New York Life’s core product is whole life insurance, but the company also offers several Long-Term Care Insurance solutions, including traditional long-term care policies and a program endorsed by AARP.

The AARP-endorsed New York Life Long-Term Care Insurance program is available exclusively to AARP members who meet New York Life’s health underwriting requirements. The insurance coverage itself is issued and administered by New York Life, not AARP.

Under the endorsement arrangement, New York Life pays AARP a royalty fee for the use of AARP’s intellectual property and brand. These royalty payments are used for AARP’s general purposes and do not affect policy benefits, underwriting decisions, or claims administration.

New York Life: A Higher-Cost Long-Term Care Insurance Option

New York Life Insurance Company offers some of the most expensive Long-Term Care Insurance (LTC Insurance) policies currently available in the marketplace. While certain policies are eligible for dividends, those dividends are unlikely to materially offset the higher premium levels over time.

Because of the high cost, some advisors design New York Life policies without key consumer protections, such as meaningful inflation benefits, or structure benefit increases in ways that raise premiums regularly, increasing long-term affordability risk.

New York Life offers two traditional Long-Term Care Insurance products, along with asset-based or “hybrid” life insurance policies that include long-term care benefits. These products are sold exclusively through captive New York Life agents and affiliated agencies, limiting consumer access to broader market comparisons.

The company’s primary traditional LTC Insurance policy is also offered through an AARP-endorsed program. The AARP-endorsed version is largely the same policy, with limited additional AARP-related member features, rather than a materially different insurance product.

From a policy design standpoint, New York Life’s benefits, triggers, and consumer protections compare favorably with those of other top-rated long-term care insurers. The company itself remains financially strong, highly rated, and well-respected, which is an important consideration for long-duration insurance products.

As with all Long-Term Care Insurance, premiums are based on the specific benefits and options selected at application, along with underwriting factors such as age, health history, gender, tobacco use, and state of residence. Higher premiums typically reflect more conservative pricing, profit margins, and the benefit of their name brand, rather than superior benefits.

Features and Benefits with New York Life Long-Term Care

(both Secure Care and AARP Plan)

• Partnership
• Daily Benefits from $50 to $400 a day
• Option for Monthly Home Care Benefit
• Shared Care Benefit featuring a third pool of money
• Return of Premium Minus Claims
• Five different Inflation options, including 3% simple, 3% compound, 5% compound, increases based on the Consumer Price Index (CPI), and options to buy additional benefits based on CPI
• Three elimination periods – 90, 180, or 365 days
• Caregiver training
• Home modifications
• International benefits - pays for care outside the United States, up to 100 times the facility services daily benefit.
• Alternate plan of care - this allows the policyholder to request benefits or services not listed in the policy, per the company's approval.

The AARP-endorsed long-term care insurance plan is not a different insurance product; it’s simply a distribution arrangement of New York Life’s LTC policies.

Because New York Life issues the insurance contract, the underwriting, benefit structure, and base pricing are the same whether you buy Secure Care directly or through the AARP-endorsed program.

"My Care"

"My Care" is New York Life's third traditional Long-Term Care product. The two significant differences in this product are the use of "deductibles" instead of elimination period days and the built-in 80/20 co-insurance. Although the price is lower, the overall cost at the time you need benefits can be higher.

Most Long-Term Care Insurance policies use an elimination period, which functions as a one-time deductible measured in days, not dollars. In many policies, the elimination period is satisfied using calendar days, not just days when paid care is received. That means the elimination period can be met even if little or no care is being paid for during that time, depending on the policy design.

By contrast, My Care does not use a traditional elimination period. Instead, it applies a cash deductible, meaning benefits begin only after the insured has paid a specified dollar amount toward covered care expenses.

Deductibles range from $4,500 to $21,000 of incurred costs, and the deductible also GROWS with inflation. The 80/20 co-insurance means the policy pays only 80 percent up to the monthly benefit. 

For example, you have a $5000 monthly benefit, and your bills are $5000 – the policy will pay up to $4000 after the deductible. 

Inflation Benefits: Be Careful

The primary drawback of New York Life Insurance Company’s Long-Term Care Insurance is cost. Premiums are typically higher than most competing traditional LTC Insurance products, which can make New York Life non-competitive for many consumers. Inflation protection options are a significant driver of that higher cost.

Because guaranteed automatic inflation protection, such as 3% compound inflation, is especially expensive with New York Life, policies are often illustrated without automatic inflation. Instead, agents frequently present future purchase options or no inflation protection at all, since the initial premium is substantially lower.

However, with future purchase options, the policyholder pays for each increase at the time it is elected, causing premiums to rise with every purchase. Over time, this results in coverage that becomes progressively more expensive, particularly as purchases are made at older attained ages.

Terms such as “Guaranteed Purchase Options,” “Future Purchase Options,” or “CPI Offers” should not be confused with automatic inflation protection. New York Life’s approach is commonly referred to as a CPI Offer, which allows the policyholder to purchase additional benefits based on changes in the Consumer Price Index (CPI).

Each accepted offer increases both the benefit level and the premium, effectively creating an increasing-premium Long-Term Care Insurance policy.

If a policyholder consistently accepts CPI offers to keep pace with rising long-term care costs, they will typically pay more in cumulative premiums over time than if automatic inflation protection had been selected at issue, despite the higher upfront cost.

For most consumers, automatic compound inflation protection remains the most predictable and reliable option, particularly for those purchasing coverage at younger ages.

Dividends: Temper Expectations

New York Life agents may reference the company’s dividend history, but dividends should not be relied upon when evaluating long-term care affordability.

While New York Life has declared dividends on certain Long-Term Care Insurance policies in the past, dividends have been rare, non-recurring, and are not guaranteed. There is no assurance that future dividends will be declared, and dividends would be unlikely to materially offset the premium differences between New York Life and lower-cost competitors.

Dividends should be viewed as a potential bonus, not a planning strategy.

Claims

If you or a loved one owns a New York Life Insurance Company Long-Term Care Insurance policy and you need help submitting a claim, LTC News offers free, no-obligation assistance. This support includes guidance through the claims process and help in locating quality caregivers and care facilities.

Because many insurance agents have limited hands-on experience with long-term care claims, this independent assistance can be especially valuable for policyholders and their families during a stressful time. Learn more here - Filing a Long-Term Care Insurance Claim.

Federal Regulation and Consumer Protections

All Long-Term Care Insurance contracts are regulated under IRS regulations §7702B(b). Any insurance contract that meets the guidelines set by the Internal Revenue Service is considered long-term care. All insurance products that meet these federal guidelines contain consumer protections and regulated benefit triggers, in addition to tax advantages.

New York Life's Long-Term Care Insurance products meet federal guidelines. 

Partnership

New York Life offers Partnership Long-Term Care Insurance policies in available partnership states. Partnership policies provide additional dollar-for-dollar asset protection. Remember, asset-based "hybrid" products are not partnership certified.

• What is a Long-Term Care Partnership Policy?

Find State-Specific Information

Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - LTC News Cost of Care Calculator.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance, it’s important to understand that both state and federal regulations govern how these policies are designed, priced, and sold. Each state department of insurance approves policy forms and regulates premiums for policies sold in that state.

Because of these regulations, insurance agents, agencies, and financial advisors cannot offer special or negotiated discounts beyond what is already approved and available under the policy. Premiums and discounts, if any, are set by the insurer and must be applied uniformly to all eligible consumers.

Remember, New York Life products are only offered by captive agents.

Use all the tools and resources available on LTC News to help you in your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to core features and benefits. However, options and policy design vary by company, and premiums can differ dramatically between insurers—even when comparing policies with similar benefit levels.

Underwriting

Long-Term Care Insurance is medically underwritten, and each insurer has its own underwriting guidelines that determine eligibility and rate class. An experienced Long-Term Care Insurance specialist understands these differences and can help match you with the insurer and policy options most aligned with your health profile and planning goals.

What is Underwriting? How Does Current Health Impact Ability to Obtain Long-Term Care Insurance?

New York Life underwriting is considered "moderately conservative" compared to other insurance companies. The company offers three rate classes: preferred, select-standard, and standard.

The company's preferred rate is very broad. It includes health issues other companies would place into a more traditional "standard" rate. The effect of this means there is no discount for having excellent health. 

On the other hand, New York Life's "select-standard" and "standard" rates have even broader underwriting criteria but at an even higher cost. The company's "standard" rate is more comparable to a "sub-standard" rate with other companies, and, in addition to being very expensive, it reduces the percentage of benefits available for in-home care to 80%.

A qualified LTC Insurance specialist will assist you in determining insurability and which rate class you would likely fall into.

Be sure to discuss your pre-existing health issues with a specialist, agent, or advisor before applying with New York Life (or any company). Make sure they are quoting the correct underwriting rate class.

Comparing LTC Insurance Products

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement, when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Underwriting guidelines vary by insurer, meaning you may qualify for coverage with one company but not another. When comparing Long-Term Care Insurance, it’s important to understand how New York Life’s pricing, underwriting, and policy design differ from those of other insurers.

There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. 

Premiums and underwriting criteria vary dramatically between insurance companies. 

State variations may apply.