Sun Life Financial Inc. has introduced Sun Care Whole Life, a single premium whole life insurance policy with a linked benefit that owners can apply to long term care costs, including in-home care, assisted living, and nursing home facilities.

Approximately 70 percent of people over 65 will eventually need long term care, according to the Department of Health and Human Services. Linked benefit policies can protect beneficiaries against long term care expenses while also providing the benefits of tradtional life insurance.

Currently available in 39 states, Sun Care whole life may provide a long term care benefit equivalent to as much as three to seven times the value of the policy owner’s single premium, depending on factors such as the riders selected, age, gender, and smoking status. If the insured passes away without exercising the long term care benefits, a death benefit goes to the beneficiaries, income tax-free. The policy also provides, for an additional fee, an optional return-of-premium feature, which if elected, allows policy holders to recoup the value of their original premium.