New York Life has introduced an enhanced Asset Preserver, a life insurance product designed to help cover the costs of long-term care.
The new product is a single premium universal life insurance policy which guards customers against surging costs of long-term care such as nursing home care, assisted living and extended at-home care, while offering traditional benefits of permanent life cover.
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It also includes a money back guarantee feature that allows the policyholder to maintain liquidity.
Asset Preserver offers an optional Extension of Benefits Rider, an added protection that increases the pool of long-term care money and provides coverage for additional 24 months, which, if required, can result in up to 70% more long-term care coverage.
New York Life senior vice president Craig DeSanto said that 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.
"Whether it is used to cover long-term care costs or provided to beneficiaries as a death benefit, the money is going to stay with their family," DeSanto added.
