2017 Accelerated Death Benefit Increase for Protective ExtendCare

The Internal Revenue Service (IRS) recently announced upcoming changes to the per diem limitations for periodic payments received under qualified long-term care insurance policies and certain life insurance policies which offer accelerated death benefits for chronic illness care. The 2017 per diem limitation for periodic payments from these types of policies will increase from $340 to $360. This increase will offer your clients the opportunity to access up to $10,800 of their policy’s death benefit each month through ExtendCareSM, a chronic illness protection rider available with the purchase of new universal life insurance policies from Protective Life Insurance Company. Policies must be dated January 1, 2017 or later to qualify for the higher amount. The ELI illustration system will be updated to reflect this change on December 30, 2016.  Full details here.