The team behind a new stand-alone long-term care insurance (LTCI) policy, the EssentialLTC policy, is continuing to expand its LTCI effort.
National Guardian Life Insurance Company (NGL) and LifeCare Assurance Company report that they have achieved Long Term Care Partnership program status in seven more states.
The EssentialLTC team can now offer policyholders access to state LTC Partnership programs in a total of 13 states, the companies say.
NGL is a 108-year-old mutual insurer based in Madison, Wisconsin.
LifeCare is a Woodland Hills, California-based company that develops and administers LTCI products.
The companies introduced the EssentialLTC product in July 2016, based partly on the companies’ thesis that the current problems with stand-alone long-term care insurance are due mainly to low interest rates and the early issuers’ lack of claim experience. The EssentialLTC team contends that a new LTCI issuer can avoid the problems that the legacy LTCI issuers face and make stand-alone LTCI a viable product.
The Essential LTC product is now available in all states except California, Hawaii, Montana and New York.