New York Life has reached an agreement with AARP to exclusively offer long-term care solutions to AARP’s 37m members.
The arrangement is designed to make it easier for AARP members to get easy protection against the cost of long-term care, while ensuring that they receive personalised guidance before making a purchase.
According to the terms of the deal, 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 executive vice president and agency head Mark Pfaff 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.
"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 provide a package of solutions under "AARP Long-Term Care Options", which will include long-term care insurance, a permanent life insurance product with long-term care features, and whole life insurance with a chronic care rider. This lets the policy owner accelerate a portion of the face amount to fund chronic care expenses.
NYL Direct, a division of New York Life based in Florida, will manage the new programme, which is expected to launch in Q1 2016.