New York Life
America’s largest mutual life insurance company, New York Life provides insurance, investment, and retirement solutions along with expert financial guidance. As a mutual company, they are owned by their policyholders, allowing them to focus on understanding customers’ needs and providing services to match. New York Life is ranked high among long-term care insurance providers and has an exceptionally strong financial outlook. On top of this, it is currently the exclusive provider of long-term care insurance plans endorsed by AARP. For those interested, New York Life offers free consultations and LTC insurance guidebooks with no obligation.
Long-Term Care Insurance Policies
New York Life offers a wide variety of riders and inflation protection options to help you customize your policy in the way that best suits your needs and budget. Additionally, their NYL Secure Care policy includes dividend eligibility and access to a care planner with no extra cost. Added benefits such as these are part of what sets NYL’s policies apart from those of other companies and led to their endorsement from AARP. Discounts for partners and spouses are also available, and many policies come with a three-year rate guarantee. However, while these options, extras, and discounts are great to have, New York Life’s policies do have a reputation for being more expensive than many comparable LTC insurance policies on the market. In an effort to combat this, New York Life recently unveiled a new policy which, in exchange for sharing some of the costs taken on by the company, allows policyholders to pay significantly less for their long-term care coverage.
Endorsement from AARP
AARP does not offer long-term care insurance plans of their own, but they do endorse plans from other companies. New York Life is currently the only long-term care insurance company whose policies have been endorsed by AARP, though AARP has previously endorsed plans from Genworth and MetLife. AARP is a strong advocate for long-term care planning and insurance and does its best to only endorse top-quality plans from top-quality companies. Because of this, AARP-endorsed products are typically well-regarded and in high demand. The AARP website is full of helpful information and resources for those interested in learning more about long-term care insurance.
Reputation and Financial Strength
As of September 1, 2018, New York Life had the highest possible ratings for financial strength currently awarded to life insurance companies by the main independent rating agencies: A.M. Best gave it an A++ (superior), Standard & Poor’s an AA+ (very strong), Fitch an AAA (exceptionally strong), and Moody’s Investors Service an Aaa (exceptional). These ratings are important because a company’s financial strength helps to determine its ability to pay out claims in the future. Reviews from customers are also generally favorable.
Be sure to take a look at our other articles to learn more about insurance companies offering long-term care policies. Remember – every policy and every company is different, and it pays to do your research and shop around.
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