A recent Sun Life Financial survey found that a growing number of Americans aged 50 and older are concerned about future long term care, Sun Life Financial Inc. recently revealed. This prompted the corporation to introduce Sun Care Whole Life (WL), which it describes as a single premium whole life insurance policy with a linked benefit that owners can apply to long-term care costs, including for in-home care, assisted living, and nursing home facilities.

The policy, which is currently available in 39 states, may provide a long-term care benefit equivalent to as much as three to seven times the value of the policy owner’s single premium, depending on factors such as the riders selected, age, gender, and smoking status, says Sun Life Financial.

“According to the US Department of Health and Human Services, an estimated 70% of people over 65 will eventually need long-term care, often for daily activities, such as eating, bathing, or getting dressed,” Janet Whitehouse, Senior Vice President and General Manager of Sun Life’s Individual Life Insurance Division, said in a statement. “We want to help people prepare, so if they ever need long-term care—they have more freedom to pick the level of care that suits their needs, and the costs don’t have to erode their retirement savings or estate assets.”

The policy will also provide an income tax-free death benefit for beneficiaries of policy holders who pass away without using their long-term care benefits. And, if the policy holder so chooses, Sun Care WL also offers an optional return-of-premium feature, for an additional fee, which would allow the insured to recoup the value of their original premium.

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