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.
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.
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.