NU Online News Service, July 2, 2003, 12:19 p.m. EDT – Allianz Life Insurance Company of North America, Minneapolis, has introduced Generation Protector, a long term care insurance policy that can provide a benefit of up to $500 per day of qualified care.

The policy, which is now available in 15 states, covers in-home care, community care, assisted living facility care and nursing home care.

Allianz, a unit of Allianz A.G., Munich, is marketing the policy to consumers between the ages of 18 and 84.

Buyers can choose lifetime coverage, or they can choose benefit periods of two, three, four, five or eight years.

Options for annual benefit elimination periods range from 7 days to 180 days.

When insureds who need long-term care recover enough to return home, Allianz will restore full maximum benefits after a 180-day recovery period, the company says.

One feature will provide coverage for care received outside the United States.

Customers also can choose a higher daily benefit for in-home care. The in-home care benefit can be as much as 130% of the basic benefit.

Allianz will pay benefits when the insured is unable to perform two of six Activities of Daily Living without substantial assistance for a period of 90 continuous days, or when substantial supervision is required due to a severe cognitive impairment.

Allianz guarantees that the policy premiums will remain unchanged for a minimum of five years.