BANKERS LIFE AND CASUALTY COMPANY SIMPLIFIES LONG-TERM CARE BUYING EXPERIENCE WITH NEW PRODUCT
Monday, September 28, 2009
Chicago, IL (September 28, 2009) - Bankers Life and Casualty Company announced today the availability of its new Bankers SimpleChoice long-term care insurance product.
Scott Perry, the President of the national life and health insurer noted, "While many clients today understand the need for long-term care coverage, they often hesitate to buy it because the product is complex and often hard for them to understand. The key to making the protection more accessible to people is simplifying it wherever we can."
The new product offers four pre-packaged long-term care insurance plans, the Basic, Standard, Premier, and Elite plans, to ease the buying experience for consumers. Each option offers a pre-selected maximum daily benefit amount, elimination period and duration period, among other benefits and features, that are based on Bankers' most popular plans.
"When it comes to their private health insurance, today's consumers are accustomed to being offered a selection of benefit combinations from which they can choose the package that best suits their needs and budget," said Perry. "We wanted to apply the same concept to selecting long-term care insurance coverage."
All plans in the Bankers SimpleChoice product may also be customized to meet a client's specific needs with its Build Your Own LTCI option.
The new offering features cash rider and cash disability rider options and a new married discount that applies to the applicant's plan even if their spouse is not also applying for coverage. The company has also added three new inflation protection options that are designed to be both affordable for consumers and compatible with Long-Term Care Partnership plans. New choices for clients are a two percent compound inflation option and two decreasing inflation protection structures, which enable them to benefit from a higher inflation percentage in the early years of the policy while helping keep the plan affordable when they're older.
"Bankers Life specializes in the insurance needs of the mature market," added Perry. "Our new offering simplifies the buying experience for clients, so they can feel more confident about their long-term care plans."
The Bankers SimpleChoice long-term care insurance product is currently being sold by the company's career agency force in 19 states: AK, AL, AZ, DC, GA, IA, ID, LA, ME, NC, NH, NM, OH, RI, SC, SD, UT, WV, and WY. The company plans to release the product in additional states in the near future.
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.