NU Online News Service, March 4, 2:57 p.m. – Allianz Life Insurance Company of North America, Minneapolis, is introducing the TermLTC policy, a tax-qualified long-term care insurance policy that offers a five-year period of guaranteed policy premium rates.
Allianz is distributing the policy in 33 states through agents with Allianz LTC contracts.
Basic policy features include coverage for nursing home care; guaranteed renewable coverage; a benefit trigger based on two of six “activities of daily living”; and an assisted living benefit equal to 50% of the nursing home benefit.
Purchasers can choose a benefit period ranging from two to five years; a nursing home benefit ranging from $50 to $350 per day; and either no home and community care benefits or home and community benefits equal to 50% of the nursing home benefit.
Other options include 5% compound annual inflation protection.
The policy is available to applicants between the ages of 18 and 79.
Allianz Life is a unit of Allianz A.G., Munich.