New York Life Gets OK to Market Life, Long-Term-Care Product in California.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Insurance & Annuity Corp., New York, has won approval from California for a single-premium product that provides both death protection and long-term-care insurance. The product, Asset Preserver, is a universal life policy that allows the death benefit to be accelerated to pay for LTC LTC abbr. lieutenant colonel expenses. The policy includes these features: * options on monthly benefit packages; * lifetime money-back guarantee: As long as no benefit has been paid or loan taken out on the policy, policyholders are guaranteed to get back all premiums paid upon a full surrender; and * access to cash value via withdrawals and loans. The company, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of New York Life Insurance Co., is the latest to link long-term-care benefits to life insurance, variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. or even fixed annuities. |
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