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Bankers Life simplifies LTCI buying experience with new product

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Bankers Life and Casualty Company, Chicago, has announced the availability of its new Bankers SimpleChoice long-term care insurance product. The new product offers four pre-packaged long-term care insurance plans, the Basic, Standard, Premier, and Elite plans, to ease the buying experience for consumers. Each option offers a pre-selected maximum daily benefit amount, elimination period and duration period, among other benefits and features, that are based on Bankers’ most popular plans.

All plans in the Bankers SimpleChoice product may also be customized to meet a client’s specific needs with its Build Your Own LTCI option.

The new offering features cash rider and cash disability rider options and a new married discount that applies to the applicant’s plan even if their spouse is not also applying for coverage. The company has also added three new inflation protection options that are designed to be both affordable for consumers and compatible with Long-Term Care Partnership plans. New choices for clients are a 2% compound inflation option and two decreasing inflation protection structures, which enable them to benefit from a higher inflation percentage in the early years of the policy while helping keep the plan affordable when they’re older.

The Bankers SimpleChoice long-term care insurance product is currently being sold by the company’s career agency force in 19 states: AK, AL, AZ, DC, GA, IA, ID, LA, ME, NC, NH, NM, OH, RI, SC, SD, UT, WV and WY. The company plans to release the product in additional states in the near future.

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