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Sun Life Announces New Life Insurance Policy with Long Term Care

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UPDATED: Nov 28, 2011

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Sun Life Financial has announced their US based business unit will begin offering a whole life policy that allows the policy owners to use the benefits toward long-term care. The insurance benefits can be applied to the typical in-home and nursing home costs that long-term care coverage generally covers.

Current estimates show that over 65% percent of US citizens will need some form of long-term care in their lifetimes, including assisted living, bathing, driving, and help with day-to-day activities. With an aging population and the beginning of the baby boomer generation approaching their golden years, the demand for long-term care is expected to increase dramatically.

The insurance policy will pay a cash benefit to the policy owner should the need arise during their lifetime. If the insured does not use the long-term care benefit, a death benefit will be paid to a beneficiary, according to Sun Life.

Sources close to the company claim that this product will offer many advantages over a typical long-term care policy that will only pay a benefit if someone files a claim for long-term care. With a life insurance and LTC combination, a person can pay one premium and still provide a death benefit for a beneficiary.

 

 

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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