The Hartford Financial Services Group has been awarded a patent for a life insurance product that advances a policy’s death benefit to provide income to consumers who become chronically ill.
Consumers can use the income they receive from The Hartford’s patented LifeAccess Accelerated Benefit Rider system for any purpose, including paying family members to care for them at home.
According to Dr. Robert Pokorski, The Hartford’s chief medical strategist, the LifeAccess Rider provides up to $109,500 a year to policyholders who have been certified by a physician as needing care for a chronic illness, including those who have suffered a stroke or been diagnosed with Alzheimer’s.
Unlike conventional long-term care options, life insurance policies with the LifeAccess Rider do not require policyholders to receive pre-approval for medical treatment, submit receipts, or limit how, when, where or from whom they receive the care they want.
And, while the income can be used for medical expenses, it can also be used to pay everyday expenses, including yard work, travel, mortgage payments, or the cost of making a home more accessible.
