Offer clients an even stronger life insurance solution with a powerful combination of a Protective Life UL and ExtendCare.

We understand the importance of clients receiving care quickly if a chronic illness arises. That’s why we enhanced the ExtendCare rider available with our universal life products*. We have redefined the expectation of loss of Activities of Daily Living down to 90 days instead of 12 months, allowing your clients to address the financial burden a chronic illness could cause more quickly.

Transition Rules:

  • For paper business: applications must be signed and received on or before November 2, 2020.
  • For ticket business and direct writer: applications must be signed and received on or before November 16, 2020.
  • Any application in underwriting on October 19, 2020 may choose between the old and new version of the rider but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
    • For those selecting the new version of the product, the policy effective date must be October 19, 2020 or later and an amendment to the application (signed and dated October 19, 2020 or later) will be required.

For more information about the ExtendCare rider, please contact your Protective Life representative.

Let’s deliver on our promises. Together.

PLAG.2052587.08.20
*does not apply to Protective Classic Choice UL
This is only a summary of ExtendCare benefits.
ExtendCare (L652 7-20/ICC20-L652) is available only at issue and at an additional cost. Actual terms and conditions contained in the rider govern all benefits provided. Please see the rider for more detailed information. Assumes medical and financial underwriting qualifications at time of initial application.
ExtendCare falls under IRC Sec. 101(g) Accelerated Death Benefit guidelines and does not fall under health regulations. This differentiation could affect eligibility for public assistance programs such as Medicaid, Supplemental Income, or others. Purchasers should consult a qualified advisor along with legal or tax advisor to determine if the rider will affect their initial or continued eligibility for public assistance programs or other tax-related decisions.
This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy. This policy or certificate is not a Medicare supplement (policy or certificate).
The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice. Individuals should consult their attorney or tax advisor regarding their individual situation.
The ExtendCare benefits are intended to be received on a tax-favored basis under Section 101(g) of the Internal Revenue Code. Once eligible for the benefit, policyholders will receive a monthly payment (not exceeding 5% of the base policy’s death benefit amount or the current per diem equivalent) accelerated from their policy’s death benefit. The ExtendCare rider is intended as a nonmedical supplement. While long-term care riders pay temporary and permanent claims, policyholders with the ExtendCare rider will qualify for accelerated monthly benefits after being certified by a licensed healthcare practitioner as chronically ill for a period that is expected to last 90 days. Additionally, if the benefits for a stand-alone long-term care policy are not used, the policy may end with no payment while the face amount of a life insurance policy with an accelerated death benefit rider will remain intact if the benefits are not used. Once you qualify for the benefit, payments continue every month during the benefit period regardless of whether expenses are actually incurred.
Insurance products issued by Protective Life Insurance Company (PLICO), Brentwood, TN. Neither PLICO or its representatives render legal or tax advice. Information in this summary is based on current tax laws that are subject to change. Individuals should consult their attorney or tax advisor regarding their individual situation. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company.

Write A Comment