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Enhanced Coverage for Added Peace of Mind

As a living benefit, a Chronic Illness Rider offers the means to get you through hardships. You and your spouse, under age 65, are eligible to apply, and coverage can last until age 80.

What is CIR and why should I consider it?

This tax-free benefit is paid directly to you over a four-year period to be used as you see fit.**

Imagine the peace of mind knowing you can spend quality time with your loved ones, rather than coping with costly medical bills. The money can also be used to help pay mortgages, ongoing living expenses, and even compensate for lost income.

And if you’re fortunate to remain healthy and not need the coverage, your full Group Term Life Insurance benefits would be paid to your beneficiaries. That way, your family is still being taken care of.

Applying to add this rider gives you the ability to collect 50% of your Group Term Life benefit amount, up to a maximum of $500,000, if you become permanently chronically ill. While a Chronic Illness Rider won’t replace your healthcare or life insurance coverage, it’s vital to have the protection in place before the need for it arises.

A chronic illness can be classified as a permanent severe cognitive impairment requiring substantial supervision. It’s also defined as the permanent inability to perform two of six Activities of Daily Living (ADLs): bathing, dressing, eating, toileting, transferring, and continence.

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*NOTE: The Chronic Illness Rider is not a standalone policy; it can only be added to an existing or new Group Term Life Insurance policy as a rider.


IMPORTANT NOTICE: This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC. Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.

**Please consult a qualified tax advisor to review your specific circumstances.
***CIR is not currently available in: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories or to applicants with AA/AE/AP addresses.