A new insurance product allows Baby Boomers to potentially have access to
400% more benefits at a reasonable price. The Maximum Lifetime Benefit
Acceleration Rider (hereby called the "Value Rider”), available from the Loyal
American Life Insurance Company® Security Advantage™ LTC insurance product,
helps Baby Boomers by increasing their long term care pool of money for use
during early claims.
In the past, when a Baby Boomer under age 65 bought a policy, they were not
expecting to see the benefits until their eighties. For example, someone age 56
bought a policy worth $365,000 in total benefits. They were not expecting to use
the benefits until they reached their 80s.
But health and longevity are unpredictable. Just ask someone who either has a
stroke, is diagnosed with multiple sclerosis, or early-onset Alzheimer’s while
they are in mid-career. Consider this example: a policyholder buys LTC insurance
at age 56. That year, he suffers a stroke as a complication to elective knee
surgery. He has a legitimate claim against his LTC insurance policy and would
use up his benefits at a much younger age than intended — $365,000 divided by
$73,000 ($200 dollars a day benefit) in five years.
With the Value Rider in the Security Advantage™ product, the policy’s pool of
money increases, from $365,000 to $1.4 million, (the value his policy would be
worth at age 85, after inflation benefits compounded over the years.) The rider
is structured to provide full accessibility to the greatest amount of benefit
that the policy is structured to provide regardless of when the need arises.
The typical 57-year-old has not yet finished saving for retirement, is in his or
her greatest income-producing years, and may have children in college. LTC
payments from the Value Rider will allow him to stay at home. This can give a
spouse the option to continue working or to return to work, instead of being the
primary caregiver.
Everyone agrees that including a lifetime benefit on an LTC insurance policy is
optimal, but many consumers cannot afford such a policy. Lifetime benefit period
policies are, of course, much more expensive than a typical limited benefit
period policy; for example, with a two year benefit period or a five-year
benefit period. The Value Rider gives Baby Boomer customers buying limited
benefit (less than lifetime) policies the peace of mind that, should an early
claim arise, they will receive up to four times what an ordinary LTC insurance
policy would provide.
Agents may call Ron Hagelman, Republic Marketing Group, New Braunfels Texas,
830-620-4066, or Barry Fisher, 818-489-1839.
All of the above text is a press release provided by the quoted organization.
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