RiverSource Life has launched a new universal life insurance product featuring a long-term care (LTC) rider to provide coverage for long-term care expenses.
The new policy, marketed as TrioSource, is a fixed universal life insurance plan that provides guaranteed death benefit, RiverSource said in a government filing.
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To be distributed through advisors, TrioSource provides a guaranteed return of premium, returning 90% of the premium in the first two years, and 100% of the premium in the third or any year thereafter, reported InsuranceNewsNet.
In addition, based on the requirement, clients can access income-tax-free benefits for long-term care expenses, as well as pass on an income-tax-free death benefit to their heirs or get the return of money, the company said.
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