New York Life Insurance And Annuity Corp. Introduces Innovative Asset Preserver Blending Benefits Of Life Insurance With Long-Term Care Insurance.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 4, 2000 One Premium Provides Death Protection and Long-Term Care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. Insurance for California Residents 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 and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Corporation (NYLIAC NYLIAC New York Life Insurance & Annuity Corporation ) announced today that NYLIAC Asset Preserver(R), a product that combines the benefits of life insurance with long-term care insurance coverage, has now been approved for distribution in California. This innovative product is designed to help individuals to obtain protection against the rising cost of long-term care, including nursing home care and extended at-home care, while receiving the traditional benefits of cash value life insurance. Asset Preserver is a single premium universal life insurance policy that allows the death benefit to be accelerated to pay for long-term care expenses. "We are very excited about this innovative, multi-purpose insurance product designed to support the growing number of individuals in California who have accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. significant savings and want the security of long-term care protection," says Michael Gallo, senior vice president, Individual Life. "NYLIAC Asset Preserver policyholders clearly have very attractive options -- they benefit from permanent insurance, including cash value accumulation and death benefit protection, while having the ability to use their death benefits for long-term care protection when it's needed." Now, with the payment of a single premium, individuals can help safeguard their assets against the expense of long-term care, at the same time as they are funding a permanent life insurance policy. The entire death benefit is available to provide long-term care benefits. Any part of the death benefit remaining in the policy will be paid to beneficiaries generally free of income tax. NYLIAC Asset Preserver(R) may be appropriate in many situations to help Californians address their immediate needs and future concerns. The tax qualified Asset Preserver policy offers a wealth of benefits, including: - Flexible coverage for qualified long-term care expenses since individuals can select income tax free monthly benefit option packages to suit their needs; - A lifetime money-back guarantee. So long as benefits have not yet been paid or a loan or withdrawal has not been taken, policyholders are guaranteed to never get back less than the premium paid upon a full surrender. - Protection for beneficiaries with a death benefit that is usually fully excluded from income taxes; and - Access to cash value via withdrawals and loans; however, withdrawals and loans may reduce the amounts available for the death benefit and long-term care expenses. A non-tax qualified Asset Preserver policy with similar benefits is also available to California residents. NYLIAC Asset Preserver(R) is issued by New York Life Insurance and Annuity Corporation, 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. In jurisdictions where NYLIAC Asset Preserver(R) is approved, in-depth training programs for agents are under way. New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] , a Fortune 100 company, is one of the largest insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the world. Founded in 1845 and headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , New York Life and its affiliates offer traditional life insurance and annuities. On the investment side, New York Life and its affiliates provide institutional asset management and trust services and, through a subsidiary, NYLIFE Distributors Inc., provide an array of securities products and services such as institutional and retail mutual funds, including 401(k) products. New York Life's home page on the Internet is located at http://www.newyorklife.com. |
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