New York residents will now be able to use some of their life insurance policy to cover long-term care expenses, according to a press release.
“By passing this law, we no longer burden taxpayers with the long-term care expenses needed by the growing senior population and we’ve given thousands of seniors a creative and costsaving way to cover their care,” said state senator Jeff Klein.
Keeping life insurers up-to-date about address or any personal information changes is one of the most powerful things a policyholder can do to decrease the chance of running into problems when making a claim, advised the New York State Insurance Department.
Regardless of the life insurance policy you decide to purchase, every policy will contain a safeguard called the “incontestable clause” geared towards financially protecting the insurance company. The National Association of Insurance Commissioners Standard Policy Provisions Model Act and the laws based upon it requires that every single policy contains an incontestable clause, which is a provision that makes the life insurance policy incontestable by the insurer after it has been in force for a…