Life Just Got Better
Help your clients get more out of their life insurance protection. Long-term care services can quickly erode a client’s savings. Help your clients plan ahead with the new Long-Term Care Rider available on Income Advantage IUL and Life Protection Advantage IUL policies.
Introducing the New LTC Rider
- Available July 1, 2018
- Can be added to Income Advantage and Life Protection Advantage
- Clients ages 30-79, up to Table 4
- Provides accelerated death benefits that reimburse for Nursing Home, Assisted Living, Home Health Care, and Adult Day Care
- 1%, 2%, or 4% monthly acceleration percentages
- Maximum total benefits up to 100% of the initial specified death benefit (capped at $2 million for the 1% and 2% option and $1.25 million for the 4% option)
- One-time, 90 calendar-day elimination period
- Once the policy is issued, LTC Rider cost of insurance rates are guaranteed not to increase over the life of the policy
- If the client doesn’t qualify for the LTC Rider coverage, the policy will be automatically issued with the Chronic Illness Rider
Application and Underwriting
- Application packets have been updated – request the LTC version of the app kit when placing an order
- State-specific Shopper’s Guide must be ordered separately
- LTC Rider will go through separate underwriting and have a separate rate class; although, we will typically use the same underwriter as the life policy
- Refer to the LTC Rider Information & Underwriting Guide for details
The Need for Long-Term Care Planning
- Almost 70% of people over age 65 will require chronic care later in life – for an average of three years. And 20% of those individuals will need care for longer than five years.
- Long-term care services can be expensive. In fact, based on national average costs, people can expect to pay more than $85,000 per year for a semi-private room in a nursing home – and that figure is expected to keep rising.
- Now is the time for your clients to put a long-term care planning strategy in place.