Nationwide Financial has debuted Nationwide YourLife CareMatters.
With the indemnity style of CareMatters, policy owners can use the benefits for a variety of long-term care options - including paying a family member to care for them.
"According to the
"If care is needed, a pool of long-term care coverage will be provided and paid out indemnity style, along with a guaranteed minimum death benefit. If care is not needed, the premium can be recovered through a death benefit or through our return of premium option, which includes any growth."
According to the company, most life insurance policies with long- term care features involve reimbursement-style payments, which require bills and receipts to be sent to your insurance provider each month. They will only cover long-term care specific charges as defined by the policy, and you (or the facility) will only be reimbursed for the exact amount of qualifying expenses up to your maximum benefit amount. CareMatters' indemnity-style benefits allow the policy owner to receive a check each month for the maximum amount of monthly long-term care benefit purchased, even if long- term care expenses are less.
"We created CareMatters to deliver a product with the features financial advisors were asking us for," Henderson said. "It lets clients stay in control of their assets and provides flexibility to cover care services that exist today and those which may evolve in the future."
Indemnity style - Long-term care benefits for CareMatters are paid out indemnity style, which means the monthly benefit is paid to the policy owner regardless of monthly expenses. CareMatters is currently the only linked benefit product in the industry with indemnity-style benefits.
Family care and flexible benefits - With the indemnity-style benefits, policy owners can use them for a variety of long-term care options. The policy owner has the option to pay a qualified family member to care for them, rather than a professional.
Benefit banking - If the policy owner does not need the maximum monthly benefit available, they have the ability to save a portion of that benefit for use at a later time, to either supplement their future monthly benefits or to use the money after the benefits are all used up.
Guaranteed cash value - Unlike other linked benefit products, CareMatters guarantees that the cash value of the policy will never be less than the premiums paid and offers the opportunity for some growth.
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