An insurer has come out with 2 new long term care insurance policies.
Allianz Life Insurance Company of North America, Minneapolis, is introducing the Generation Protector II LTC insurance policy and the Generation Protector Select policy.
The Generation Protector II policy gives the holder the ability to choose between receiving from 10% to 100% of the benefits in the form of cash. A holder also can adapt to inflation by increasing the coverage amount every 5 years without going through a new underwriting policy.
The Generation Protector Select policy gives customers the ability to set the maximum daily benefit at a rate between $50 and $500 per day, and then to choose a benefit payment period ranging from 3 to 5 years. Purchasers can choose between compound and simple inflation protection. One product option gives one spouse the ability to share policy protection with another spouse.
Allianz Life, a unit of Allianz A.G., is offering simplified group underwriting for both policies for producers who want to sell the policies at the worksite.