Sales of hybrid annuities and life insurance policies with long-term care benefit riders and early death benefits have increased by more than 24% since 2014, according to the American Association for Long-Term Care Insurance (AALTCI).  And now traditional long-term care insurers are getting in on the game.

“Insurers are developing all types of different options and solutions to address a very broad marketplace of tens of millions of older Americans,” said Jesse Slome, director of AALTCI.

Last month, Genworth, a traditional long-term care insurer, launched a new product called IncomeAssurance Immediate Need Annuity.

“It is a medically underwritten single premium immediate annuity (SPIA) that for the payment of a single premium provides a guaranteed life time stream of income to pay for assisted living, home health care, medical expenses or any other living expenses,” said Debapriya Mitra, senior vice president of business strategy with Genworth’s U.S. Life Insurance business and product leader for the IncomeAssurance Immediate Need Annuity.

The minimum issue age of IncomeAssurance is 70. “The group who could benefit from IncomeAssurance are people between the ages of 70-95 with health conditions who are at the point of needing care and concerned about outliving their assets,” Mitra said.

The product might be helpful to financial advisors seeking long-term care solutions for clients fitting Mitra’s description.

“We recommend that financial advisors conduct a suitability check in which they compare the payout from our annuity with other financial products so they can make an informed decision for their clients, Mitra said.”

Because the annuity is medically underwritten, Genworth offers a higher pay out.

“If your client has health issues, this product will pay 20% to 50% higher monthly benefits than a regular annuity or traditional long-term care insurance policy,” Slome said.

Unlike traditional long-term care insurance policies, however, Genworth’s underwriting process for IncomeAssurance does not require blood work or lab tests. The only requirement to qualify for coverage through IncomeAssurance is that the candidate be at least 70 years old.