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MetLife LTC LifeStage Advantage |
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Monday, 22 October 2007 |
This new product allows individuals to match their long-term
care insurance coverage to their life stage, helping to change the
traditional way that long-term care insurance is bought and sold. And,
MetLife is the first to allow customers to purchase additional coverage
(up to double) until age 65 without further proof of insurability.
MetLife LTC LifeStage Advantage is simple and easy for both
consumers and distributors. Three questions and a short application get
the client started. The product can provide an affordable foundation of
coverage, with the ability to increase coverage as one's life needs
change. It is available to individuals in approved states through the
retail market, and to executives and employees through a multi-life
group (i.e. employee groups of three or more participants).
"Today's consumers are faced with a growing number of long-term
care insurance options. MetLife LTC LifeStage Advantage is an easy way
for families to plan for the future, ease potential burdens, and help
them protect their hard-earned retirement assets," notes David
Acselrod, who heads up Long-Term Care at MetLife.
The foundation of MetLife LTC LifeStage Advantage is "life stage" protection, offering the choice between two plans:
1) Simple Advantage(SM): For those with competing financial
priorities, Simple Advantage provides flexibility for clients to get
started now with an affordable level of long-term care coverage and the
ability to double their coverage, up to age 65, with guaranteed
insurability. Similar to how some people buy life insurance, it offers
individuals the opportunity to keep adding to their coverage, over
time, to build up a comfortable level of protection.
2) Custom Advantage(SM): For those getting ready to retire or who
are already retired, this plan offers a way to pay for long-term care
with a choice between several Benefit Increase Options. "Inflation
protection is one of the features of an LTCI product that can add
considerable value. Custom Advantage provides a choice of inflation
options to meet differing consumer needs," says Acselrod.
"We designed the Simple Advantage plan with younger Baby Boomers
in mind," continues Jodi Anatole, vice president of product development
and marketing for Long-Term Care, MetLife. "Simple Advantage gives more
Baby Boomers access to coverage that they can afford and helps them
transition into retirement with a solid foundation of coverage that
safeguards their retirement assets should they require care for a major
physical or mental impairment.
"Individuals in their 40s and 50s have many competing demands for
their money, from mortgage payments and college tuition to caring for
aging parents. Simple Advantage allows younger Baby Boomers to take
concrete steps towards keeping their retirement on track while easing
worries around their own long-term care needs.
"Custom Advantage is geared to those individuals who don't want to
worry about how their family and finances could be impacted should they
need long-term care. It is for people in their 50s and 60s who are
preparing to retire from their current job after a successful career
and are looking to stay active, but want the peace of mind knowing
their retirement savings and income are protected should they suddenly
need long-term care."
Both Simple Advantage and Custom Advantage include a calendar-day
waiting period and return-of-premium-on-death feature should the
policyholder die before age 70. In addition, the plans provide
MetLife's Care Coordination service, which offers support to people who
are insured, including their families, throughout the long-term care
process. This service can help families with questions they may have
about whether a particular service is covered, or provide assistance
identifying care options.
MetLife LTC LifeStage Advantage is now available in certain states and will be more widely available this year.
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