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Midland National LTC rider

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Jun 11, 2010 2:34 pm

Is anyone familiar with the LTC rider that Midland National has on their EIAs?

I have a client with a $36K policy with them and her MNL guy told her it was a LTC policy.  Turns out  that he added a rider onto her EIA that is supposed to cover LTC.  The basics, from what I can tell, are: 2.14% a year, 90 consecutive day deductible period, 3X the value of the policy payable over 24 months.  So for her that's $108K over 24 months = $4500 a month. None of that is listed anywhere on her statement, BTW.  It's just a page out of her contract with no other explanations.  We had to have MNL fax us a copy of her the rider page from the contract.  She says she never got a copy of the contract, but they're sending one.  Hopefully there's more info in that.  The lady we talked to at MNL was ZERO help.  She didn't even know what we were asking about. 

I've got VAs that will increase their guaranteed income stream to 10% if you go into a nursing home, but I've never seen an annuity that works like this one.  Makes me suspicious until I figure out how it really works.  Any info would be appreciated.