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Anyone know much about New York Life's Custom Whole Life Insurance Plan?

From what I've read it sounds like a really good idea if you have young children. You can buy a plan for them. For example: A death benefit worth $500,000. You pay for the first five years only. The catch is that the annual fees is pretty expensive for many people. It's about $11,000 per year for 5 years. However, After the five years you pay nothing and by the time the child goes to college the cash value of the plan can pretty much cover most of not all of their college expenses. If you are lucky, and you keep the plan rolling it would be worth about 1.4 million by the time your child hits 60. So by starting young you are actually taking care of their retirement. Here is what I think is also a good thing about it, You can redeem the policy at any time, so if you are short of cash for your own retirement, you can redeem the policy that was intended for your child and use it for yourself. If I lived to 70 years old the policy would be available to fund your own retirement. anyone else here about this plan? Any thoughts? It sounds like a good idea for those who have or are expecting to have children. Opinions please! In response to Rahnside answer, it is not just about insuring them (death benefit) It's about securing their future and if need be having an emergency fund for me and my wife's whether it be retirement or helping our kids pay for their college tuition. I can insure them for whatever amount I want it doesn't have to be $500,000. But obviously, the more I pay in 5 years the bigger the cash value years down the line.

Public Comments

1. its cheaper dan new jerzey.
2. the thing is as a Life Agent they insurance companies that I work for would want to know why you are covering your children for $500,000.00 now you could pull a policy on yourself with no issue and that $11,000.00 you are looking at paying would be better for you you would be paying way over the needed amount to cover your children with compounded interest and everything if you are looking at pulling this type of policy I would love to help you with it I do not work for NY life but would be able to give you pointers as well as maybe show you a few other companies depending on the state that you live in that would maybe be better back to covering the children I know that all the companies I work for would wonder why you would insure your child for more then $200,000.00 without good reason IM me and I will see what I can do my IM is rahnside A Life Insurance Specialist Rahn Sidebotham II
3. it seems ok