How Does Custom Whole Life Insurance Work? 
As Peggy said , Custom Whole Life is a term that New York Life uses . Basically the `` custom '' part simply means the number of years the policy will be funded . The standard terminology is `` 10 year pay '' , or `` 15 year pay '' , etc. . Which again refers to the number of years the policy will be funded by paying premiums . Typically whole life policies are designed to have premiums paid over the life of the client up to age 100 . So shorter , `` custom '' funding periods result in considerably higher premium payments . The advantage is that the premium payments end much earlier and the cash value increases faster . 