US-based Nationwide has enhanced its YourLife CareMatters linked benefit long-term care (LTC) product, allowing to increase LTC benefit pool for most of new policies.
The LTC benefit will increase up to 21% for single-pay cases and up to 15% on 10-pay cases for the most commonly selected six-year benefit scenario, while other benefit periods will be increased based on age, gender, payment plan and benefit option.
Nationwide life insurance and annuities senior vice-president Eric Henderson said: "Since CareMatters’ launch, we’ve heard from advisors and clients that cash indemnity benefits are a game-changer because they allow for more flexibility and choices in care than other long-term care products.
"Nationwide is focused on helping its members solve their toughest retirement challenges, and the benefit pool increase is just one example of how we are helping members protect more of their retirement savings and legacy assets."
Other product enhancements comprise monthly premium option for multi-pay cases, maximum issue age increase to 70 for single-pay policies and 100% return of premium feature changing to a five-year vesting schedule for single-premium policies.
Nationwide offers a wide range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance, public and private sector retirement plans, annuities and mutual funds, banking and mortgages pet, motorcycle and boat insurance.