Protective Life Insurance and West Coast Life Insurance have introduced ExtendCare, a new optional rider for chronic illness care to their guaranteed universal life insurance policies.

Protective Life said that the ExtendCare rider provides life insurance that offers optional coverage in the event of a chronic illness, helping clients to take care of their future.

According to the insurer, as an optional rider on the Protective Centennial G II and West Coast Life LifeTime Platinum III universal life insurance policies, the ExtendCare rider will increase the policies’ flexibility by allowing up to 100% of the death benefit to be accelerated in the event the insured becomes chronically ill and qualifies for the benefit.

Under the ExtendCare rider, the death benefit will still be paid to the beneficiaries upon the insured’s death, which eliminates the ‘use it or lose it’ risk associated with traditional LTC products.

Protective senior vice president and chief distribution officer John Deremo said with the ExtendCare rider on the Centennial G II and LifeTime Platinum III universal life insurance policies, Americans may avoid paying out-of-pocket for future expenses associated with becoming chronically ill.

"The combination of guaranteed UL plan and the ExtendCare rider may appeal to clients looking to supplement existing life and long-term care insurance," Deremo said.