The New York-based U.S. unit of AXA is aiming its move at the executive benefits market.
AXA announced it will be making an existing long-term care benefits rider, the Long-Term Care Services Rider feature, available with its executive life insurance guaranteed-issue program.
The guaranteed-issue program gives key executives at an employer, and the relatives of those key executives, the ability to buy life insurance from AXA life subsidiaries without going through a medical underwriting process.
Adding the long-term care rider feature to the life program will give an employer a way to offer those executives access to long-term care benefits.
The rider will keep a policy from lapsing while long-term care benefits are being paid, and it can pay benefits even if an insured is using long-term care services as a result of a temporary condition, AXA says.
OneAmerica, an Indianapolis-based company, is taking a different approach to trying to increase sales of life-LTC and annuity-LTC hybrid products.
OneAmerica has hired Wade Pfau and Michael Finke to create online brochures comparing how self-insuring, use of stand-alone long-term care insurance, and use of an annuity-LTC or life-LTC hybrid arrangement might affect the finances of a couple that ends up facing severe long-term care expenses.
An illustration shows that a couple with severe expenses and no insurance might end up facing $765,979 in out-of-pocket costs.
Including the cost of the premiums, the out-of-pocket costs might be $256,765 if the couple has stand-alone long-term care insurance, and $237,566 if the family uses a life insurance policy or annuity contract with a long-term care benefits provision to pay for care, according to Pfau and Finke.
— Check out Blending Life and LTC Coverage for Optimal Results on ThinkAdvisor.