Protective Life Insurance Company is pleased to introduce a new ExtendCare Rider that will be available with Protective Advantage Choice UL and Protective Indexed Choice UL effective April 17, 2017.
So what’s different? The new ExtendCare Rider features:
- Removal of the permanent loss of two Activities of Daily Living (ADLs) requirement
- Waiver of monthly deductions required to maintain the policy during a benefit period
- An additional waiver of monthly deductions for as long as the policy is in force, if the insured is certified as chronically ill for three consecutive benefit periods
As a reminder, ExtendCare is an optional rider that allows your clients to advance their policy’s death benefit to use for any potential chronic illness needs. The policy death benefit can be accessed after a waiting period should the insured become chronically ill as certified by a licensed physician. This rider is only available at policy issue for applicants between the ages of 20 – 80 years old, at an additional cost. With ExtendCare, you clients can:
- Access a monthly benefit amount up to 5% of the base policy’s death benefit, not to exceed $10,800
- Cover expenses without providing proof of care
- Receive monthly benefit payments directly
- Pay for family and informal care, and medical or non-medical expenses
- Leave any unused portion of the death benefit for loved ones
Transition Rules
Protective Life can begin processing applications and issuing policies with the new ExtendCare rider on April 17, 2017 in approved states. In addition, the ELI (illustration) system will also begin quoting the new ExtendCare 2017 rider in all approved states on April 17, 2017.
Subject to state approval, all applications signed and received on or before April 24, 2017 will be processed according to the accompanying illustration. Applications signed and received after April 24, 2017 will be processed with the new ExtendCare Rider (2017) and a new illustration may be required.
Subject to state approval, all TeleLife applications signed and received on or before May 22, 2017 will be processed according to the accompanying illustration. Applications signed and received after May 22, 2017 will be processed with the new Extend Care Rider (2017) and a new illustration may be required.
Applications that are currently in underwriting may be switched to the new ExtendCare Rider (2017) upon request. When switching to the new rider, a revised illustration will be required before policy issue.
The illustration must match the version of the ExtendCare Rider before the policy is issued.