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GUARANTY INCOME LIFE INSURANCE COMPANY
Press Release
Printer-Friendly (PDF) Version (opens new browser window)
January 5, 2006, Baton Rouge, Louisiana - Guaranty Income Life Celebrates its 80th Anniversary on January 19, 2006 and Announces Improvements to AnnuiCareŽ
Guaranty Income Life was incorporated on January 19, 1926. As we celebrate 80 years in business, we are pleased to announce enhancements to the AnnuiCareŽ product line. Guaranty introduced AnnuiCareŽ in 1999, the industry's first fully tax qualified Annuity/Long-Term Care combination product.
Based on our seven year history of excellent AnnuiCareŽ underwriting and claim results, and an extensive review of over 250,000 LTC applicants by Long Term Care Group, Inc., AnnuiCareŽ now offers expanded underwriting and enhanced benefits. Fifteen formerly uninsurable medical conditions can now be underwritten, and outstanding claim results have allowed us to expand benefit payments for Home Health Care and Adult Day Care.
Lawmakers have been debating various ways to curb runaway Medicaid spending on long-term care, and have realized a good way to decrease that spending is by increasing the sale of private LTC insurance. Congress recently passed the Pension Protection Act which includes provisions for tax incentives to promote private long-term care insurance plans and special language to include Annuity/Long-Term Care combination plans.
Many people view traditional long-term care insurance as too costly. The coverage is expensive, and the premium is never recovered unless a loss is suffered. Guaranty's AnnuiCareŽ offers an innovative approach to long-term care resulting in substantially lower premiums. These savings are achieved because the insured participates in the risk by paying initial benefits with annuity funds. AnnuiCareŽ premiums have never been raised and are about one-third the cost for the same dollar coverage as a traditional qualified LTC plan. Plus, annuity funds not used for LTC benefits are fully available to the policyowner.
Others in the industry are slowly catching up, with a number of major carriers planning to introduce similar products in 2006. Although several insurance companies may introduce new Annuity/Long-term Care combination products, only Guaranty Income Life has seven years of experience, service and excellent results.
Our innovative products continue to get better! Guarantee your income for life with Guaranty Income Life.
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