New York Life Insurance and Annuity Corp. announced that it had introduced a life insurance product allowing for an early death benefit payout to cover policyholders' long-term-care expenses, including nursing home care, assisted living, and extended at-home care.
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The policy, available only in New York State, includes a lifetime money-back guarantee that ensures policyholders will never get back less than the premium paid, the company said Tuesday. It also offers a minimum benefit guarantee and access to tax-deferred, cash-value accumulation via withdrawals and loans.
