Northwestern Mutual launches new long-term care product
Northwestern Mutual announced the launch of Long-Term Advantage, a new offering designed to help people pay for long-term care needs – which, if ultimately not needed, will instead provide a life insurance benefit. The offering, which also has a guaranteed premium and will not be subject to rate increases, features a variety of benefits, including:
- Long-term care benefit: Six years of guaranteed coverage for qualified long-term care expenses, plus the potential for up to 10 years of total coverage.
- Death benefit: A guaranteed death benefit, in case the policyowner does not need long-term care or needs only a limited amount of care – including the potential for growth of the death benefit over time through annual life insurance dividends.
- Accumulated value: Surrender value, in case the client’s life circumstances change.
The new Long-Term Advantage offering joins Northwestern Mutual’s long-term care insurance solution suite, which also includes QuietCare, a standalone long-term care insurance solution, and Whole Life Plus with Accelerated Care Benefit (ACB), a life insurance product with a long-term care rider. One, or a combination of these offerings, can be used to meet a client’s needs.
“Planning for long-term care means making decisions today about a future that is 20 or 30 years away, and in our conversations with clients, we know that people want to maximize the choices and control they have over this time period. With this new offering, we are innovating to deliver flexibility and the certainty of guaranteed premiums, maximizing the long-term care and death benefits, and providing the added ability to increase product value over time through dividends.” – Kamilah Williams-Kemp, VP of risk products at Northwestern Mutual.