New Life Insurance Rider for Those Living to Age 90

As more Americans live longer, one insurance company has come up with an interesting concept.

With a visit to LifeInsuranceQuotes.com, consumers can access affordable life insurance quotes that can offer their loved ones protection in the event the family’s breadwinner should become injured, ill or even pass away.

One company, The Hartford, has come up with a new life insurance rider that offers eight years or more of income to an individual covered by its policy who reaches age 90 and beyond.

Consumers seeking death benefit protection can acquire a universal life insurance policy through the company’s new LongevityAccess Rider. In the event the consumer then reaches the age of 90, they can start obtaining guaranteed monthly income with total benefits up to the entire amount of their death benefit, which can vary from $100,000 to $2 million.

According to recent nationwide surveys, Americans have great concern regarding running out of income in retirement. ,

A Hartford spokesperson notes, ”People who develop a financial plan often assume they will not live beyond their early 80s, when, in fact, the fastest growing demographic in the nation is people over the age of 85. Add to that the fact that nearly three-quarters of 65-year-olds will need to cover the cost of chronic care sometime during their lifetime and you can see how even the best-laid financial plan can be compromised.”

When buying a Hartford Bicentennial UL Freedom policy from The Hartford, applicants will have the choice to pay extra to add the LongevityAccess Rider. Should they then reach age 90 and satisfy the rider’s eligibility requirements, they are permitted to withdraw an amount equal to as much as 1 percent of their death benefit per month.

In the event a customer has a $500,000 policy, they could obtain up to $5,000 a month for 100 months, or eight years. In the event they at some point withdraw the full benefit during their lifetime, their policy’s beneficiaries will still obtain a guaranteed residual death benefit.

The new rider comes as part of The Hartford’s suite of “living-benefit” riders slated to provide protection against events that can impact or devastate an individual’s income.

As an example, The Hartford’s LifeAccess Accelerated Benefits Rider assists in protecting against the expense of becoming chronically ill. Baby Boomers have especially taken to the product, being responsible for a 68 percent uptick in sales in 2010. As a result, The Hartford has patents pending for both the LongevityAccess and LifeAccess riders.

As The Hartford spokesperson notes, “Take care of you, make it to 90 in good physical condition, and you will have more than just another birthday to celebrate.”