Asset-based long-term care products have taken on heightened importance in light of the potential appeal of a federal law designed to provide long-term care coverage, according to a Midwestern-based insurer.

The State Life Insurance Company, a OneAmerica company, Indianapolis, says that life insurance and annuity products with long-term care benefits remain a viable option despite the potential repeal of the CLASS Act. Part of the recent federal health reform legislation, the CLASS act was passed to create a voluntary public insurance program to pay for long-term care expenses, but last month the Obama administration announced it would not push forward with the program due to cost and sustainability concerns.

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