New York Life continues to show its dedication to providing benefit options for employers to offer their employees. In January 2017, the company began to offer Group Term and Disability Insurance. Now, as of May 2018, New York Life is adding more options to address employees’ retirement gaps and growing concern over chronic care.

The company has expanded their Employee’s Whole Life Insurance product to now offer a Chronic Care Rider. This option allows policy owners to access a portion of their death benefits to pay for chronic care expenses. Best of all, benefit payments are sent directly to the insured tax-free, and the money can be used however they want.

On top of that, Employee’s Whole Life now has a Select Paid-Up Option, which will allow people to make their own pay schedules. This allows someone to pay their premiums in as little as 15 years or as long as 52 years, as long as the policy is paid-up by the time they turn age 85. So, someone can choose to have their policy paid up within a timeframe that works for them - like when you plan to retire, when your kids go to college, or at the same time that you complete your mortgage payments.

Plus, once you’ve completed making payments, you get to keep your death benefit coverage—guaranteed. What’s more, the cash value will continue to grow after the policy is paid-up as well. In fact, the cash value may grow faster and accumulate more rapidly than it would in a standard Employee’s Whole Life policy.

Visit the Employee Benefits page to learn more.

Chronic Care Rider is not available in CA. This information is not intended to be a solicitation in that state.

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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-6955

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Employee’s Whole Life is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA). The employer does not contribute to or endorse the program. Employee participation is completely voluntary.

Guarantees are based on the claims-paying ability of the issuer

In OR, the Employee's Whole Life policy form is ICC17-217-52 and the Chronic Care Rider form number is


The policy owner needs to allocate a minimum of $20,000 and cannot allocate more than $95,000 for their Chronic Care Rider Benefit Pool across all New York Life Employee’s Whole Life policies with the Chronic Care Rider. The policy owner also needs to ensure that at least a $5,000 death benefit will remain after CCR benefits are paid. Paid-Up additions, term riders, and the Accelerated Death Benefit rider are not eligible to be accelerated. Once the insured is certified as chronically ill as described in the policy, and meets the 90-day elimination period,

the policy owner will begin receiving an unrestricted cash benefit, with no receipts or plan of care needed. The primary purpose of life insurance policies is death benefit protection and cash value accumulation, with certain riders available at a cost that provide the client with additional policy features, such as additional protection for future chronic illness expenses. This rider should be used for the primary purpose of accelerating a portion of the policy base face amount in case the insured becomes chronically ill.

This is a life insurance rider providing for an accelerated payment of the base policy face amount in the event that you are certified chronically ill as described in the policy.

This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay clients more than the federal per diem limits. If the benefit option elected exceeds the current IRC per diem limits, the benefit period will be extended accordingly. Assuming the amount you receive in the aggregate from all applicable policies does not exceedthe federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Care Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC.

Receipt of an accelerated death benefit may affect client eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information. SMRU # 1776163/ exp. 5-23-2020.