New York Life has launched a long-term care (LTC) insurance product called NYL Secure Care, which enables family and friends to be financially reimbursed for care they provide.

The insurer said NYL Secure Care is designed to enable policyholders to benefit from the company’s mutuality and policy performance through a dividend1 feature, while offering more choice and flexibility in the type of care they receive and where they receive it.

Aaron Ball, vice president, New York Life Long-Term Care Business, said NYL Secure Care recognises that loved ones are often the first ones to provide help for those who need care.

Ball said: "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. This is the type of product that consumers need, want and can use to help them remain at home with their family."

Additional features 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
– In addition to benefits for care received at home, eligible expenses are reimbursable for several types of facility care options such as adult day care, assisted living facility or nursing home

Policy options and riders include:

– Waiver of premium, which eliminates premiums when a client is on claim.
– Legacy benefit rider, which returns all paid premium to the estate, minus any claims, when the policyholder dies.3
– Inflation protection options to help the policy keep pace with the increasing costs of care.4
– Shared care rider, which creates three pools of money for clients to draw down on as the need arises