Life insurance units of Nationwide Mutual Insurance Company will be issuing a new product that combines universal life insurance with cash indemnity long-term care (LTC) benefits.
The new Nationwide CareMatters II policy is an updated version of a product introduced in 2014.
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One change is an expansion in access to the product. In the past, the target market for the product was ages 40 to 65. Nationwide now allows issue ages from 30 to 75,
Some details may differ from state to state.
In Nationwide’s home state, Ohio, a purchaser can choose from a list of different payment arrangements, including: making just one payment; making five payments, either monthly or annually; making 10 payments, either monthly or annually; paying annually or monthly to attained age 65; or paying annually or monthly to attained age 100.
In Ohio, the purchaser can choose LTC benefit periods ranging from two years to seven years, and the LTC benefit total can range from $60,000 to $500,000. The menu of inflation protection options include 3% simple interest, 3% compound interest, 5% compound interest, and the U.S. medical care inflation rate.
All of the LTC benefit can be used for informal care, including care by family members.