New Plans
If you would like to stay current on new insurance products as they are introduced, sign up for our Insurance Catalog email alerts. When companies introduce new insurance products we will send you an alert by email with information, benefits, features, explanations and evaluations.
Email your city, state, and age to newplans@theinsurancecatalog.com to receive periodic updates on new insurance plans. If you are a owner or HR director of a company interested in group benefits let us know your company name, location, approximate number of employees, and contact person.
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Long Term Care
One of the largest LTC companies in the country now offers a plan using the Consumer Price Index as the measure for increasing benefit payments in their “inflation fighter” rider. Most companies offer a simple 5% annual increase rider or a compound 5% annual increase rider on their daily benefit payouts. Policies using the CPI inflation rider are typically lower in price than the LTC policies guaranteeing a 5% simple or % compound annual increase. Email if you would like additional information on this or other Long Term Care policies.
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Survivor “Second-to-die”
Life insurance
These policies are usually used to cover the estate taxes incurred when a married couple seeks to pass family assets to children upon the death of the second to die. For example-a man dies and his assets pass to his spouse without tax consequences, however, under current law, when she dies the children will incur estate taxes on the value of the assets surpassing the current estate tax exclusion amount. These taxes can be 50% of the value of the assets surpassing the exclusion threshold. These policies are not that new, but what is new is a rider that allows the policy owner to recover almost all the premium paid into the policy if the policy owner decides to surrender the policy. With the unpredictable changes in tax law and estate tax law, this rider allows the policy owner some options and flexibility should the current tax structure change. (These policies are also sometimes used to provide life insurance on individuals otherwise not insurable since only one of the spouses needs to be approved for the policy to be written) Email if you would like further information on this or other Survivor Life policies. We do not offer tax advice.
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Graded Whole Life Insurance
Every insurance company underwrites their life insurance policies based on the health of the insured. The insured may be approved preferred or standard or for poor health the insured may be “table rated” in which the premiums will be significantly higher than someone with a preferred health rating. In some cases the applicant may be “declined” due to the life insurance underwriter considering their health condition to be a risk the company is unwilling to take. One of the options for individuals who have been declined is a Graded Life policy. These policies will pay out a reduced death benefit amount in the first two years of the policy. Then year 3 and beyond the policy will pay out the full death benefit that was applied for. These policies come in both Term and Whole Life versions. These graded policies provide a great option for those that might be declined by most life insurance companies due to poor health. For more information please Email.
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Group Long Term Care is one of the new benefits being offered by progressive companies wanting to offer their employees the opportunity to protect their assets and prepare for dignity in the golden years. While Group LTC has been available for a decade or more, some of the companies have “sharpened their pencil” and made their group LTC more attractive. They have increased the available daily benefit amounts. They have lowered the premiums with increased discounts. They have sweetened the deal for many older business owners by reducing the health requirements for certain groups. Some who would not qualify for an individual LTC plan can get Long Term Care coverage through a group plan. Currently group LTC is not subject to Erissa restrictions. This allows companies great flexibility in determining which employees are eligible to get LTC coverage. We would be glad to provide additional information on Group Long Term Care if you would Email us.
For further discussion and additional information email us your contact information. We will be glad to discuss your specific situation and company or personal need. Email newplans@theinsurancecatalog.com
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