New York Life Insurance Company has added a whole life rider aimed at the long-term care (LTC) planning market.

The rider accelerates the policy face amount for consumers over the age of 65 who become cognitively impaired or have an inability to handle at least two activities of daily living (ADLs).

Craig DeSanto, a senior vice president at the company, is serving as the company representative for the effort.

Consumers who qualify for the benefit will not have to submit receipts or a care plan, the company says.

In other LTC planning news:

  • The retirement research arm of Nationwide Mutual Insurance Company commissioned a survey of 801 U.S. adults ages 50 and older. Only 28 percent were certain that the Patient Protection and Affordable Care Act (PPACA) does not cover LTC costs. Fifty-four percent said they would rather die than live in a nursing home. The affluent boomers in the sample estimated their average LTC costs would be just $36,220 per year.
  • Financial Finesse, a seller of employer-sponsored financial education services, found that only 22 percent of the older boomers at the employers it serves and 17 percent of the younger boomers say they have private long-term care insurance (LTCI). The older members of Generation X are now reaching prime LTCI buying age, but the firm did not ask them about their LTC arrangements.

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