NGL Essential Long Term Care
We are now offering NGL Essential Long Term Care. Although this plan is approved in most states; additional states, including Ct, will be added soon.
In fact, National Guardian Life (NGL) is a 100 year old carrier with an A rating. NGL is a financially strong company with 3.8 billion in assets. The Essential LTC plan is a new offering from NGL. The initial plan premiums are lower than those offered by competing companies. Both flexible benefits and also competitive premiums should make this a hot seller for the remainder of 2016.
A Few of Essential LTC Features that Make the Difference:
A Lifetime Benefit Period can provide your client with the comfort of knowing that they have covereage for life. There is no maximum benefit period.
Limited Pay (10 Pay & Single Pay):
Clients will now again be able to choose between a Lifetime Payment and a 10 pay option. A lifetime payment offers premium payments made over the life of the insureds. A 10 pay option is when the client pays the premium payments for 10 years until the policy is paid up. After 10 years, no further premiums are due. For a Single Pay option, the client pays a single premium payment at issue. No further premiums are due.
NGL charges one price for Joint policies. One price covers both individuals. The joint price costs the same as the female rate using the oldest age of the two individuals.
Step-Rated Cost of Living Adjustment:
Clients start out with a lower overall premium. However, each year there will be a small increase in the previous year’s premium. Each year the premium grows modestly. This allows a more affordable entry point without sacrificing inflation protection.
This feature combines return of premium either with or without claims offset. An optional surrender rider protects the premiums your client pays into the policy. This means if your client does not use the policy, his or her beneficiaries will receive up to 80% of what was paid into the policy. This mimics the benefits of a life combo policy.
NGL Essential Long Term Care starts with a base 2 or 3-year long term care insurance policy, to which clients can add the following items to:
• Benefit Extensions,
• Joint Pricing, and
• Inflation Protection.
EssentialLTC’s “Reverse Combo” feature adds: • Return of Premium (with or without claims offset) • Cash Surrender Option (please note: this is available as part of ROP rider, if desired) Fundamentally, when you add the “Reverse Combo” to the base product, Essential LTC becomes an LTCi policy with a life insurance rider.