American General's new LTCI product approved for sale in California

American General Life Companies (American General), Houston, has announced today that its new long-term care insurance product, American General LTC, has been approved for sale in California. The American General LTC^SM product, designed to meet consumers’ growing demand for asset protection in a post-recession economy, features a Shared Care Benefit Rider, which creates a separate third pool of benefits that can be used by either spouse after their own benefits have been exhausted; a built-in cash benefit to help cover expenses such as care from a family member; and graded premium options to make 3% or 5% compound inflation protection more affordable.

To make it easy to apply for long-term care insurance, American General has developed a streamlined process – LTC LaunchPad – that automatically populates the application forms based on the illustration and a brief questionnaire, and shortens the agent’s requirements for field underwriting. A traditional application process is also available.