New - CareMatters 2
Non approved states at this time, AZ,CA,CT,DC,DE,FL*,HI,IN,MT,ND,NJ,NY,PR,SD and VI. *FL should be approved 8/12/19.
Original - CareMatters
All states that CareMatters II is not approved!
Limited-pay, fixed premium universal life with built-in LTC Benefits (Single pay, 5-pay, 10-pay)
Insured(s) purchase a guaranteed death/long-term care benefit. LTC benefits reduce the policy death benefit.
Cash Indemnity benefits – clients receive full monthly benefit regardless of expenses
Can be set up as 5 or 10 pay, mirroring traditional LTCI limited-pay plans
Pay anyone for anything anywhere in the world (if living outside U.S., 50% of maximum monthly benefit and 50% of inflation rider, not available on the long-term care extension of benefits rider)
- Simplified Underwriting
- Monthly premium option with no modal/interest charge
- True indemnity – some companies require monthly “evidence of billable services” before the full monthly benefit is paid – this policy has no monthly bills or receipts to submit
- Very high residual death benefit (20% of face amount) can compare nicely with competition.
Simplified. Single Rate Class. Issue or not – Accept/Deny
- Other Info:
Optional 3% Simple, 5% Compound inflation riders
- ROP Feature
- Issue Ages 40-75
- Optional Return of Premium Benefit
- 90 day Calendar Elimination Period
- LTC Acceleration Rider
- LTC Extension of Benefits Rider
- Can be owned by an irrevocable life insurance trust
- Doesn't coordinate (reduce payments) even if insured collects from the policies.
- Great fit for:
Clients that want cash benefit for LTC – claim payment flexibility for information caregivers and family members
- Clients that want a higher residual death benefit than that of what other companies are offering
- Clients that want International Coverage
- Clients that do not like the use or lose scenario of traditional LTCI
- Clients that want limited pay option, but prefer to spread out payments over 5 or 10 years.
Less is more
Sales idea - Creating more resources for your clients’ future long-term care needs
Sales idea - A more efficient long-term care option for affluent clients
Sales idea - A linked benefit long-term care plan with a competitive comparison your clients should know about