METLIFE’S NEW TIERED SOLUTIONSM RIDER PROVIDES AFFORDABLE PROTECTION AGAINST RISING COST OF LONG-TERM CARE
NEW YORK, March 11, 2010 – As part of continuing efforts to help consumers find long-term care (LTC) insurance solutions that best meet their diverse needs, MetLife today announced that it has introduced Tiered SolutionSM, a graded automatic inflation protection rider available with MetLife LTC LifeStage AdvantageSM.
“According to the MetLife Mature Market Institute, the average annual rate for a home health aide is $27,000 and the average annual semi-private nursing home rate is more than $72,000, and these costs will likely continue to climb,” said Jodi Anatole, vice president, Long Term Care Product Management for MetLife. “MetLife’s Tiered Solution rider is an innovative, more affordable alternative to traditional automatic compound inflation riders that helps address purchasers’ concerns over the likely rising cost of care.”
For example, when purchased before age 61, MetLife’s Tiered Solution rider automatically provides a 5% increase in the total benefit and the monthly benefit amount. Beginning at age 61, the total benefit and the monthly benefit amount increases by 3%. These increases are compounded annually up to age 76 with no rise in premium as a result of the benefit increases provided by this rider. This graduated approach provides consumers with a lower cost alternative to traditional automatic compound inflation riders.
Tiered Solution is currently available in 31 states.
MetLife is a subsidiary of MetLife, Inc.(NYSE: MET), a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions.