If you're looking for a policy that's guaranteed to grow and is designed to offer permanent lifetime protection this is it. Your policy also provides cash value, which is money that accumulates in your policy over time. Eligible policy owners may also receive an annual dividend, which can help grow the cash value even faster. (Dividends are not guaranteed, but New York Life has paid dividends to eligible policy owners every year since 1854.) Whole life is also something to consider if you'd like the flexibility to supplement your retirement income by accessing the cash value of your life insurance policy.