Posted by (American Life Insurance Guide Net News) Omaha Mutual Inc. (Mutual of Omaha)’S United of Omaha (United of Omaha), recently released a new solution to help customers achieve "Long Term Care (Long Term Care, LTC)"Demand planning.
The specific move is that this company will sell two index universal insurances (IUL) Insurance policy: Income Advantage IUL and Life Protection Advantage IUL, provide long-term care additional clauses (Rider).
Long-term care insurance: the core of Omaha reciprocity
Since 1987, traditional long-term care insurance has been the core competitive product of Omaha Mutual Insurance Company.This new long-term care additional clause, released in 2018, provides customers with new options to withstand the risk of large long-term care expenses in the future.
Through the exponential universal insurance (IUL) Add long-term care additional clauses to the policy (Rider), Consumers can complete more protection in one insurance policy.The insurance policy provides death compensation to avoid more financial losses for the family. At the same time, through this additional clause, the policy holder can withdraw all or part of the death compensation when facing long-term care expenses during his lifetime.
The new additional terms released by Omaha Mutual (Rider) Provides more acceptance options for customers who need long-term care, including nursing homes, assisted living programs, home health care and adult day care programs.Consumers can flexibly choose the insured amount of this long-term care additional clause, and can also choose how much money they receive from the policy each month, for example, receive one, two, or four percent of the maximum compensation amount from the policy each month Points, as long-term care expenses.
Omaha Reciprocity in it'sUniversal insurance(UL) products, provide the "advance payment of insurance clause (Accelerated Death Benefit)” and “Chronic Illness Rider” are two additional treaties. When applying for an insurance policy, there is no additional cost, and only when the two additional terms need to be implemented eventually will there be cost expenditures.
How the new Rider affects insurance policies
After the new long-term care additional clauses are released, consumers will have new choices when they apply for insurance.The first option is to configure the purchase of this long-term care additional clause when purchasing these two index-type universal insurance products.If consumers choose not to purchase this Rider-or are not eligible for purchase-then the consumer's insurance policy will be free, and a "Chronic Illness Rider" will be automatically added.
"Choose chronic illness insurance additional clauses or long-term care additional clauses. This alternative experience can only happen in the life insurance industry." Joe Kenny, Vice Chairman and Actuarial of Omaha Mutual Life The teacher said: "There are many consumers and financial consultants who recognize the chronic illness insurance additional clause, because this clause is very simple and clear, and there is no additional cost, but there are also some customers who like the advantages of long-term care additional clauses paid regularly every month. Now, we finally Let users choose for themselves."
(Comprehensive report by the American Life Insurance Guide Network)
Recommended reading for you: "Insurance Science: The Cost of Long-term Care in the United States"
