The National
Guardian Life LTCI policy is now available in all states but Montana and New
York.
National Guardian Life
Insurance Company says its EssentialLTC stand-alone long-term care insurance
(LTCI) policy will be available in California July 6.
The announcement means that the company’s LTCI
policy will be available in all states but Montana and New York.
National Guardian Life sells individual LTCI
coverage through traditional distributions, associations and worksite marketing
programs.
It also offers true group LTCI plans for
employers with five or more employees.
National Guardian Life is a Madison,
Wisconsin-based company that’s been active in the markets for individual life
insurance, annuities, Medicare supplement insurance, and the preneed
arrangements used to pay for funerals, burials and cremation services.
National Guardian Life launched the
EssentialLTC product, with support from LifeCare Assurance of Woodland
Hills, California, in 2016, as many insurers were giving up on the stand-alone
LTCI market and states were tightening rate stability standards.
LifeCare has argued that insurers equipped
with decades of LTCI performance information, and familiarity with a
low-interest-rate environment, should have an easier time writing profitable
LTCI businesses than the original LTCI market pioneers, which were creating a
new type of coverage at a time when bond yields were much higher.
Joe Guyotte, National Guardian Life’s national
sales major for individual products, said in a comment included in the
California market entry announcement that the EssentialLTC policy will give
California residents another option for protecting their families against
long-term care needs.
The Coverage
The California EssentialLTC brochure is not
yet available.
The brochure for Washington state shows that
the version of the coverage available there has issue ages ranging from 40
through 79.
Purchasers can buy coverage providing daily
benefit amounts ranging from $50 to $300.
Elimination periods range from 0 days to 180
days, and benefit period options range from two years to three years.
Purchasers who want coverage for longer can
buy benefit extension riders.
Lifetime benefits are available.
Coverage comes with access to care coordinator
services. A more comprehensive version of the coverage also provides cash for
training an informal caregiver, such as a family member or neighbor. The
caregiver training benefit amounts to five times the policy’s daily benefit
amount. A purchaser who chose a $300 daily benefit amount could get $1,500 in
caregiver training benefits.
Both the regular policy and the more
comprehensive version can pay international benefits for up to 30 days per
calendar year, and up to 30 days of respite for an informal caregiver per year.
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