New York Life Long Term Care Insurance Review

Rating: 9.5 / 10 (Excellent)
4 Customer Reviews - see all reviews
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New York Life is a leading financial service provider backed by its strong capital position. It is one of the largest mutual life insurance companies in the country today and is rated A++ by AM Best. This rating is reflective of the company as a whole and is not particular to its long term care arm. With its strong financial ratings the company is positioned to be a reliable company for their long term care customers now and in the future.

 

Premium

New York Life’s premiums are among the lowest in the industry today.  A three year maximum benefit plan which gives a daily benefit of $100 for example only requires a yearly premium of around $690. This is significantly lower or even half of those being offered by other top long term care insurance services.

5 percent compound inflation protected plans on the other hand with a 3 year maximum benefit also triples its premiums at $1700. However, daily benefits are doubled to $200. A majority of long term care insurance experts advise that people take a 5 percent inflation protection plan to offset future inflation. It should be noted that the rising costs of healthcare far outpace inflation. While a $100 daily benefit could be sufficient for today’s long term care needs, it might not cover the rising costs of future health care.   

 

Plans Available

 

State Partnership

Yes

Individual

Yes

Group

No

Non-tax Qualified Policies

Yes

Tax qualified Policies

Yes

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Maximum Benefit Period – 2, 3, 4, 5, 7 years to lifetime

Home Care – 100 percent cover

 

The onset of some medical conditions varies and some seniors might suffer from Alzheimer’s disease at an earlier age. This makes having a lifetime maximum period essential for long term care.

 

Financial Rating

A.M. Best – A++

(The company has demonstrated superior overall performance and has a very strong ability to meet its obligations to policyholders over a long period of time.)

 

Summary

Comparatively lower premiums and industry standard benefits makes Ney York Life’s Long Term Care offer an attractive option. With rock solid financial ratings, policy holders will be sure that the company will be there to deliver on its promises. 


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Latest New York Life Reviews

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Sara T

2/2/2017
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.


S
Sara T

2/2/2017
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. http://longtermcareinsurancepartner.com/blog/new-york-life-long-term-care-insurance-rating-and-review


M
Mary A
Austin, Texas

8/19/2016
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

7/21/2016
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.


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New York Life Long Term Care Insurance