A new universal life insurance policy with a long-term care rider was announced on Apr. 3, offering comprehensive coverage for individuals seeking financial protection as they age. The policy is designed to help cover the costs of extended medical care, including nursing home stays, assisted living facilities, and home health services.
The importance of planning for long-term care needs has grown as healthcare expenses continue to rise. This policy aims to reduce the financial strain on families by providing monthly benefits directly tied to the insured person’s death benefit.
According to the announcement, policyholders can receive up to 4% of their death benefit per month for nursing facility or assisted living care and up to 2% per month for home health or adult day care. For example, a $100,000 death benefit would allow access to $4,000 each month for nursing home care or $2,000 monthly for home-based services. The company said this structure helps preserve personal savings while easing family burdens during periods of extended illness or disability.
The universal life policy also features simplified issue enrollment—no medical exams or blood work are required—making it easier for applicants to qualify. Premiums are guaranteed at affordable rates throughout the duration of the coverage.
Additional benefits include dual protection: even if an individual uses all available long-term care benefits, a portion of the original death benefit remains payable to beneficiaries. Coverage is also portable and can be maintained if the insured moves out of state.
As more people consider how best to secure their retirement years against rising healthcare costs and potential long-term illnesses, policies like this may offer valuable options that combine flexibility with peace of mind.
