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

Approximately 70 percent of people over 65 will eventually needlong term care, according to the Department of Health and HumanServices. Linked benefit policies can protect beneficiaries againstlong term care expenses while also providing the benefits oftradtional life insurance.

Currently available in 39 states, Sun Care whole life mayprovide a long term care benefit equivalent to as much as three toseven times the value of the policy owner’s single premium,depending on factors such as the riders selected, age, gender, andsmoking status. If the insured passes away without exercising thelong 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, allowspolicy holders to recoup the value of their original premium.