The universe of annuity/long-term care insurance combination products just got bigger.
The State Life Insurance Co., Indianapolis, has introduced its Annuity Care III product, the latest in its lineup of tax-advantaged and asset-based life insurance and annuity products with long-term care benefits.
Annuity Care III enables the policyholder to convert a portion of his or her qualified money portfolio (not set aside for income) into a single-premium deferred annuity over a period of four years.