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A buddy of mine was talking up a product offered by AIG.
Its a Universal Life policy with LTC rider.
Anyone ever sell this product...and if so, what did you think?
~Thnks for your constructive input...
The AIG Quality of Life product suite (AGLA) offers the basic Chronic, Critical and Terminal at no additional cost in the policy. The Chronic pays when the insured loses 2 of 6 ADLs or for a severe cognitive impairment. It is not LTC, but a better choice in my opinion. Remember, LTC pays on a reimbursement basis, ABRs pay an indemnity benefit. Big difference.
Then you can purchase additional riders such as the Accelerated Access Solution.
No additional cost=policy lien on back-end (at least for chronic illness).
If you truly want a policy to pay for chronic/LTC, buy the rider rather than guessing what your benefit will be when you need it.
AIG does have the Accelerated Access Solution (AAS) Rider for Chronic Illness, which pays a guaranteed 2% or 4% of the death benefit per month, depending on the amount purchased. The 2016 maximum IRS per diem is $340 per day or $10,341 per month.
This is AIG's solution for the caveats that Tahoe Ray indicated about regular ABRs. Another benefit of the AAS is that premiums do not increase every year, unlike LTC.