Reframe bridges life and long-term care coverage

Reframe LifeStage, a digital insurance offering from Reframe Financial currently starting its soft launch, is designed to seamlessly transition between life insurance and long-term care coverage for millennials and Gen Xers, according to Loida Abraham, chief commercial officer at Reframe.

Loida Abraham, chief commercial officer, Reframe.

“The challenge we recognize for the younger market is that they have so many competing priorities,” she said. “Long-term care is not something that they necessarily feel an immediate need for.”

LifeStage is backed by Federal Life Insurance Company, a life and health insurance carrier, and Swiss Re. The product’s soft launch will go to just six favored distributors and then more widely in the fall. LifeStage combines indexed universal life insurance and cash value and long-term care benefits.

“There are a lot of other products that offer life and long term care. But we’ve recognized that at a younger age, life insurance is more important,” Abraham said. “We make sure that there’s a significant amount of life insurance during the growing family life stage. But we also recognize that as families, as the insured start to age, they don’t need as much life insurance and they need more long term care.”

LifeStage was built on a proprietary technology platform over the last 12 months. Customers can apply online and get a decision on coverage in minutes, without lab tests or interviews for applicants younger than 65.

“It can leverage the market that is the best investment for retirement strategies,” Abraham said. “It’s never been used in a program because of its complexity. What we’ve done is simplify it and leverage its strength to help consumers meet the needs that they want.”

The coverage includes a care advisory services program for insureds to use for care for other family members, according to Abraham. “They can also help their parents and parents-in-law,” she said. “We know that a lot of employees have caregiving issues and are concerned about the employee productivity. Care advisory services can provide resources for their parents.”