I thought I’d never see the day that a life insurance company would manage to get a chronic illness accelerated benefit rider approved California, but one major carrier announced it had yesterday. This carrier does not like any mention of product details without prior approval, but it’s a carrier I highly recommend. Please contact me for full details.
Prior to this a few carriers like Nationwide offered Long Term Care Riders in California, but none had managed to get a Chronic Illness Rider approved. See here for a full listing of carriers and pros and cons to each. LTC riders are more comprehensive. The main difference is that with Chronic Care Riders the condition must be considered as permanent, which wouldn’t be much help for a mild or moderate stroke or a broken hip.
However, most chronic illness riders have no upfront charge and could serve well if the situation warranted, a way of releasing a living benefit rather than having it locked away solely as a death benefit.
This opens up a very viable option for California life insurance consumers. It’s very good new it finally happened.
