A unit of New York Life Insurance Company has introduced a single-premium universal life insurance policy designed for New York state residents who are worried about long term care costs.
The unit, New York Life Insurance and Annuity Corp., New York, says its new NYLIAC Asset Preserver policy can accelerate payment of enough of the policy death benefit to cover LTC bills.
Any death benefit remaining after the insured no longer needs long term care would pass to the beneficiaries, according to NYLIAC.
NYLIAC says it believes it is the first company to introduce this type of policy in New York.
One product feature will guarantee that the total amount of benefits and other cash payments paid to a policyholder who fully surrenders a policy will be at least as great as the amount the policyholder has paid in premiums.