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LifeSecure Distribution Deal Includes Worksite LTCI

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A distribution arm of the Blue Cross and Blue Shield plans may set up a program that will offer long-term care insurance (LTCI) products from LifeSecure Insurance Company to all of the Blues.

BCS Financial Corp., which is based in Oakbrook Terrace, Illinois, may offer stand-alone LTCI products from LifeSecure through an arrangement that will also offer other health products, other than major medical coverage, from LifeSecure.

(Related: 7 Peeks Into Long-Term Care Insurance Issuers’ Thinking)

The program could offer LifeSecure accident insurance, critical illness insurance and hospital indemnity insurance products as well as LTCI products, LifeSecure announced today.

LifeSecure says it could start selling products aimed at the individual and worksite markets through the arrangements as early as this fall.

LifeSecure is a Brighton, Michigan-based, for-profit subsidiary of Blue Cross and Blue Shield of Michigan. 

BCS will get a minority stake in LifeSecure as part of the arrangement, LifeSecure says.

David Burghard, president of BCS Financial’s BCS Insurance Agency arm, says in a statement that the arrangement will help Blue Cross and Blue Shield plans add non-major-medical health products quickly, and give them more products to offer through the digital sales systems they have been building.

“Our goal is to deliver turnkey solutions with first-rate support, from application to policy issuance, as well as administration and member services,” Burghard says.

— Read Stutler to Lead Michigan Long-Term Care Insurer on ThinkAdvisor.

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