NU Online News Service, Jan. 23, 11:23 a.m. – UnumProvident Corp., Chattanooga, Tenn., is selling a new individual long-term care insurance product that lets customers choose between a reimbursement plan design and an indemnity plan design.

The reimbursement version reimburses customers for costs already incurred. The indemnity version pays a pre-set daily benefit, regardless of costs incurred.

Both the reimbursement and indemnity plans offer additional, free features, such as coverage for respite care and guaranteed renewable benefits, the company says.

UnumProvident is also introducing two features that will be available with both group and individual LTC policies.

The accelerated payment feature lets customers pay for policies within a set number of years, instead of over their lifetimes. Customers can complete paying for coverage in one year, five years or 10 years, or they can finish paying for coverage by age 65.

The international benefit covers care or services anywhere in the world, allowing policyholders to move without worrying about their ability to receive LTC benefits, UnumProvident says.