New medically underwritten annuity funds guaranteed lifetime care income based on the individual, not population averages
CROSSVILLE, Tenn., Aug. 4, 2026 /PRNewswire/ — Lumos Insurance™ today announced the general availability* of its Immediate Care Plan, a fully underwritten single premium immediate annuity built for people who already need paid care. A single lump sum is exchanged for guaranteed monthly income for life, with payments beginning within one month, so families can fund an assisted living community, a memory care unit, or in-home care without drawing down every other asset they have.
The Immediate Care Plan addresses what Lumos calls the Care Gap: the recurring difference between the monthly cost of formal care and the income a family already has coming in from Social Security, a pension, or other sources. Unlike a standard single premium immediate annuity, which calculates income from age, gender, location and interest rates, the Immediate Care Plan is underwritten on the person — medical records, diagnosis and prognosis, functional ability, and a conversation with the primary caregiver. That individual view can translate into a substantially smaller premium for the same monthly income, leaving more of a family’s savings intact.
“The Care Gap is showing up in advisors’ offices every week, and without a solution, it can put a lifetime of savings at risk,” said Vince Bodnar, President of Lumos Insurance and a two-time chairperson of the Society of Actuaries’ Long-Term Care Insurance Section. “When a product is priced for the average person instead of the individual, families may commit more assets than their situation requires. The families arriving at the care transition today deserve solutions built for their actual circumstances — not actuarial averages. Lumos is excited to offer our Immediate Care Plan to help meet this need.”
How It Works
The Immediate Care Plan follows four steps. First, Lumos and a financial professional size the Care Gap: the monthly cost of care minus the income already coming in. Second, Lumos underwrites the individual, reviewing medical history, diagnoses, hospitalizations, current living situation, and a 30-minute call with the primary caregiver. Third, a single premium of $50,000 to $1,000,000 is placed from savings, a qualified rollover, or a 1035 exchange. Fourth, guaranteed monthly payments begin within one month and continue for the annuitant’s life.
The plan is available to individuals age 70 to 95. Optional riders include a Cost-of-Living Adjustment of 1% to 8%, compounding at each contract anniversary, and an Enhanced Death Benefit that extends the plan’s early death benefit through a certain period of one to five years.
The Immediate Care Plan is available through financial professionals nationwide. Families and advisors can reach Lumos at 800.752.8328 or icp@lumosinsurance.com.
About Lumos Insurance
Lumos Insurance is the assumed name of The Plateau Group, Inc., an insurance holding company serving banks and financial institutions since 1981. Through its licensed insurers, including Plateau Insurance Company and Plateau Casualty Insurance Company, Lumos delivers credit-driven life, health, and property insurance and debt cancellation programs that protect borrowers and support responsible lending. Rated A- (Excellent) by AM Best and headquartered in Crossville, Tennessee.
* Underwriting and availability. The Immediate Care Plan single premium immediate annuity is underwritten by Plateau Insurance Company (NAIC #97152), domiciled in Tennessee, and is available in all states except CA, CO, HI, NJ, NY and VA. Features may vary by state.
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SOURCE Lumos Insurance
