New York Life has entered into an agreement with AARP to become the exclusive provider of long-term care insurance products to AARP's 37 million members.
Under the terms of the agreement, AARP members who respond to the new marketing effort will be referred to a specially-trained, licensed New York Life agent who can help them develop a tailored coverage plan, New York Life said.
“This agreement with AARP is a step forward in helping more people plan against the uncertainties that increasing life spans can bring, which is a critical and unmet need for millions of Americans,” said Mark Pfaff, the executive vice president and head of agency at New York Life. “Our 12,000 agents work every day to help people understand the solutions available to help pay for long-term care, and we are pleased that AARP's 37 million members will have easy access to their guidance and expert advice.”
New York Life will offer a package of solutions under the name “AARP Long-Term Care Options.” The solutions include long-term care insurance, a permanent life insurance product with long-term care features, 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.
“We are delighted to expand our relationship with New York Life, which shares our commitment to helping people age 50-plus plan for a financially secure retirement,” said Mitch Stevens, the senior vice president of financial products and services at AARP Services Inc. “The new AARP Long-Term Care Options program from New York Life will help our members plan for their long-term care needs.”
NYL Direct, a division of New York Life based in Tampa Florida, will oversee the new program, which is expected to launch in the first quarter of 2016.
“AARP members have long counted on strong products and outstanding customer service when they work with New York Life, and we look forward to building on that track record as we expand the relationship into long-term care options,” said Don Salama, the senior vice president of NYL Direct. “Just as New York Life is committed to the long-term care market, NYL Direct is committed to helping provide AARP members with financial protection and unsurpassed customer experience.”
Learn more:www.aarp.org; www.newyorklife.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].