Protective Launches New Term Policy Rider Option to Support Chronic Illness Coverage
19 Julio 2024 - 8:20AM
Business Wire
Conversion Choice℠ rider with ExtendCare℠
provides customers with more policy flexibility
Protective Life Corporation, a subsidiary of Dai-ichi Life
Holdings, Inc. (TSE:8750) today announced the launch of a new rider
for its flagship Protective® Classic Choice term policy, which is
issued by its principal subsidiary Protective Life Insurance
Company (“Protective”). The new rider, Conversion Choice℠ rider
with ExtendCare℠ provides customers with enhanced options for
long-term protection and future chronic illness coverage.
Of people turning age 65, 70% will develop a long-term care need
in their lifetimes.1 With the physical, emotional and financial
toll of chronic illness, dependable coverage can help lessen the
burden.
“As protectors, our mission is to help people secure what
matters most, especially as their needs change,” said Dave
Sheridan, Vice President, Head of Independent Life Distribution for
Protective. “The Conversion Choice rider with ExtendCare can help
clients plan for long-term coverage needs and protect against the
unexpected, all while ensuring their immediate protection needs are
covered with Protective Classic Choice term.”
The new Conversion Choice rider with ExtendCare can be added to
newly purchased Protective Classic Choice term products. The rider
allows customers to easily convert their in-force policy to a
Protective permanent solution and access ExtendCare to receive
chronic illness protection, without any additional underwriting or
medical exams.
Another benefit of the Conversion Choice rider with ExtendCare
is longer conversion periods for more of Protective’s permanent
products.
Financial professionals can learn more about the Conversion
Choice rider with ExtendCare and Protective Classic Choice term by
visiting
https://finpro.protective.com/protection/term-life/protective-classic-choice.
Conversion Choice rider with ExtendCare may not be available in all
states.
1Christine Benz, 100 Must-Know Statistics About Long-Term Care:
2023 Edition, Morningstar, 2023.
https://www.morningstar.com/personal-finance/100-must-know-statistics-about-long-term-care-2023-edition
About Protective
Protective has helped people achieve protection and security in
their lives for 117 years. Through its subsidiaries, Protective
offers life insurance, annuity and asset protection solutions and
is helping more than 14.4 million people protect what matters most.
Protective’s more than 3,800 employees put people first and deliver
on the company’s promises to customers, partners, colleagues and
communities - because we’re all protectors. With a long-term focus,
financial stability and commitment to doing the right thing,
Protective Life Corporation, a subsidiary of Dai-ichi Life
Holdings, Inc., had $118 billion in assets, as of December 31,
2023. Protective is headquartered in Birmingham, Alabama, and is
supported by a robust virtual workforce and core sites in the
greater Cincinnati area and St. Louis. For more information about
Protective, visit www.protective.com.
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