Bankers Life and Casualty Company Offers Innovative Retirement Product
Thursday, August 6, 2009
"LinkedSolution" combines fixed annuity with long-term care protection
Chicago, IL. (June 8, 2009) - National life and health insurer Bankers Life and Casualty Company today introduced LinkedSolution, its first linked benefit product. The retirement offering combines a deferred fixed annuity product with a long-term care rider.
"Bankers' LinkedSolution provides answers to many of the financial challenges posed by retirement," explained Scott Perry, president of Bankers Life and Casualty Company. "It can give clients a way to save for long-term care without sacrificing asset growth, and, because the annuity's value continues to grow until it's withdrawn, the product should appeal to those who are reluctant to pay long-term care premiums when they might not need the benefits."
LinkedSolution uses a fixed annuity to fund long-term care insurance. A one-time premium of $25,000 or more opens the annuity, which features guaranteed minimum interest rates, tax-deferred growth, and annual free partial withdrawals. The cost of the long term care insurance is deducted directly from the annuity account.
Clients can customize their monthly long-term care reimbursement payouts using one of five different benefit structures. Depending on their choice, they can receive an additional company-paid long-term care benefit of up to double their annuity value, once their annuity account value has been exhausted paying for care.
If long-term care is never needed, clients can continue to accumulate value in their annuity, begin receiving those funds as an annuity payout, or pass it on as an inheritance to their beneficiaries.
LinkedSolution is available through Bankers' career sales agents in Georgia, Idaho, Indiana, Kentucky, Louisiana, Michigan, Maine, Nebraska, New Mexico, North and South Carolina and Washington, DC. Plans call for the product to be released in ten more states by the end of June with additional states to come.
About Bankers Life and Casualty Company
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. The nationwide company, a subsidiary of CNO Financial Group, Inc., offers a broad portfolio of life and health insurance retirement products designed especially for seniors. Visit us online at www.bankers.com.