PLAG.2054549 (08.20)
For Financial Professional Use Only. Not for Use With Consumers.
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT FDIC/NCUA INSURED • NO BANK OR CREDIT UNION GUARANTEE • MAY LOSE VALUE
This is only a summary of ExtendCare benefits.
ExtendCare Form (L652 7-20 or Form ICC20-L652) is available only at issue and at an additional cost. Actual terms and conditions contained in the rider govern all benefits provided. Please see the rider for more detailed information. Assumes medical and financial underwriting qualifications at time of initial application.
ExtendCare falls under IRC Sec. 101(g) Accelerated Death Benefit guidelines and does not fall under health regulations. This differentiation could affect eligibility for public assistance programs such as Medicaid, Supplemental Income, or others. Purchasers should consult a qualified advisor along with legal or tax advisor to determine if the rider will affect their initial or continued eligibility for public assistance programs or other tax-related decisions.
This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy.This policy or certificate is not a Medicare supplement (policy or certificate).
The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice. Individuals should consult their attorney or tax advisor regarding their individual situation.
The ExtendCare benefits are intended to be received on a tax-favored basis under Section 101(g) of the Internal Revenue Code. Once eligible for the benefit, policyholders will receive a monthly payment (not exceeding 5% of the base policy’s death benefit amount or the current per diem equivalent) accelerated from their policy’s death benefit. The ExtendCare rider is intended as a nonmedical supplement. While long-term care riders pay temporary and permanent claims, policyholders with the ExtendCare rider will qualify for accelerated monthly benefits after being certified by a licensed healthcare practitioner as chronically ill for a period that is expected to last 90 days. Additionally, if the benefits for a stand-alone long-term care policy are not used, the policy may end with no payment while the face amount of a life insurance policy with an accelerated death benefit rider will remain intact if the benefits are not used. Once you qualify for the benefit, payments continue every month during the benefit period regardless of whether expenses are actually incurred.
Insurance products issued by Protective Life Insurance Company (PLICO), Brentwood, TN. Policy form numbers, product features, and availability may vary by state. Consult the policy for benefits riders and exclusions. Subject to underwriting. Up to a two year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply.
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