New York Life Policy Options
New York Life offers two types of long-term care insurance policies: Traditional long-term care insurance and hybrid long-term care and life insurance. The benefits and names of these policies may be different depending on the state you live in.
New York Life LTCSelect Premier
Used to offset the costs of long-term care, an LTCSelect Premier policy provides reimbursement for assisted living, skilled nursing facilities, and home care, among other qualifying types of long-term care. Like most long-term care policies, LTCSelect Premier will come with a waiting period — in most cases, 90 days — before benefits begin. This policy type can be paired with optional riders such as inflation protection and premium waivers.
New York Life My Care Long-Term Care Insurance
Another stand-alone long-term care policy, My Care long-term care insurance provides similar benefits to LTCSelect Premier, but this option is a bit more affordable. Monthly premiums start as low as $30 per month, and monthly benefits can be anywhere from $1,500 to $7,000. Once you’ve satisfied your deductibles, you can even begin waiving payments of your premiums.
New York Life Secure Care
Similar to the other stand-alone policies, New York Life Secure Care reimburses policy-holders for certified long-term care services. The primary difference, however, is that Secure Care will begin to pay dividends after 10 years of policy life. These can be used to reduce your premiums, and, if the policyholder passes away before using all their benefits, any remaining dividends can be passed on to a designated beneficiary.
New York Life Asset Flex
A combined life insurance and long-term care insurance policy, Asset Flex functions like a traditional life insurance policy. You pay monthly premiums and receive a benefit upon death, but the long-term care component also provides reimbursement for certified care services.
If you’re interested in life insurance, then Asset Flex is a great way to provide an inheritance to your beneficiaries and remain covered for long-term care. If you pass away without needing long-term care, then your policy will still have a residual value passed on to your beneficiaries. The policy’s downside is the steep up-front cost. To purchase Asset Flex coverage, you’ll have to pay a one-time initial premium between $10,000 and $50,000.