New York Life has rolled out an enhanced Asset Preserver, a life insurance product designed to cover the costs of long-term care and provide liquidity.
The new life insurance product enables customers to deal with costs of long-term care, including nursing home care, assisted living and extended at-home care, while enjoying the traditional benefits of permanent life insurance.
Contrary to the conventional long-term care insurance policy funded by premiums on a monthly or annual basis, Asset Preserver is a single premium universal life insurance policy.
The policy also included a money back guarantee feature enabling the policyholder to maintain liquidity, according to the life insurance company.
Furthermore, the Asset Preserver also delivers an optional Extension of Benefits Rider, which is a valuable added protection that increases the pool of long-term care dollars and provides coverage for 24 additional months.
New York Life senior vice president Craig DeSanto said, "For those pre-retirees or retirees with money that is currently earmarked for bequests to family members or is otherwise idle, Asset Preserver is a way to reposition those assets to immediately leverage the money in the form of a death benefit and a pool of long-term care assets."
The policy provides benefits, including immediate increase in funds available to help pay for long-term care expenses through tax-free acceleration of the death benefit, if required.
Additionally, it also gives flexible coverage for qualified long-term care expenses since individuals can select income tax-free monthly benefit option packages to suit their needs, among other benefits.