Chronically ill clients of The Hartford can now benefit from a new patient for life insurance system that has been awarded to the insurer, to advance the death benefit of a policy in order to offer those patients an income.
For the first time in the insurance industry, consumers will be able to obtain an income from the LifeAccess Accelerated Benefit Rider® system, which provides chronically ill patients with an income that they can use for whatever they want, including paying family or friends to provide them with home care.
Chief medical strategist, Dr. Robert Pokorski, at The Hartford, explained that the top cause of bankruptcy among the senior population of the United States is having to cover the expenses associated with chronic illness. He added that “That’s why we are so excited to be awarded a patent for a system that can provide income to consumers when they need it most.”
Policyholders who have received a certification from a licensed physician as requiring chronic illness care – such as in the case of an Alzheimer’s diagnosis or following a stroke – can receive up to $109,500 per year through the LifeAccess Rider, according to Dr. Pokorski.
The LifeAccess Rider life insurance policies differ from traditional long-term care offerings as they don’t necessitate a pre-approval for policyholders for medical treatments, nor does it require them to submit receipts. It does not designate what is and is not permissible for the use of the income. Clients can now cover anything from medical costs to everyday expenses such as rent or mortgage payments, yard work, travel, or renovations to the home to make it more accessible.