It's easy to learn more. New York Life will send you a free information kit and personalized quote, containing costs, eligibility, renewability, limitations and exclusions. Get a Quick Quote and learn how affordable your premiums will be. The nursing home must be primarily engaged in providing skilled nursing care under the supervision of a licensed physician. Proceeds may be taxable.
Premiums continue to be payable but the benefit amount is decreased by one-half.
The acceleration of life insurance benefits offered under this certificate is intended to qualify for favorable tax treatment. If these benefits qualify for favorable tax treatment, they are excludable from your income and not subject to taxation. You are advised to consult with a qualified tax advisor and with social service agencies to determine how receipt of these benefits affects your tax status and eligibility for public assistance. Premiums continue to be payable but the benefit amount is decreased by one-half. Benefits will not be paid for death resulting from suicide within the first two years if New York Life can show that suicide was intended at the time of application.