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Golden Rule Introduces Single-Premium Immediate Annuity For LTC Market

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NU Online News Service, June 5, 3:15 p.m. – Golden Rule Insurance Company, Indianapolis, has introduced ImmediateCare, a medically underwritten, single-premium, immediate annuity.

The annuity will provide guaranteed, monthly income for the life of the annuitant, Golden Rule says.

The company says it designed the annuity for people who need long-term care but have no long-term care insurance, or too little LTC insurance to cover the full cost of the care.

The annuity could be suitable for families that need to finance care for a person diagnosed with a progressive disease, such as Alzheimer?fs disease, Golden Rule says.

The annuity could also help a family that is using relatively illiquid assets, such as real estate, to cover part of the cost of care. Using an annuity to stretch cash could help keep non-cash assets in the estate, Golden Rule says.

Golden Rule is selling the annuity to applicants between the ages of 60 and 95. Premiums are based on the applicant’s health, age, sex, selected options, and requested monthly income as well as prevailing interest rate, the company says.