New York Life adds indemnity option to Asset Flex

New York Life  has added an indemnity benefit option to Asset Flex, its hybrid product combining long-term care coverage with universal life insurance.

Customers can now choose between reimbursement coverage, which pays qualified care expenses up to a monthly limit, and an indemnity option that provides a monthly cash benefit once the policyholder qualifies for a claim, regardless of the actual expenses incurred.

The cash benefit can provide greater flexibility for costs that may not fit a traditional reimbursement model, including support from family caregivers, transportation and home modifications.

The indemnity option also includes extended international coverage for qualifying nursing home care and a zero-day waiting period for facility care when eligible home care services have already been received.

Asset Flex is available in most states through New York Life financial professionals and registered investment advisors.