ALLIANZ ANNOUNCED it has released two new LTCI products, Generation Protector II and Generation Protector Select. Generation Protector II features a hybrid concept, which combines traditional reimbursement with cash options while Generation Protector Select features three pre-customized benefit packages for customers.
Generation Protector II highlights also include the following features:
- Coverage-enhancement feature that allows consumers to increase coverage every five years without underwriting
- Option to employ independent caregivers
- Option to use up to 130 percent of the policy's daily facility care benefit for home and community care
- Flexible pay premium options that include paying up a policy in 10 equal payments, or by age 65.
"One feature that we believe will be particularly well-received is that consumers now have the option to receive reimbursement benefits, cash benefits, or a combination of both types of benefits. The combination, or hybrid policy, gives consumers the ability to receive a guaranteed sum of cash in addition to a daily reimbursement rate. The monthly cash benefit will allow policyholders to pay for all sorts of things not usually covered by conventional long term care insurance," says Jay Melquist, president of the life and LTCI division at Allianz.
With Generation Protector II, consumers may choose to receive 10 percent, 25 percent, or 50 percent of their daily benefit as cash. The product also offers a full cash benefit option in the form of a monthly cash payment. Generation Protector II also features the 10-pay option and the paid-up-at-65 option. The 10-pay option of
Generation Protector II offers consumers who want to pay for their LTC policy during their peak earning years. It gives them the chance to make equal scheduled payments over a 10-year period. The paid-up-at-65 option gives consumers the ability to time the completion of their premium payments with their retirement.
In addition, the enhanced coverage option of Generation Protector II lets consumers increase their coverage every five years without additional underwriting. They can increase their daily benefit amount based on inflation, increase the benefit period, or decrease the elimination period.
