July 19, 2024 Newswires

Protective Launches New Term Policy Rider Option to Support Chronic Illness Coverage

Business Wire

Conversion Choice℠ rider with ExtendCare℠ provides customers with more policy flexibility

BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750) today announced the launch of a new rider for its flagship Protective^® Classic Choice term policy, which is issued by its principal subsidiary Protective Life Insurance Company (“Protective”). The new rider, Conversion Choice℠ rider with ExtendCare℠ provides customers with enhanced options for long-term protection and future chronic illness coverage.

Of people turning age 65, 70% will develop a long-term care need in their lifetimes.¹ With the physical, emotional and financial toll of chronic illness, dependable coverage can help lessen the burden.

“As protectors, our mission is to help people secure what matters most, especially as their needs change,” said Dave Sheridan, Vice President, Head of Independent Life Distribution for Protective. “The Conversion Choice rider with ExtendCare can help clients plan for long-term coverage needs and protect against the unexpected, all while ensuring their immediate protection needs are covered with Protective Classic Choice term.”

The new Conversion Choice rider with ExtendCare can be added to newly purchased Protective Classic Choice term products. The rider allows customers to easily convert their in-force policy to a Protective permanent solution and access ExtendCare to receive chronic illness protection, without any additional underwriting or medical exams.

Another benefit of the Conversion Choice rider with ExtendCare is longer conversion periods for more of Protective’s permanent products.

Financial professionals can learn more about the Conversion Choice rider with ExtendCare and Protective Classic Choice term by visiting https://finpro.protective.com/protection/term-life/protective-classic-choice. Conversion Choice rider with ExtendCare may not be available in all states.

¹Christine Benz, 100 Must-Know Statistics About Long-Term Care: 2023 Edition, Morningstar, 2023. https://www.morningstar.com/personal-finance/100-must-know-statistics-about-long-term-care-2023-edition

About Protective

Protective has helped people achieve protection and security in their lives for 117 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 14.4 million people protect what matters most. Protective’s more than 3,800 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities - because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., had $118 billion in assets, as of December 31, 2023. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.