American General Life Companies has announced a new long term care insurance product.
Issued by American General Life Insurance Company, Houston, a unit of American International Group Inc., New York, (NYSE:AIG) the American General LTC product features:
- A cash benefit to help cover expenses such as care from a family member;
- A shared-care benefit rider, which creates a separate pool of benefits that could be used by either spouse after their own benefits have been exhausted.
- A choice of 3% or 5% compound inflation protection.
- Benefit amounts of $100,000 to $1 million, rather than a benefit time period.
American General adds that it has developed a streamlined, Web-based process for agents to shorten underwriting time for the product.
The product is approved for sale in 43 states and the District of Columbia.
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