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August 15, 2018 at 03:26 PM
Mutual of Omaha is introducing two products of interests to financial professionals who work with retirees and near retirees.
One of the products is a long-term care rider that can be sold with the company’s Income Advantage and Life Protection Advantage Indexed Universal Life policy.
Another is a new family of Medicare Part D prescription drug plans.
(Related: 5 Senior Market Distribution Veteran Insights)
The Omaha, Nebraska-based carrier is offering the LTC rider through its United of Omaha affiliate.
The company is offering the Medicare Part D plans through its Omaha Health Insurance Company affiliate.
The LTC Rider
The rider gives purchasers of United of Omaha IUL policies the ability to use a portion of the policy death benefit early to pay long-term care (LTC) expenses.
A holder can use the rider to pay for nursing home care, assisted living facility bills, home health care services or adult daycare services.
The monthly payout amount can equal 1%, 2% or 4% of the maximum benefit.
The company notes that it has been offering another type of LTC benefits rider, an accelerated death benefit for chronic illness rider, for more than a decade.
A policyholder pays for the LTC rider along with paying for the underlying coverage.
