New York Life Long Term Care Insurance Review

Rating: 9.6 / 10 (Excellent)
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New York Life is an insurance company that offers a wide range of services including long term care insurance. An exclusive long term care options provider with AARP, New York Life has several plans that reimburse policyholders' long-term care costs. The care options range from assisted living facilities to nursing home coverage and in-home care.

How is New York Life rated?


Claims & Benefits
Policies & Coverage
Financial Strength

Overall Rating: 9.6 / 10 (Excellent)

New York Life is ranked high among long term care insurance carriers, with a strong financial outlook and comprehensive policies that allow policyholders to customize their benefits. Their offerings are standard for the industry, though some reports indicate the premiums are higher than those of other companies offering similar benefits.

Policies & Coverage

Policies & Coverage - 10 / 10

New York Life's offerings are standard for the market. They offer all types of policies, including hybrid ones like the Asset Flex, which combines universal life insurance with a long term care rider. For traditional long term care insurance, they have a comprehensive policy and a nursing home-only policy. The latter does not cover home care or assisted living services. They also offer all the usual policy riders, like inflation protection and waiver of premium.
Policy Types
Individual / Standard
State Partnership
Hybrid Life and Long Term Care
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Medical Help Systems
Available Policy Riders
Inflation Protection
Shared Care
Return of Premium
Waiver of Premium
Home Modification
Available Discounts
Partner / Household

Inflation Protection

Simple 3%, Simple 4%, Simple 5%, Simple 6%, Compound 3%, Compound 5% and a Guaranteed Purchase Option

Claims & Benefits

Claims & Benefits - 9.3 / 10

New York Life offers a comprehensive policy and a nursing home-only policy. The details in this section refer to the comprehensive policy. They offer daily benefit amounts from $100 to $400, as well as benefit periods ranging from 1-7 years. They also offer a lot of flexibility when choosing an elimination period. Together, these allow policyholders to build a customized policy.
Maximum Daily Benefit Limit
$400 per day
Lifetime Benefit Period
7 years
Unlimited Lifetime Benefit Period?
Elimination Period
20, 30, 60, 90, 180, or 365 days
Eligibility Requirements
Activities of Daily Living Limitations
Alzheimer's or Cognitive Impairment

Financial Strength & Ratings

Financial Strength - 9.4 / 10

New York Life's financial strength has been ranked as "Superior." This is important to note when choosing a long term care insurance company, as the rating corresponds with how well an insurer can pay its policyholders' claims.
New York Life
Moody's Financial Rating
Standard & Poor's Financial Rating
*The above information reflects the financial strength of the underwriter of the New York Life long term care insurance policies: New York Life.

New York Life Reputation

Reputation - 10 / 10

New York Life enjoys an A- rating from the BBB. The company settled a lawsuit regarding excessive fees charged to participants in their 401(k) plans, and has been alleged to deny life insurance benefits. There are no online reviews on their performance regarding long term care insurance claims.
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Contact & Additional Information

Company Type
Subsidiary/ Partner
Year Founded
Homepage URL
Company Phone
(212) 576-7000
Headquarters Address
51 Madison Avenue, New York, NY, 10010

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Customer Comments & Reviews

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Sara T
Alpharetta, Georgia
Mary Parker, you are incorrect. NY Life has passed 2 rate increases onto their existing policyholders averaging 40% each. The new policy NYL Secure Care AARP brought into the marketplace April 2016 is a an absolute ripoff.

Sara T
Alpharetta, Georgia
NY Life AARP sells the most expensive long term care insurance policy in the country. It is an exceptionally awful value for women. Buyer beware.

Mary A
Austin, Texas
We have had our policies for a very long time. 100/day benefit with lifetime benefit. I am 80 & my husband is 85. Our premiums are about $1250/year & have not had a premium increase to date. Hopefully we never have to use the benefits - but it is insurance if & when needed. Our neighbors have just been faced with a 50% increase from their provider - $4458 - with a 6 year limit. Does not seem that NYL is most expensive as indicated by another reviewer.

Bill L
Alpharetta, Georgia
The New York Life Secure Care long term care insurance policy is the most expensive policy by far in the marketplace. The New York Life insurance costs are 2x-3x higher than other policies for the same benefits. Avoid. Run away from the captive NY Life/AARP sales agents.

Top Rated
Our Partner
9.8 / 10
  • Rated A+ by the BBB
  • Monthly cash benefits for spousal home care
  • Nationwide network of agents
  • Affiliated with top long term care carriers
  • Applicants between the ages of 30 and 79 will be considered for coverage.
  • Choose between multiple long term care insurance policies