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New York Life Long-Term Care Insurance: 2023 Review

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New York Life is one of the oldest and most reputable insurers in the U.S. and offerings several options for long-term care coverage. Investopedia named New York Life its best overall long-term care insurance provider for 2022.

In this long-term care insurance company review, we'll cover:

Read on to learn more.

New York Life LTC pros & cons


  • The highest financial strength ratings from three of the four major rating agencies.
  • A mutual insurance company owned by policy owners, who can earn dividends from the firm.
  • Several LTC insurance policies to choose from, plus one policy with four different coverage levels.
  • A selection of riders to customize and enhance coverage.
  • It’s well known for its customer service
  • Experts also say New York Life makes it easy to file and review insurance claims with a streamlined online claim process.
  • Coverage is available in all 50 states.


  • There is no online quote feature to help those interested get an estimate on what LTC coverage might cost.
  • You must work with a licensed agent/insurance professional to get a quote and apply for coverage.
  • Experts say New York Life is typically among the most expensive options for long-term care insurance.
  • The company also has a reputation for having stricter underwriting standards than other insurers.

New York Life LTC options

New York Life offers three different long-term care insurance products to choose from. Let's take a closer at each.

NYL My Care

The company launched this product in 2018. It uses a coinsurance model to make the insurance more affordable, which means you’re reimbursed for 80 percent of your long-term care costs up to policy maximums.

My Care is also unique in that it does not use an elimination period before coverage begins. Instead, there is a deductible included in your coverage based on which plan you choose. You’ll be responsible for the cost of care up to the deductible amount before the policy begins paying its 80 percent share of coverage.

There are four plan options: bronze, silver, gold, and platinum.

The plans differ in cost, with bronze being the most affordable and platinum the most expensive. The level of coverage increases the more you pay. The plans differ in the level of:

  • Policy deductible
  • Lifetime benefit maximum
  • Monthly benefit maximum

When the product launched in 2018, these were the coverage and premium amounts for a typical 55-year-old male:

Bronze Silver Gold Platinum
Policy lifetime maximum benefit $50,000 $100,000 $175,000 $250,000
Monthly maximum benefit $1,500 $3,000 $5,000 $7,000
One-time deductible $4,500 $9,000 $15,000 $21,000
Monthly reimbursement rate 80% 80% 80% 80%
Married male monthly premium (age 55) $24.93 $49.86 $84.65 $119.45

New York Life says this product is designed for those looking for coverage to add to their financial plans at a value premium. It’s also for planners seeking to lock in coverage while still paying mortgages, college tuition, or other ongoing, pre-retirement expenses.

Buyers of this product range in age from 35 to 65, with the majority between 45 and 55.

You can choose the level of coverage that's right for your personal situation and risk tolerance, and can further personalize your plan through riders and customized options. You also have the option to increase your coverage in the future.

Additional 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 70 1/2
  • Coverage for in-home support equipment
  • Client loyalty discount

NYL Secure Care

This is a comprehensive long-term care plan that offers additional benefits to enhance your protection. It was launched in 2016.

One of the ways it differs from My Care is that it will help cover the cost of long-term care provided by family members. Also, whereas My Care provides a monthly benefit, Secure Care offers a daily benefit.

With NYL Secure Care, you become eligible to receive a company dividend in year 11. The company said at the time of this product launch that in 20 or 30 years, the dividends declared have the potential to significantly offset the premium, resulting in little or no out-of-pocket premium.

According to New York Life, this policy is designed for pre-retirees and younger retirees focused on protecting against the impact of future long-term care needs. It’s also an option for business owners looking for significant tax advantages. It’s available for applicants between the ages of 40 and 70, with the majority of buyers aged from 50 to 60.

Additional benefits of NYL Secure Care include:

  • Family and friends can receive caregiver training to become qualified to provide care.
  • Family and friends can then qualify to be financially reimbursed for care they provide.
  • Claimants can make eligible home modifications, which may make it possible to stay in their homes longer.
  • Family and friend caregivers may qualify for caregiver relief, which would assist with temporary care if/when the caregiver needs/wants a rest.
  • Eligible expenses are reimbursable for several types of facility care options such as adult day care, assisted living facility, or nursing home.
  • A waiver of premium, which eliminates premiums when a client is on claim.
  • A Legacy Benefit Rider, which returns all paid premiums to the estate, minus any claims, when the policyholder dies.
  • Inflation protection options to help the policy keep pace with the increasing costs of care.
  • Shared Care Rider, which creates three pools of money for you to draw down on as the need arises.

NYL Asset Flex

This is a universal life insurance policy with a long-term care benefit rider attached. This means your policy can pay for long-term care, provide a benefit upon your death, or both. The policy also offers a money-back guarantee.

This product was launched in 2017. It allows you to access part of the life insurance death benefit to pay for covered long-term care expenses, as well as an additional pool of long-term care benefits.

The company said a single premium Asset Flex buyer who is 60 years old has immediate access to long-term care benefits worth close to five times the premium used to fund the policy. You also have a life insurance benefit worth more than one and a half times the premium used to fund the policy. Buyers older than sixty will receive slightly less benefits for the same premium while younger buyers will receive slightly more benefits for the same premium.

They provided an example of how the policy works:

  • A buyer pays $100,000 to purchase Asset Flex.
  • In return, the insured has access to up to $461,695 for covered long-term care services and/or $153,898 in life insurance protection.
  • This coverage pays for long-term care in case the insured needs qualified care, the life insurance benefit if they don’t, or both if they need a limited amount of care.
  • Even if all of the benefits are eventually used for long-term care expenses, the insured’s beneficiaries still receive 10 percent of the original life insurance benefit when the insured passes.

You can make a one-time premium payment, or pay an annual premium over 5 or 10 years. The one-time initial required premium is between $10,000 and $50,000.

The policy’s benefit pays for home care and nursing facilities, as well as care provided by family members. There is a 90-day elimination period, though home care can start right away if you use an NYL-approved Care Coordinator Plan of Care.

New York Life said the policy is designed for those who have assets earmarked for legacy needs or ‘just in case’ funds and want to leverage them more effectively. It’s also geared to pre-retirees and retirees who need long-term care coverage and may benefit from additional or new life insurance coverage.

Asset Flex buyers are between ages 45 and 75, with the majority between 55 and 65.

All three of New York Life’s LTC insurance options provide inflation protection option that will increase your benefit based on the rate of inflation.

New York Life provides the option of filing claims online or downloading a claim form and mailing the completed paperwork.

Available benefit periods are two, three, five, or seven years, depending on your policy. Elimination periods are 90, 180, or 365 days.

Exclusive LTC insurance provider for AARP

Since 2015, New York Life has been the exclusive provider of long-term care solutions to AARP’s members. The organization’s members are referred to a New York Life agent to help them develop a tailored coverage plan.

New York Life offers a package of solutions under the name “AARP Long-Term Care Options.” These include long-term care insurance, a permanent life insurance product with long-term care features (called Asset Preserver), and whole life insurance with a chronic care rider, which lets the policy owner accelerate a portion of the face amount to fund chronic care expenses.

About New York Life Insurance Company

It would be difficult to find an insurer with a longer history and stronger financial stability than New York Life.

The company was founded in 1845 when there were only 28 states in the union and 15 years before the U.S. Civil War. Today, it is the largest mutual insurance company in the U.S. Mutual insurance companies are those owned by policyholders, not by shareholders.

New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

Eligible policyholders can earn dividends based on the company’s financial performance. New York Life has paid an annual dividend to its policyholders every year since 1854 — 168 years. The total dividends paid have exceeded $1 billion every year since 1990. Last year, New York Life declared a dividend of $1.9 billion to eligible participating whole life policy owners in 2022, the largest in company history.

Craig DeSanto became the company’s 19th CEO on April 16, 2022. He joined the company in 1997 as an actuarial intern. At different points in his career with the company, he led the retail life insurance business, the institutional life insurance business, and Eagle Strategies. In 2015, he was appointed leader of the company’s strategic businesses.

New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies:

  • A.M. Best (A++)
  • Fitch (AAA)
  • Moody's Investors Service (Aaa)
  • Standard & Poor's (AA+)

As the cliche goes: You get what you pay for. With New York Life, you likely will pay a little more than with other LTC insurance providers, but you’re also getting nearly two centuries of financial strength combined with reputable service and several policy options.

The information and content provided herein is for educational purposes only, and should not be considered legal, tax, investment, or financial advice, recommendation, or endorsement. Breeze does not guarantee the accuracy, completeness, reliability or usefulness of any testimonials, opinions, advice, product or service offers, or other information provided here by third parties. Individuals are encouraged to seek advice from their own tax or legal counsel.

— Published December 9, 2022
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