration" (a spreadsheet print-out of projected policy performance over time) which my agent gave me.
Here are some of the specifics:
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click to separate (most images here can open into their own window) |
The Visible Policy is a large site. I certainly do not expect many people to read it from the first link to the last. There is a lot of information here -- only read what is interesting to you. What you might want to do is spend 30 seconds or so reviewing the Table of Contents. If a topic looks like it might interest you, click it. If not, you are welcome to return any time.
As the world's leading expert on this site, let me offer a few navigation strategies.