Protective Life Insurance Company and West Coast Life Insurance Company Offer a New Optional Rider for Chronic Illness Care on Guaranteed UL Policies
The ExtendCare rider can help clients take control of their future care by providing life insurance that offers optional coverage in the event of a chronic illness. As an optional rider on the Protective Centennial G II and West Coast Life LifeTime Platinum III universal life insurance policies, the ExtendCarerider increases the policies’ flexibility by allowing up to 100% of the death benefit to be accelerated in the event the insured becomes chronically ill and qualifies for the benefit.
With the ExtendCare rider, the base life insurance policy is guaranteed, so there should be no surprises or changes down the road when clients may need chronic illness care the most. Unlike a traditional stand alone Long-Term Care (LTC) policy, if the insured doesn’t utilize the accelerated benefits under the ExtendCare rider, the death benefit will still be paid to the beneficiaries upon the insured’s death. This eliminates the “use it or lose it” risk associated with traditional LTC products.
Nearly half (48 percent) of Americans ages 45-70 have no financial plans in place to protect themselves against outliving their assets and the rising cost of healthcare should they live longer than they expected, according to a new survey released today by the
“Approximately 133 million Americans†, nearly half of all adults, live with at least one chronic illness,” says
It is important for clients to understand that the ExtendCare rider is part of a life insurance policy and is not a health based product that qualifies for certain tax deductions. However, it is designed for favorable tax treatment. The ExtendCare rider does not use the reimbursement approach. Once chronic illness payments are triggered, the ExtendCare rider pays a monthly tax free benefit automatically and no medical bills or receipts are required to receive benefit payments.
†Source: http://www.cdc.gov
National Vital Statistics Reports 2008
About
Centennial G II UL, policy form UL-15 and LifeTime Platinum III UL, policy form WC-U15, and state variations thereof, are flexible premium universal life insurance policies. Policies are issued by
*The policy will not lapse due to insufficient funds as long as the Lapse Protection Account value equals or exceeds Policy Debt. The amount of premium and any charges determine if the lapse protection is in effect. Loans, partial surrenders, policy changes, and any delinquent premium outlays will affect the length of the protection. The lapse protection guarantees the policy death benefit only, not the cash or surrender value. Refer to policy and endorsements for complete limitations, terms, and conditions.
ExtendCare Rider (PLICO Form L627 8-10 or Form ICC10-P-R2) (WCL Form WC627 8-10 or Form ICC10-W-R2) issued by
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