Northwestern Mutual has introduced the Long-Term Advantage product — a package that combines whole life insurance with a long-term care benefit rider.
The Milwaukee-based, policyholder-owned insurer says the new policy will complement its stand-alone long-term care insurance policy and a life-LTC hybrid that uses a different type of rider to provide LTC benefits.
The product can provide six years of guaranteed coverage for qualified long-term care expenses, and the potential to pay for up to 10 years of total coverage.
If the insured does not need much long-term care, the policy will pay a death benefit to one or more beneficiaries.
