Bankers Life and Casualty Company is offering a tax-qualified long term care accelerated death benefit rider with its single-premium whole life product.
Bankers Life, Chicago, says its Life SP Whole Life Insurance product, aimed at seniors, provides a long term care safety net for policyholders. The rider gives access to the policy’s death benefits while the policyholder is receiving covered qualified LTC services.
Monthly benefits are paid directly to the policyholder, after a 90-day elimination period. Payments can be received for up to 25 months. Cash value that is not applied to LTC needs will pass as life insurance proceeds to the insured’s beneficiaries.
Bankers Life is a subsidiary of Conseco Inc., Carmel, Ind.