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MetLife Launches Flexible LTC Product

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A unit of MetLife Inc. is offering a new long term care insurance product specifically aimed at younger baby boomers.

A key feature of the product will permit customers to buy additional coverage up to twice initial benefit amounts until age 65 without having to provide further proof of insurability.

Called MetLife LTC LifeStage Advantage, the policy lets individuals match their LTC insurance coverage to their life stage, says MetLife, New York.

Clients can apply for the policy by answering 3 questions and filling out a short application, MetLife says. The coverage is available to individuals and in the workplace to executives and employees in groups of 3 or more participants.

MetLife LTC LifeStage Advantage is available in two alternative plans. One, the Simple Advantage plan, offers customers the ability to choose a relatively low level of coverage with the option of increasing it later.

The other, called Custom Advantage, allows people in their 50s and 60s who are preparing to retire or already have retired to buy coverage with a choice of inflation-protection options.

Both products include a return-of-premium-on-death feature if the policyholder dies before age 70.

The product is not yet available in all states, MetLife says.