New York Life has launched a new long-term care insurance product with a dividend opportunity.

The product, NYL Secure Care, will allow policyholders to benefit from the company’s mutuality and policy performance via a dividend feature.

NYL Secure Care will enable the client to become dividend eligible in year 11. By the time clients retire in 20 or 30 years, the dividends declared could offset the premium, leading to little or no out-of-pocket premium.

Through the new product, family and friends can receive caregiver training to become qualified to provide care. They can then qualify to be financially reimbursed for care they offer.

Claimants can make eligible home modifications, with the potential to stay in their homes longer.

Family and friend caregivers may qualify for caregiver relief, which could assist with temporary care if/when the caregiver requires/wants a rest.

Apart from benefits for care received at home, eligible expenses are reimbursable for various types of facility care options including adult day care, assisted living facility or nursing home.

New York Life Long-Term Care Business vice president Aaron Ball said: "NYL Secure Care offers people both the confidence that comes from working with a company with unsurpassed financial strength and the ability to share in our success through any declared dividends.

"Policyholders can use their benefits to reimburse family caregivers, even those who live with them, and more Americans can get the care they need at home without placing an undue financial hardship on family members."