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September 21, 2006 (CHICAGO, ILL.) – Bankers Life and Casualty Company today introduced a new approach to long-term care funding for its customers. Bankers’ Tax-Qualified Long-Term Care Accelerated Death Benefit Rider is now available with the company’s Innovative Life SP Whole Life Insurance product.
“The combination of the Innovative Life SP product and the new long-term care rider provides both a legacy-giving vehicle and the added security of long-term care protection,?? said Scott Perry, executive vice president and chief operating officer for Bankers Life and Casualty Company. “The accelerated death benefit offered through this rider will serve as a long-term care ‘safety net’ for policyholders. In other words, it’s there if you need it, but whatever isn’t used for long-term care will pass as life insurance proceeds to the insured’s beneficiaries.??
The new rider gives access to the policy’s death benefits while the policyholder is receiving covered qualified long-term care services. Monthly benefits are paid directly to the policyholder, after a 90-day elimination period. Payment amounts are based on the policy’s death benefit at the time of qualification, and can be received for up to 25 months. Accelerated long-term care benefit amounts paid to the policyholder reduce the cash value of the policy.
“Bankers Life specializes in the insurance needs of the mature market. We know that this rider is a much-needed option for the senior market and an important competitive advantage for Bankers Life agents,?? continued Perry.
The Innovative Life SP product from Bankers Life is a single-premium whole life insurance product that can be issued up to age 85. Innovative Life SP offers policyholders the simplicity of a single premium with the security of a tax-free death benefit. Policyholders have the option to borrow against the cash value of their policies, except when receiving accelerated death benefit payments through the policy’s new long-term care rider. Currently available in 17 states, the new product will have wider distribution by year-end.
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the financial security needs of the mature market. The nationwide company, a subsidiary of Conseco, Inc., offers a broad portfolio of health and life insurance and retirement savings products designed especially for seniors. Visit us online at www.bankers.com.
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