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Two people, one policy. Affordable long-term care coverage for both.
Beginning October 12, 2015, we are adding a long-term care (LTC) rider to the Nationwide® YourLife No-Lapse Guarantee SUL II survivorship universal life insurance product. This means clients can elect long-term care coverage for up to two people on one policy.
Purchasing an LTC Rider with the Nationwide YourLife No-Lapse Guarantee SUL II life insurance policy can be an affordable and flexible way to help cover LTC expenses. Along with legacy and estate planning needs, the risk of LTC expenses may be covered within one policy for many life scenarios, including Parent/Adult Child, Married Couple, andDomestic/Same-sex Partners.
- Helps clients plan for their own LTC expenses
- Lessens the possibility that clients will have to pay for a loved one’s LTC expenses out of their own retirement savings
- Enables clients to use excess funds not needed for LTC services to meet other individualized care needs (e.g., home safety improvements, prescription medications, massage therapy) through cash indemnity benefits
LTC Rider on Nationwide’s individual life insurance products vs. LTC Rider available on Nationwide YourLife No-lapse Guarantee SUL II product.
Please note there are slight differences between the two:
| LTC Rider Features |
LTC Rider on individual life policy |
LTC Rider on SUL II policy |
| Benefit Payment Model |
Indemnity |
Cash Indemnity |
| Maximum Monthly Benefit equals 2% of LTC Specified Amount |
Yes |
Yes |
| Monthly Benefit Capped at 2x HIPAA |
No (1x) |
Yes |
| Max LTC Specified Amount Available |
Up to 100% of Face Amount |
Up to 50% of Face Amount per insured |
A cost-effective way to take care of both life insurance and LTC needs in one policy.
- For level pays, buying the LTC rider on both SUL II insureds is, on average, 15% less expensive than buying two individual NLG policies with LTC rider.
State approvals
We’ve filed for approval in the following states:
- AK, AL, AR, AZ, CT, CO, DC, DE, GA, IA, ID, IN, HI, IL, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
All of the above have been approved except: CT, HI, IN, ND
Filing with the following states at a later date: FL, NJ, CA |
