As of 2015 New York Life Insurance Company sells a variety of term life and permanent life policies, reports the company's website. The permanent life policies are available in whole life, universal life or variable universal life plans. Term life policies offer coverage for a specified length of time after which the plan expires. Permanent life policies remain intact until death and build cash value over time. The customer may borrow against the cash value during his lifetime.
New York Life Insurance also offers a custom whole life plan with the same basic protection of a whole life policy, but the customer selects how long he pays premiums. This type of policy builds cash value more quickly, and the customer may borrow against it once the payments are complete. Loans from either type of policy accrue interest and reduce the death benefit amount.
Universal life plans are generally less expensive than whole life plans and offer more flexibility to accommodate changing circumstances throughout the customer's life, explains New York Life Insurance. This type of plan allows the customer to increase the amount of coverage as needed. The variable universal life plans offer the greatest potential for cash value accumulation because the company invests a portion of the accumulated funds. However, due to market fluctuations, the policy sometimes loses cash value.