Why We Believe New York Life Insurance Company is an Ideal Long-Term Care Insurance Provider - Maryland
New York Life is particularly well-suited to providing long-term care insurance. Our financial strength, mutuality, history of stability, reputation for integrity, knowledgeable agents, and our quality product make us an ideal long-term care insurance provider.
For over 165 years New York Life’s disciplined approach to financial management has been the bedrock principle of our mission of providing security for our policyholders. New York Life has a rich history of conservative and cautious investment principles and we specialize in making long-term promises like long-term care insurance. We are a Fortune 100 company and we are one of the few life insurance companies to maintain the highest financial strength ratings from all of the major ratings agencies1.
The Company’s consistent record of financial strength is best demonstrated by the fact that we have, for each of the past 155 years – with no exceptions, returned a portion of our surplus to eligible policyholders as dividends. Our mutual nature has helped enable us to pay a dividend on our long-term care insurance policy for seven straight years. Please note, dividends are not guaranteed.
As a mutual company, we serve only our policyholders. This structure, rather than public ownership, encourages us to make decisions that favor long-term stability over short-term gains. This is a sound foundation on which to offer clients long-term care insurance protection because of the long-term promise inherent in the coverage.
History of stability
Our long history of stability is another reason New York Life is an ideal long-term care insurance provider. While our corporate history of prudent and cautious decision-making is well known, we are also one of the few carriers to have never raised rates on in-force long-term care insurance policyholders.2 This is an important distinction.
We entered the long-term care insurance market with a commitment to grow our long-term care insurance client-base slowly, distributing our policy solely through our network of agents. We have priced, underwritten, and marketed our long-term care insurance with our clients’ best interest and long-term rate stability in mind.
Reputation for integrity
Our reputation for integrity is well known throughout the insurance industry and that reputation extends to our long-term care insurance product line. Clients who choose New York Life for their long-term care insurance get a trusted partner whom they can count on should long-term care be needed. At New York Life guarantees matter.
We only distribute long-term care insurance through our highly respected and knowledgeable New York Life Agents. Agents are very adept at helping clients tailor-fit our long-term care insurance policy to their unique needs. Agents must complete rigorous training before they can sell long-term care insurance from New York Life.
Agents must complete state-specific training (in most cases) and continue their training via required annual continuing education coursework. As a result, they are very skilled at helping clients understand the long-term care issue and develop sound approaches that account for their existing financial plan and overall retirement strategy.
Flexible benefit options
Our long-term care insurance policy offers coverage for a variety of long-term care services, from informal/home care to assisted living and nursing home coverage. The policy can be crafted to provide a large pool of benefit dollars, ideal for those seeking extensive coverage, or it can be tailored to provide modest coverage for those seeking to cover gaps in their existing long-term care financing plans.
Our policy features a unique patented approach to inflation protection that ties annual increases in benefit levels to annual changes in the Consumer Price Index-Urban (CPI-U). It also offers a series of optional policy riders/amendments, available for additional premium, that can extend coverage options, including additional benefits for couples and an optional Return of Premiums Upon Death Rider. All married applicants are automatically granted a 15% premium discount.
No in-force long-term care insurance rate increases
New York Life has never increased rates on any of our in-force long-term care insurance policyholders. Though we reserve the right to increase rates on a class basis in the future, we have priced and underwritten our policy with long-term rate stability in mind. New York Life is one of only a few carriers never to have increased premium rates on existing customers. This is an important distinction.
The right company. The right policy.
New York Life is an ideal long-term care insurance provider. We offer a tax-qualified long-term care insurance policy with highly flexible benefit choices. Ultimately, long-term care insurance is potentially a 20, 30, 40 year, or more promise. Who better than New York Life, a company that specializes in long-term guarantees, to honor such a promise?
The purpose of this material is solicitation of insurance. An insurance agent may contact you. Long-term care insurance is issued on policy form series ILTC-5000 and INH-5000 with a state identifier, where applicable and edition date. These policies may have exclusions and limitations.
1For current New York Life Insurance Company financial strength ratings from the four principal ratings agencies see the "What the Ratings Agencies Say" article on newyorklife.com. A.M. Best is not a government regulated agency. It is a full-service credit rating organization dedicated to serving the financial services industries, focusing on the insurance sector.
2Though we reserve the right to raise premiums on a class basis in the future, we have priced and underwritten our policy with long-term rate stability in mind.