An arm of New York Life Insurance Company has introduced a universal life insurance policy aimed at the long-term care planning market.
New York Life Insurance and Annuity Corp., has designed the product, the New York Life Asset Flex policy, for sale solely in conjunction with an Accelerated Death Benefit for Long-Term Care Rider.
(Related: New York Life Adds LTCI Product)
The company sent out a press release to announce the product Tuesday. The release includes quotes from Mohammad Reza, a corporate vice president at New York Life, and from Aaron Ball, a vice president at the company.
Ball said in a statement in the release that the company still offers stand-alone long-term care insurance as well as the new linked-benefit product.
“We are the only insurer offering this mix of LTC planning products, reinforcing our commitment to meeting the long-term care needs of consumers,” Ball said.
Policy Features
The policy will pay the beneficiaries of an insured who uses no long-term care services an ordinary death benefit.
If the insured does use long-term care, the rider will provide an additional pool of long-term care benefits.
A consumer can buy either a single-premium version of the policy or a version set up so that the purchaser pays the premiums either over five years or 10 years.
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For a 60-year-old single-premium policy purchaser, the death benefit would be equal to about 1.5 times the premium amount. The maximum amount of long-term care benefits would amount to 4.6 times the premium amount, according to New York Life.