Mutual of Omaha Insurance Company is pitching a new long term care insurance product at consumers who want cheap, easy-to-understand coverage.

The new Mutual Care LTC insurance policy offers a choice of a 3-year or 5-year benefit period and a choice of daily benefit amounts that can range from $100 to $300, according to Mutual of Omaha, Omaha, Neb.

Mutual of Omaha has tried to minimize the number options to make the product easy to explain, but purchasers can choose between a 20-year 5% annual compound inflation protection, lifetime 5% annual compound inflation protection, and no inflation protection.

Spouses can share policy benefits, and Mutual of Omaha will offer discounts to healthy applicants, members of some associations, workers who buy coverage through the worksite, and holders of Mutual of Omaha Medicare supplement insurance policies, Mutual of Omaha says.