Market Overview

New York Life Reimagines Long-Term Care Insurance with the Launch of NYL My Care


Innovative, affordable and flexible long-term care insurance policy
features co-insurance and access to dividends

A new long-term care solution announced today by New York Life,
NYL My Care, promises to make the purchase of long-term care insurance
simpler and more affordable. The innovative product features design
concepts familiar to purchasers of other types of insurance, including a
deductible and co-insurance, and offers the benefit of a dividend 1,
which can help offset future premiums. NYL My Care clients will also
benefit from the peace of mind that comes from working with a mutual
life insurance company with the highest available financial strength

"New York Life is committed to helping people plan for the future, which
includes protecting themselves and their loved ones from the financial
burden of an extended health care event," said Aaron Ball, vice
president, New York Life Long-Term Care. "NYL My Care's simpler,
first-of-its-kind product design will help more people understand,
access and afford the protection they need against the potential cost of
long-term care."

NYL My Care covers a wide range of long-term care needs, including home
care, community-based care and facility care, and offers four
pre-designed plan levels (as shown in Table 1): bronze, silver, gold and
platinum. Customers can easily choose the level of coverage that's right
for their personal situation and risk tolerance, and can further
personalize their plans through riders and customized options. They also
have the option to increase their coverage in the future.

Additional NYL My Care benefits include:

  • Return of premium up to age 65
  • Waiver of premium after deductible is satisfied
  • Access to care planners
  • Coverage increases up to age 702
  • Coverage for in-home support equipment
  • Client loyalty discount3

Table 1: NYL My Care Pre-Designed Plan Levels



  Silver   Gold   Platinum

Policy lifetime maximum benefit4









Monthly maximum benefit4









One-time deductible4









Monthly reimbursement rate









Married male monthly premium5

(age 55)














NYL My Care adds to New York Life's existing suite of long-term care and
chronic care planning solutions, which includes a linked-benefit life
and long-term care policy, a chronic care rider, and NYL Secure Care, an
additional stand-alone long-term care insurance policy, which remains


New York Life Insurance Company (,
a Fortune 100 company founded in 1845, is the largest mutual life
insurance company in the United States* and one of the largest life
insurers in the world. Headquartered in New York City, New York Life's
family of companies offers life insurance, retirement income,
investments and long-term care insurance. New York Life has the highest
possible financial strength ratings currently awarded to any life
insurer from all four of the major credit rating agencies**.

*Based on revenue as reported by "Fortune 500 ranked within Industries,
Insurance: Life, Health (Mutual)," Fortune magazine, 6/1/18. For
methodology, please see
independent rating agency commentary as of 7/30/2018: A.M. Best (A++),
Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+)


1 Dividends are not guaranteed and can vary year to year.
Adding additional coverage in the future is subject to company offers
and underwriting approval.
3 A discount of 5% off of the
first year premium is available for existing New York Life clients.
Discount applies to first year premium only. Discount is available for
applicants who own at least one in-force individual life, individual
long-term care, individual annuity or mutual fund policy that was
obtained through a New York Life agent.
4 The policy
lifetime maximum, and monthly maximum benefit, and one-time deductible
grow with any applicable inflation protection added to the policy.
Assumes 25% Partner's Discount applies.

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