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N.Y Life LTC Policy Uses CPI-Based Inflation Rider

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NU Online News Service, July 11, 1:37 p.m. – New York Life Insurance Company, New York, has introduced the LTCSelect Premier long-term care insurance policy.

The policy offers home and community-based care benefits, training benefits for “informal” caregivers and other features.

The policy also offers a Benefit Increase Option Rider, an alternative to traditional inflation-protection riders.

The rider, based on the Urban Consumer Price Index, will help benefits keep up with the actual inflation rate, New York Life says.

Today, the company says, most LTC insurers offer fixed-rate inflation protection riders that may not necessarily keep up with the actual inflation rate.