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Karan Aneja. (Photo: Reframe)

Life Health > Long-Term Care Planning

Startup to Sell Life-LTC Hybrid at the Worksite

By Allison Bell

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A Los Angeles-based startup will market a life insurance-based long-term care hybrid through worksites and through associations.

Reframe Financial hopes to appeal to workers with a modern sales process and a benefits package that includes caregiver support features, CEO Karan Aneja said.

Federal Life Insurance Company of Riverwoods, Illinois, is writing the Reframe LifeStage life-LTC program insurance. Swiss Re will reinsure the coverage.

What It Means

Companies are still looking for ways to protect your clients against long-term care risk.

The Company

Aneja, Reframe’s co-founder, helped found and manage Vetted PetCare, a home pet care company in the Los Angeles area, from 2015 through 2020. He started Reframe in 2020.

Loida Abraham, a former Genworth Financial long-term care actuary, became Reframe’s chief commercial officer around the same time,

Allianz Life’s venture capital arm has Reframe on its portfolio company page.

The Product

The LifeStage product is based on a flexible-premium indexed universal life insurance policy, with a feature that can accelerate the payment of the death benefit for insureds who need care.

Federal Life told regulators it might sell the policy to insureds ages 18 through 70, with coverage amounts ranging from $50,000 to $500,000.

The policy includes a no-lapse guarantee.

Federal Life will sell the coverage using a digital underwriting process.

The LTC benefits qualify for treatment as long-term care insurance under section 7702B of the Internal Revenue Code, according to Reframe.

The program also includes a service that can give workers who are caregivers advice and help with arranging for paid care.

Reframe and Federal Life have already filed the LifeStage product with the Interstate Insurance Compact. Thanks to the use of the compact filing process, the program is now approved for sale in 34 states.

Image: Karan Aneja. (Photo: Reframe Financial)

Allison Bell

Think_Allison

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