Bankers Life and Casualty Company To Expand Long-Term Care Partnership Sales
Friday, January 4, 2008
CHICAGO (April 1, 2008) - Bankers Life and Casualty Company announced that it is expanding sales of its qualified long-term care Partnership policies.
In mid-2008, the company intends to offer the policies in Colorado, Idaho, Kansas, Minnesota, Nebraska, North and South Dakota, and Virginia with additional states to come.
"The expansion of the Partnership Program is a significant development for the market we serve as well as for our company," said Scott Perry, President of Bankers Life and Casualty Company. "It's not only increasing consumer awareness of long-term care, but it's enhancing the value of the protection as well."
Partnership policies help consumers pay for the high cost of long-term care without having to spend down all of their retirement assets to qualify for Medicaid assistance. The policies offer the same coverage for at-home and facility-based care as traditional long-term care policies. However, two features set Partnership policies apart:
- Age-Based Inflation Protection - The policy may be required to include an inflation protection benefit, depending on the age of the policyholder. This protection increases the policy's benefit levels year over year to keep better pace with the rising cost of care.
- Tax-Qualified - Long-Term Care Partnership Programs must meet all requirements of a tax-qualified long-term care plan.
In addition to expanding into new states, Bankers will continue to participate in the existing California, Indiana and Connecticut Partnership Programs.
"The need for long-term care insurance has always been there, and as the Baby Boomer generation ages, the need for the protection will grow," added Perry. "Partnership programs offer the right incentives to get people thinking about the future now."
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.