Thrivent rolled out its new insurance product earlier this year—one that brings together a long-term care solution with the protection of life insurance.
CareForward™ can help with the costs of extended care and provide choices about where and how it’s provided—at home, at a care facility, or both as the situation changes.
It also can provide a death benefit if extended care is not needed at all, or if less care is needed than anticipated. “Planning for long-term care continues to be one of the biggest concerns that people have as they approach retirement,” says Steve Sperka, vice president of Health Insurance Products at Thrivent*.
“We’re excited to be bringing this product to the market because it addresses many of the needs and concerns that clients have shared about long-term care planning. There’s coverage for extended-care costs, plus a death benefit if you don’t need to use it for your care needs. So either way, you’ll receive a benefit from the product.”
There’s coverage for extended-care costs, plus a death benefit if you don’t need to use it for your care needs. So either way, you’ll receive a benefit from the product.
Another feature of the product is that premiums are guaranteed to never go up. “That way, you’re able to budget for them,” Sperka says, “which means you can plan for how much income you’ll need in retirement with more confidence.”
No one plans to need long-term care. But the best time to buy protection is before that day ever comes. A person turning age 65 today has almost a 70% chance of needing some type of extended care services in his or her remaining years1. And the younger and healthier a person is, the more likely he or she will be eligible for coverage and for a lower premium.
Thrivent has long offered long-term care insurance and life insurance solutions to help our clients prepare for the unexpected. “The difference now is that they can reap the benefits of both with one product,” Sperka says.
“We see CareForward as a way to help provide the benefits our membership needs when they need them most.”
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