Lumos Insurance Introduces the Immediate Care Plan to Help Families Fund Long-Term Care
Lumos Insurance has announced the availability of its Immediate Care Plan, a medically underwritten single premium immediate annuity designed specifically for individuals who require paid care. The plan allows customers to exchange a lump sum for guaranteed monthly income for life, with payments initiating within one month. This product aims to assist families in funding assisted living communities, memory care units, or in-home care without depleting their other assets.
The Immediate Care Plan aims to address what Lumos identifies as the Care Gap, defined as the disparity between the monthly cost of formal care and the income a family receives from Social Security, pensions, or other sources. Unlike traditional single premium immediate annuities that base income on averages related to age, gender, location, and interest rates, this plan is personalized based on the individual’s medical records, diagnosis, prognosis, and discussions with primary caregivers. This tailored underwriting may result in a lower premium for equivalent monthly income, preserving more of a family's savings.
"The Care Gap is showing up in advisors' offices every week, and without a solution, it can put a lifetime of savings at risk," said Vince Bodnar, President of Lumos Insurance. He emphasized the importance of solutions adjusted for individual circumstances rather than standardized actuarial averages, noting that families today deserve products that meet their unique needs.
The process for the Immediate Care Plan involves four key steps: assessing the Care Gap with the help of a financial professional, underwriting the individual through a review of their medical history and a call with a primary caregiver, placing a single premium ranging from $50,000 to $1,000,000, and commencing guaranteed monthly payments shortly after. The plan is available for individuals aged 70 to 95 and offers optional riders such as a Cost-of-Living Adjustment and an Enhanced Death Benefit.
The Immediate Care Plan is accessible through financial professionals across the nation. For further information, families and advisors can contact Lumos at 800.752.8328 or via email.
Lumos Insurance is the trade name of The Plateau Group, Inc., an insurance holding company that has served banks and financial institutions since 1981. Rated A- (Excellent) by AM Best, Lumos offers a range of credit-driven insurance products through its licensed insurers, headquartered in Crossville, Tennessee.