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AARP picks LTC products provider

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AARP will be offering members long-term care (LTC) life hybrids along with stand-alone long-term care insurance (LTCI).

The group’s AARP Services Inc. marketing arm has picked New York Life Insurance Company to become its exclusive provider of LTC solutions.

NYL Direct, a Tampa, Fla.-based division of New York Life, will supply LTCI, a permanent life insurance product with LTC features, and a whole life product with a chronic care rider.

NYL Direct hopes to get the program up and running by March 31.

AARP now has about 38 million members. 

NYL Direct has been selling life insurance through AARP Services since 1994, and lifetime income annuities through the AARP affiliate since 2007.

See also: Consumer rep raises LTCI disclosure concerns