To help clients with a life insurance need for managing the cost of chronic care services
RiverSource Life Insurance Company has introduced the AdvanceSource accelerated benefit. This is available on new, RiverSource Life permanent single-life insurance policies, to help clients with a life insurance need for managing the cost of chronic care services.
The AdvanceSource accelerated benefit is expected to allow new RiverSource Life customers to accelerate a portion of their life insurance death benefit and use it to cover chronic care needs.
In this case, the ultimate death benefit is reduced by any benefits used to cover long-term care expenses during the policyholder’s life. If no chronic care coverage is needed, the entire life insurance death benefit remains fully intact for beneficiaries, said the company.
The AdvanceSource accelerated benefit is an optional rider that can be added, for an additional cost, to any of the following life insurance policies: RiverSource Variable Universal Life, RiverSource Foundations universal life and RiverSource Foundations Protector universal life.