Allianz Life Insurance Company of North America has joined the Minnesota Long Term Care Partnership, which is designed to give individuals control over financing their long-term care needs.
Minnesotans who purchase qualified long-term care insurance policies, like the Allianz Generation Protector II, will have the opportunity to protect more of their assets should they need in-home, hospice, or nursing home care during a serious illness.
Under the Minnesota Long Term Care (LTC) Partnership, consumers may protect assets up to the amount of the purchase value of the policy. Moreover, Allianz is applying these benefits to all Minnesota policyholders who have owned a Generation Protector II policy since July 1, 2006.
Allianz Life has informed that the basic protection with Generation Protector II includes a benefit up to $500 per day of qualified care, payable as early as seven days after care begins, and continuing from two years to as long as the insured’s lifetime.
The basic plan also features a special alternative plan of care benefit that allows consumers to apply basic benefits toward other expenses.