Magic Johnson's Firm Powers New Long-Term Care Effort
The current version is available only to individual purchasers, not to couples or other joint owners. It offers an index menu that includes crediting-rate strategies such as the S&P 500 index and the Barclays Focus50 index.
EquiTrust is selling the contract through agents and brokers, utilizing a guaranteed-issue process that requires the client to go through a video interview with an underwriter. Clients who are already living in a nursing home can buy the contract.
The minimum guaranteed contract value is 87.5% of the premium, minus withdrawals and monthly long-term care rider charges.
EquiTrust is supporting the Bridge program with a microsite that includes an online product performance illustration system.
The Assured Allies NeverStop team says it will check in on insureds at least once every two years, but insureds who want to participate in wellness activities can contact their wellness coaches as often as they want.
The LTC rider pays benefits when a client is unable to perform two of six activities of daily living for at least 90 days or suffers from severe cognitive impairment.
The Future
Larry Nisenson, Assured Allies’ chief growth officer, said in an interview that the company hopes to license the NeverStop program to more insurers.
Investment firms want to avoid the kinds of problems that have faced the traditional stand-alone long-term care insurance market, but they are keenly aware of the need for LTC solutions and interested in backing firms with possible solutions, Nisenson said.
Pictured: Earvin “Magic” Johnson. (Photo: Jonathan Alcorn/Bloomberg)