New York Life Offers New LTCi Policy

September 11, 2018 

NEW YORK— A new long-term care solution announced today by New York Life, NYL My Care, promises to make the purchase of long-term care insurance simpler and more affordable. The innovative product features design concepts familiar to purchasers of other types of insurance, including a deductible and co-insurance, and offers the benefit of a dividend [1], which can help offset future premiums. NYL My Care clients will also benefit from the peace of mind that comes from working with a mutual life insurance company with the highest available financial strength ratings.

“New York Life is committed to helping people plan for the future, which includes protecting themselves and their loved ones from the financial burden of an extended health care event,” said Aaron Ball, vice president, New York Life Long-Term Care. “NYL My Care’s simpler, first-of-its-kind product design will help more people understand, access and afford the protection they need against the potential cost of long-term care.”

NYL My Care covers a wide range of long-term care needs, including home care, community-based care and facility care, and offers four pre-designed plan levels (as shown in Table 1): bronze, silver, gold and platinum. Customers can easily choose the level of coverage that’s right for their personal situation and risk tolerance, and can further personalize their plans through riders and customized options. They also have the option to increase their coverage in the future.

Additional NYL My Care benefits include:

·         Return of premium up to age 65

·         Waiver of premium after deductible is satisfied

·         Access to care planners

·         Coverage increases up to age 70[2]

·         Coverage for in-home support equipment

·         Client loyalty discount[3]

Table 1: NYL My Care Pre-Designed Plan Levels

	Bronze	Silver	Gold	Platinum
Policy lifetime maximum benefit[4]	$50,000	$100,000	$175,000	$250,000
Monthly maximum benefit4	$1,500	$3,000	$5,000	$7,000
One-time deductible4	$4,500	$9,000	$15,000	$21,000
Monthly reimbursement rate	80%	80%	80%	80%
Married male monthly premium[5] (age 55)	$24.93	$49.86	$84.65	$119.45

NYL My Care adds to New York Life’s existing suite of long-term care and chronic care planning solutions, which includes a linked-benefit life and long-term care policy, a chronic care rider, and NYL Secure Care, an additional stand-alone long-term care insurance policy, which remains available.

^[1] Dividends are not guaranteed and can vary year to year.

[2] Adding additional coverage in the future is subject to company offers and underwriting approval.

[3] A discount of 5% off of the first year premium is available for existing New York Life clients. Discount applies to first year premium only. Discount is available for applicants who own at least one in-force individual life, individual long-term care, individual annuity or mutual fund policy that was obtained through a New York Life agent.

[4] The policy lifetime maximum, and monthly maximum benefit, and one-time deductible grow with any applicable inflation protection added to the policy.

[5] Assumes 25% Partner’s Discount applies.

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