Chicago, IL (September 28, 2009) - Bankers Life and Casualty
Company announced today the availability of its new Bankers
SimpleChoice long-term care insurance product.
Scott Perry, the President of the national life
and health insurer noted, "While many clients today understand
the need for long-term care coverage, they often hesitate to
buy it because the product is complex and often hard for
them to understand. The key to making the protection more
accessible to people is simplifying it wherever we can."
The new product offers four
pre-packaged long-term care insurance plans,
the Basic, Standard, Premier, and Elite plans,
to ease the buying experience for consumers.
Each option offers a pre-selected maximum
daily benefit amount, elimination period and duration
period, among other benefits and features, that are based
on Bankers’ most popular plans.
"When it comes to their private health insurance,
today’s consumers are accustomed to being offered a selection
of benefit combinations from which they can choose the package
that best suits their needs and budget," said Perry. "We wanted
to apply the same concept to selecting long-term care insurance
coverage."
All plans in the Bankers SimpleChoice product
may also be customized to meet a client’s specific needs
with its Build Your Own LTCI option.
The new offering features cash rider and cash disability
rider options and a new married discount that applies to the applicant’s
plan even if their spouse is not also applying for coverage. The company
has also added three new inflation protection options that are designed
to be both affordable for consumers and compatible with Long-Term Care
Partnership plans. New choices for clients are a two percent compound
inflation option and two decreasing inflation protection structures,
which enable them to benefit from a higher inflation percentage in the
early years of the policy while helping keep the plan affordable
when they’re older.
"Bankers Life specializes in the insurance needs of the
mature market," added Perry. "Our new offering simplifies the buying
experience for clients, so they can feel more confident about their
long-term care plans."
The Bankers SimpleChoice long-term care insurance product
is currently being sold by the company’s career agency force in
19 states: AK, AL, AZ, DC, GA, IA, ID, LA, ME, NC, NH, NM, OH, RI,
SC, SD, UT, WV, and WY. The company plans to release the product
in additional states in the near future.
About Bankers Life and Casualty Company
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on
the insurance needs of the retirement market. The nationwide company, a
subsidiary of Conseco, Inc., offers a broad portfolio of life and health
insurance retirement products designed especially for seniors. Visit
us online at www.bankers.com.
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