for Whole Life call: (910) 328-0447
request a quote
Penn Mutual Recommend
“Guaranteed Whole Life II” (not in NY)
Pros: Custom policy payment period durations from 5 years up to age 100; Accelerated Permanent Paid-Up Additions and Enhanced Permanent Paid-Up Additions Riders (EPPUA)
pros: EPPUA rider is very productive for over funding up to the MEC (Modified Endowment Contact); best Guaranteed Increase Option to purchase additional life insurance, Issue Ages 0 – 40 (for this rider)
cons: endow age 121
Mutual of Omaha Recommend for final expense whole life
Non-Participating (Non Par) Whole Life: (more suitable over age 55)
Simplified Issue, no blood test:
coverage amounts: $2,000 – $50,000
“Living Promise” (not in NY) United of Omaha, a Mutual of Omaha company
Final Expense Whole Life, over age 55 or having a major health condition
Other Whole Life Carriers (partial list)
American National Life Insurance Company Face Amount starting $10,000 at Standard
“Signature Whole Life” (par)
American National Life Insurance Company of New York
“Signature Whole Life” (par)
The Guardian Life Insurance Company
Pacific Life Insurance Company
MassMutual
Company Form: Mutual
Products: Participating (Par)
Whole Life 100
Whole Life 8 Pay (begins 3/23/2024)
Whole Life 10 Pay
Whole Life 12 Pay
Whole Life 15 Pay
Whole Life 20 Pay
Whole Life High Early Cash Value
CareChoice One LTC-Life combination product
Pros: endow at age 100
Comments: Ages 0 – 90; Minimum Face Amount $25,000 for Whole Life 100
Whole Life, Participating (Par Whole Life)
Pays dividends (non guaranteed)
Guaranteed Cash Value Accumulation
Builds additional cash Value with Dividends
Increasing face amount
Builds guaranteed cash value
Flexible premiums in policy years after dividends build up
Paid Up Insurance
Cash value protects policy if payments are missed
Loans
Lifetime Coverage guaranteed
Pros: flexible to changing circumstances, strong guarantees, tax-advantages, premiums guaranteed not to increase, guaranteed cash value accumulation, death benefit guaranteed, non guaranteed dividends increase cash value and death benefit; nonforfeiture provisions, one of which being reduced paid-up life insurance
Cons: much more expensive than No lapse Guaranteed Universal Life, GUL, for lifetime guarantees; premium inflexibility in the early policy years.
Whole Life, Non-Participating (Non-Par Whole Life)
Covers person for life, as long as premiums are paid
The premiums remain the same for the life of the insured
The death benefit is fixed for life, i.e. a level face amount that will not go up or down
Builds guaranteed cash value
Pros: full and immediate benefit; good option for ages 55 – 80, especially for coverage amounts $3,000 to $10,000; affordable premiums; less underwriting requirements no blood test; much less expensive than par whole life
Cons: if considering over $10,000 in coverage, generally one’s better off with a $25,000 Guaranteed Universal Life, GUL, since the GUL will cost less for more coverage while still offering a lifetime guarantee; level face amount does not keep pace with inflation as would a par whole life;
Single Premium Whole Life
MassMutual “Care Choice One” with a Qualified Long Term Care Rider
Pros: Extended LTC Benefit pool doubles available LTC over death benefit; dividends increase LTC benefit pool; guaranteed cash value; guaranteed policy surrender value, death benefit,
Cons: Maximum monthly LTC benefit capped
Securian Minnesota Life Insurance Company
“Secure Care III” Long-Term Care and Nonparticipating Whole Life Insurance
Please contact me for a free and confidential quote. Many more options available.
Licensed Agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
Whole Life Insurance Pros and Cons, NY Department of Financial Services
For quotes insist the agent provide a full illustration, usually 10 to 15 pages at length, .pdf format, emailed for your review. Do not accept a summary. Do not accept the excuse you need to come meet with the agent to discuss. All agents should and can produce full illustrations in .pdf format. Compare apples-to-apples, rate classification and face amount illustration tables, non guaranteed values at time frames of 20, 30, and 40 years. Also request direct premium comparisons. Illustrations assume current dividends, non guaranteed projections, that are useful to a certain extent to judge comparative merits.
Dividends
Dividends are non-guaranteed and paid annually. Policy owners may use dividends to provide additional life insurance, which increases the death benefit, and additional cash value accumulation, above the guaranteed cash value accumulation. Dividends may be used to pay some or all of the premiums if the dividends are sufficiently large. Dividends may be paid in cash.
Summary of Dividend Options:
Paid up additions
Reduce premiums/paid up additions
Reduce premiums/cash payout
Cash payout
Accumulate at Interest
Apply to loan/cash payout
Apply to loan interest/cash payout
Loans:
Initial fixed loan interest rate
Direct recognition vs. Non Direct Recognition (see Guardian loan enhancements June 6, 2016)
Variable loan rate
last update: 2/13/2024
MassMutual revised 2/13/2024
American National: revised 1/5/2024
Mutual of Omaha: revised 1/5/2024
Securian: revised 1/5/2024