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?

Breakdown

9/10
Claims & Benefits
10/10
Policies & Coverage
9/10
Financial Strength
10/10
Reputation

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
Group
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
Nonforfeiture
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?
No
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.
Underwriter
New York Life
Moody's Financial Rating
Aaa
Standard & Poor's Financial Rating
AA+
*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
A-
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
7
Date Collected
1993-12-08

Contact & Additional Information

Company Type
Subsidiary/ Partner
Year Founded
1845
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
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
Alpharetta, Georgia
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
7/20/2016
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.



Top Rated
Our Partner
9.8 / 10
  • A+ score, BBB-accredited
  • 65 years experience
  • Well connected broker with many long term care providers, offering comprehensive, affordable coverage plans
  • Protects your assets with tax-free benefits
  • Eligibility: Ages 45-79, $100k+ net worth, in good health