Nationwide Adds Life-LTC Hybrid

All of the LTC benefit can be used for informal care, including care by family members.

Nationwide is offering the product throughout the country. Some product features may be somewhat different in some states than in others.

If the insured lives outside the United States and needs benefits, "the policy will pay 100% of the maximum monthly benefit amount of the LTC acceleration rider and 50% of any LTC inflation protection rider," according to Nationwide's description of the version of the product available in Ohio. "No international benefits are available under the LTC Extension of Benefits rider or any LTC Inflation Protection Rider benefit associated with it."

The Nationwide company that issues the insurance is guaranteeing that the cash value of the policy will never be lower than the premiums paid.

If the policy owner exhausts the LTC benefits, heirs will still receive a death benefit equal to 20% of the policy's specified amount.

Nationwide is issuing the new policy through Nationwide Life and Annuity Insurance Company.

Nationwide says the policy comes with separate, identifiable LTC premiums. That means policy purchasers may be able to pay for the LTC benefits with cash from health savings accounts, according to Nationwide.

— Read The 9 Biggest Announcements From Life and Health Insurers This Week, on ThinkAdvisor.

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