LONG TERM CARE, CHRONIC AND CRITICAL ILLNESS RIDER DETAILS

Transcription

1 Allianz American General Assurity Life Accordia LTC Accelerated Benefit Rider Accelerated Access Rider Accelerated DB - LTC/Home Care Option Accelerated Access Rider LTC Chronic/Critical Chronic/Critical Illness Chronic/Critical Illness Yes No No No ' Begng at age 65, requirg contuous confement a LTC facility or under a written plan of home care, and stay for rest of life. Life Pro+ IUL Secure LifeTime II LifeScape Premier UL Lifetime Builder Series II IUL LifeStage UL Eligble Underwritg Classes Ages 0-75 Ages Automatcally cluded on all policies Available begng at age 65 Available through table D All classes Eligible for table 4 or better on base Elimation Period 90 days 90 Days 90 days 90 day Indemnity Indemnity Indemnity Indemnity Standard classes or better, no permanent or temporary flat extra premiums. Monthly benefit: 1%-4%, up to $10,000. Lifetime max of $1million. M is 50% of death benefit. Max is 100% of death benefit up to $1.5mm Choice of 2%, 4% or per diem Up to 50% of net amout of surance or 36 monthly payments of 2% of net amount of surance. policy The lesser of 2% of the eligible amount or the IRS Per Diem limit. No NO- COI charge rather than adjusted at claim Yes Yes Calculation At Issue None Provided Residual death benefit can be specified at policy issue. None Provided A fixed amount of death benefit will rema after all available amounts have been accelerated through this, subject to terms and conditions of the Additional Charge COI charge rather than adjusted at claim No additional cost for the, subject to discount factors Not available with the death benefit return of premium. No additional cost at issue, but $150 Claim Porcessg Fee due at time of claim or? Contue or Contue? Contue CA, KY, NJ, VA, WA NY, CA MD, NJ, VT CA, DC, FL

2 AXA Equitable ING John Hancock Lcoln National LTC Services Rider Accelerated Benefit Rider LTC Rider LifeEnhance Accelerated Benefit Rider LTC Chronic/Critical Illness LTC Chronic/Critical Illness Yes No Yes No Qualifyg medical/physical condition or life expectancy of 12 months or less from the date of receipt of a Physician Statement Athena UL ING UL-CV All Sgle Life Pernanent Products Lcoln VUL One (2012) Athena IUL ING IUL-CV Lcoln LifeGuarantee UL Incentive Life Optimizer II ING IUL Protector Lcoln LifeReserve IUL Accumulator Incentive Life Legacy II ING IUL Global ING IUL Global Choice Eligble Underwritg Classes Elimation Period Ages Same as product Ages Ages $5m max face Standard classes or better, no permanent or temporary flat extra premiums. Same as product 90 days N/A 100 days (varies by state) None Ages Indemnity Indemnity Reimbursement Indemnity Mo. benefit: 1%, or 2% ages 20-75, 3% ages Mimum benefit: $10,000 Not available if rated higher than 175% or issued w/ a flat extra. 1%, 2%, or 4% Monthly Acceleration %. Max monthly benefit: $50,000. $2m max face All classes up to Table D Up to 100% of death benefit with payment option of: Acceleration % DBO A: 20%-100%, DBO B: 100% Max benefit: lesser of 50% of death benefit or $1,000,000 Max policy face: $5m (dependg on Monthly Acceleration %) 1. Monthly crements of the lesser of 2% of gross DB or IRS per diem x's days month. Max monthly benefit of $50,000 per sured 2. One-time lump sum, discounted for mortality and terest. No Yes No Yes Calculation Benefits paid only after review of APS cludg all medical records certifyg the sured has a condition covered by the. Qualified, documentable long-term care Additional cost for the. Dollar for dollar reduction when benefits are paid is called "Accumulation Benefit Lien". The monthly charge is calculated by appliyg the monthly LTCS COI rate to the Long Term Care Net amount at Risk. No additional cost for the, subject to discount factors. No recertification required Additional charge. No recertification required Additional charge. Once benefit payments beg, policy won't lapse as long as is force. Recertification required every 12 months or? : Base policy charges are deducted from cash value or Contue? : Base policy charges are deducted from cash value CA NY 2014 ver. : AZ, CA, CT, FL, HI, IN, NJ, NY, ND, SD VUL: CA, GU, PA, VI, NY. IUL: CA, FL, HI, IL, MA, MN, NY, OH, PR, UT, WA UL: CA, PA, PR, NY

3 Lcoln National Lcoln National Life of Southwest Mass Mutual MoneyGuard Reserve Plus MoneyGuard II Accelerated Benefit Rider Chronic Illness CareChoice One LTC LTC Chronic/Critical Illness LTC Yes Yes No Yes Eligble Underwritg Classes LSW Foundation UL LSW Secure Plus Adv. 79 IUL LSW IncomeBuilder UL LSW SecurePlus Paragon IUL LSW SecurePlus Provider IUL LSW Guaranteed Level Term LSW Non-Guaranteed Level Term Sgle Pay Same as product Non-Tobacco ; for Tobacco Flex-Pay Simplified Issue Simplified Issue All classes Streamled ; "Non-Tobacco" and "Tobacco" risk classes Elimation Period None 0 Day Elimation 90 days 90 days Reimbursement Reimbursement Indemnity Reimbursement 2,3,4,5,6,7 year benefit duration Based off a mimum death benefit of $50K Monthly benefit: 2% of DB Mimum death benefit of $50k and maximum and a maximum death benefit of $750K death benefit of $720k LTC benefits based off of force death benefit. 'Mimum death benefit of $50,000 with maximum death benefit of $750,000 Lifetime max: $1 million Rider must be -force for 2 years before used No No Yes Yes; Dividends "Paid-Up Additions (PUA)" may crease benefit amount Calculation LTC Benefit Pool + any flation + any dividends 'Paid-Up Additions" Qualified, documentable long-term care Qualified, documentable long-term care Qualified, documentable long-term care 10% of guaranteed death benefit 5% of the guaranteed death benefit up to $10,000 Yes, if Extension of Benefits Rider is selected None Couples discount. Both partners do not need to apply for discount to take effect. 3% or 5% flation available. Rider must be -force for 2 yrs before used. No additional cost for the subject to discount factors. Rider can be added after issue. The only benefit duration is 4 years. The benefit duration can only be creased with the PUAs from dividends. Because dividends are declared yearly by the company, guaranteed & nonguaranteed values are projected. 5% Compound Inflation or? Yes or Contue? APPROVED ; HI, CA, FL, NJ CA, FL, HI, NY CA, OH. Updates on website frequently NY & CA

4 Met Life Mnesota Life Mutual of Omaha Nationwide Enhanced Care Benefit Long Term Care Agreement Accelerated DB for Chronic Illness LTC Rider Chronic/Critical Illness LTC Chronic/Critical Illness LTC No Yes No Yes supervison" due to cognitive impairment Promise Whole Life Eclipse IUL AccumUL Plus YourLife NLG UL Promise Whole Life 120 Eclipse Protector IUL Guaranteed UL YourLife SPUL Promise Whole life 10 Accumulator UL GUL Plus YourLife Current Assumption UL Promise Whole Life 20 Accumulator VUL GUL Express YourLife Indexed UL Promise Whole Life 65 Confed to a qualified home for 90 days or more. YourLife Accumulation VUL YourLife Protection VUL Ages Same as product Ages Eligble Underwritg Classes Elimation Period Elite, Preferred or Standard with FE < $5.00. Table B D w/out FE Preferred thru Table D Same as product All classes up to 5 Tables, no flat extras 90 Days 90 days 90 days 90 days Indemnity Indemnity Indemnity Indemnity Max of 24% of DB per year up to 90% of total DB over life of contract, lump sum or monthly payments up to $5MM. Limited by HIPPA Daily limit M claim amount is $5,000 Monthly benefit: lesser of 2% or 4% of LTC specified amt or HIPAA daily amt x's days month. LTC Agreement total must be between 10% and 100% of face amount to max of $5,000,000 The maximum cumulative amount that can be accelerated is the lesser of $1,000,000 or 80% of the face amount as of the itial acceleration request Monthly benefit: lesser of 2% of LTC specified amount or HIPAA daily amt x's days month. Lifetime max: equal to lesser of LTC Specified Amount and base policy Specified Amount (cludg the Additional Protection Rider) mus policy debtedness. Yes No Yes No Calculation 10% of Death Benefit will rema force If the life surance face amount is depleted, beneficiaries still receive mimum DB of 10% of face amount. If the mimum DB provision applies, the max amount of DB beneficiaries may receive is $25,000. After 100% of death benefit is used, 10% of origal policy death benefit is paid at death. Additional charge. Must first complete staterequired trag before LTCA can be sold. Recertification required at least annually. Benefit will be paid either as lump sum or will be deposited to an account and the client can access as long as money is available. Annual recertification required at the expense of owner. Additional charge. Nationwide Care Guide Network: LTC referral service. Recertification only as often as reasonably necessary. Paid by Nationwide. or? Optional: Contue to pay will keep policy from lapsg once your off claim. Younger client cetive or Contue? PA. When KS and NY, Accelerated DB Rider must be selected Optional: Contue to pay will keep policy from lapsg once your off claim. Younger client cetive NY Included all states. Capped at $250K CA, CT and NY. MT

5 North American Penn Mutual Prcipal Protective Chronic Illness Accelerated Benefit Rider Chronic Illness Accelerated Benefit Rider Chronic Illness Death Benefit Advance Rider Chronic Illness Accelerated DB Rider Chronic/Critical Illness Chronic/Critical Illness Chronic Illness (101g) Chronic/Critical Illness No No No No A loss of functional capacity that is expected to be permanent - two fo the six ADL's or permanent cognitive impairment Custom GrowthCV All permanent products except SVUL can be UL Flex II and UL Accumulation II ProClassic UL Custom Guarantee added to some -force policies. Custom TermUL Guarantee Builder IUL Rapid Builder IUL To age 75 Age 20 to Ages Eligble Underwritg Classes All classes up to Table 4, no flat extras All classes up to Table 4, flat extras up to $10 All classes, Up to Table C All classes to Table 4 Elimation Period 90 days 2 years None 90 or 365 days Indemnity Indemnity Indemnity Indemnity Mimum amt at each election is lesser of 5% of DB on the itial election date or $75,000. Max amt at each election is lesser of 24% of DB on the itial election date or $240,000. Lifetime max: $1,000,000. Mimum: $400 month ($4,800 per policy yr). Max: lesser of $240k per policy yr, 24% of eligible death benefit, or IRS per diem amount. Lifetime max: $5 million. Annual Max is lesser of 25% of itial eligible amount or the annual per diem limit. Lifetime Max of 75% of face amount at itial election or $1m Monthly benefit: $1000, $2500, $5000, $7500; cannot exceed 5% of base policy face amount. Lifetime max: lesser of $1 million or 90% of death benefit. Yes Yes Yes - Benefits are calculated usg a discounted factor No Calculation Benefit payments are reduced by a discounted or "reduction" factor sce there is no premium charge for the ; however, the client must mata greater of 5% of DB available when itial election was made or $10,000. None Discounted acceleration plus $200 adm fee applied for each selection. Payments can be lump sum or 2x's per year. Recertification annually at expense of owner $50k of DB must rema -force. Can be added to qualifyg -force policies. Recertification required annually at expense of owner/sured Annual recertification is required; No ternational benefits available Additional charge. Payments can be monthly or lump sum. Recertification required annually at expense of owner/sured or? or Contue? CA, CT, MT CA, MD, WA CA, NY, FL, CT, NJ CA, CT, FL

6 Protective Prudential Prudential Symetra ExtendCare Rider Livg Needs Benefit Rider BenefitAccess Rider ADB for Cognitive Impairment and Limited ADL Chronic/Critical Illness Chronic/Critical Illness Chronic/Critical Illness Chronic/Critical Illness No No No No Confed to nursg home for 6 months, termally ill w/ 6-month life expectancy or organ transplant Unable to perform 2 of 6 ADL's. Needs substantial Supervision due to cognitive impairment. Custom Choice UL All dividual term and permanent life policies PruLife UL Protector Classic UL Advantage Choice UL Ages Same as product Ages Ages Eligble Underwritg Classes All classes to Table 4 Same as product All Classes to Table 4 Automatic on Preferred and Standard Elimation Period 3 or 12 months 6 months (nursg home usage only) None 90 Days Indemnity Indemnity Indemnity Indemnity Monthly benefit: $1000-$8500; cannot exceed 5% of base policy face amount. Lifetime max: 100% of death benefit up to $5m face amount. Nursg home: 70%-80% of full face amount. Organ transplant: 90%-95% of full face amt. Termal illness: 90%-95% of full face amt. Monthly benefit lesser of 2% of DB, IRS per diem, or IRS per diem compounded at 4% annually. M. benefit lessor of 50% of DB or $10,000 Max benefit lessor of 50% of DB or $250,000 Lifetime max: 100% of DB up to $5m No Yes No Yes Calculation 70% of DB if expected to live nursg home. 90% of DB for termal illness up to 6 months. Additional charge. Payments can be monthly or lump sum. Recertification required annually at expense of owner/sured Discounted acceleration plus $150 charge for enactment of the. Insured and Pru setup desired claim period. Recertification not required unless claim period designated and agreed to by the policy owner has expired. Additional charge. Not available to non-us residents. After 25 months of benefits all charges are waived. Acceleration can be taken as a lump sum or paid monthly payments for up to 10 years or? ; after 25 months of beg on claim, premiums will contued to be waived even if off claim. or Contue? CA, CT, FL WA No state restrictions for. CA, NY

7 Transamerica LTC Rider Transamerica Livg Benefits LTC Yes Chronic/Critical Illness No TransACE Trendsetter LB Ages Same as product Eligble Underwritg Classes All classes up to Table D Same as product Elimation Period 90 days 90 days Indemnity Monthly benefit: Lesser of 2% of DB or HIPPA per diem. Lifetime max: $1MM. Indemnity Up to 24% of face amount annually. Lifetime max: Lesser of 90% of face amount or $500K. Calculation No Yes Lesser of $10,000 or 10% of lowest face amount base policy less any outstandg policy. Additonal charge. LTC charges are guaranteed not to crease; will rema level for life of policy. Recertification required Benefit is built to product. Policy must be force for 2 yrs before benefit can be used. Recertification required or?. RAP (Required Annual Premium) must be paid through 5 years. or Contue? FL, NY HI, KS, MS, NY, NH, VT