Guardian Life Debuts Care Conversion Option Rider To Term Life Insurance
The Guardian Life Insurance Company of America is now offering the industry’s first term insurance rider that guarantees the availability of a long-term-care services rider upon conversion.
Guardian’s Care Conversion Option Rider (CCOR) guarantees access to an LTC rider benefit when a term life policy is converted into a permanent policy, giving term policyowners access to a long-term-care rider with no additional underwriting upon conversion.
Before Guardian introduced the conversion rider, policyowners would be re-evaluated at the time of conversion to qualify for additional benefits such as this one. But with the rider, Guardian said, there is no risk of being declined for LTC coverage at the time of conversion.
With the Care Conversion Option Rider, the policyowner begins with term life coverage and can then convert to a permanent policy that is guaranteed to provide long-term-care coverage to help the insured person mitigate any risk from long-term health concerns, and can do so without the need for medical exams or additional requirements—an important concern for many people during the ongoing Covid-19 pandemic.
The optional rider is available at issue on Guardian level term policies for 10, 15, 20 and 30 years, and is effective for the first five policy years or 10 years when the extended conversion rider is included.
LPL Financial Integrates RightCapital Into ClientWorks Platform
Broker-dealer LPL Financial is now offering its advisors access to RightCapital’s financial planning software through the LPL ClientWorks technology platform.
RightCapital aims to make wealth planning easier and more powerful for financial professionals and their clients by incorporating a robust calculation engine that quickly generates results and a centralized client portal that simplifies the financial planning experience.
The software boasts tools for retirement planning, budget and debt management, estate planning and tax-efficient distribution, which give advisors greater efficiency, build stronger client relationships and generate significant business growth, LPL said.