BANKERS LIFE AND CASUALTY COMPANY ANNOUNCES INNOVATIVE ANSWER TO LONG-TERM CARE COVERAGE NEEDS
Thursday, September 21, 2006
CHICAGO (Sept 21, 2006) - Bankers Life and
Casualty Company today introduced a new approach to long-term care
funding for its customers. Bankers' Tax-Qualified Long-Term Care
Accelerated Death Benefit Rider is now available with the company's
Innovative Life SP Whole Life Insurance product.
"The combination of the Innovative Life SP product and the new
long-term care rider provides both a legacy-giving vehicle and the
added security of long-term care protection," said Scott Perry,
executive vice president and chief operating officer for Bankers
Life and Casualty Company. "The accelerated death benefit offered
through this rider will serve as a long-term care 'safety net' for
policyholders. In other words, it's there if you need it, but
whatever isn't used for long-term care will pass as life insurance
proceeds to the insured's beneficiaries."
The new rider gives access to the policy's death benefits while
the policyholder is receiving covered qualified long-term care
services. Monthly benefits are paid directly to the policyholder,
after a 90-day elimination period. Payment amounts are based on the
policy's death benefit at the time of qualification, and can be
received for up to 25 months. Accelerated long-term care benefit
amounts paid to the policyholder reduce the cash value of the
"Bankers Life specializes in the insurance needs of the mature
market. We know that this rider is a much-needed option for the
senior market and an important competitive advantage for Bankers
Life agents," continued Perry.
The Innovative Life SP product from Bankers Life is a
single-premium whole life insurance product that can be issued up
to age 85. Innovative Life SP offers policyholders the simplicity
of a single premium with the security of a tax-free death benefit.
Policyholders have the option to borrow against the cash value of
their policies, except when receiving accelerated death benefit
payments through the policy's new long-term care rider. Currently
available in 17 states, the new product will have wider
distribution by year-end.
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.