MN HF3500

Allows life insurance policies that convert to long-term care insurance policies, exempting them from rules prohibiting combination of life and long-term care coverage in a single policy.

Permits combining life coverage with long-term care coverage, specified disease or illness coverage, limited benefit health coverage, hospital indemnity coverage, and other fixed indemnity products.

Exempts life insurance policies that convert into long-term care insurance from replacement transaction regulations under Minnesota Statutes section 61A.54.

Defines life insurance policies that convert into long-term care insurance as a type of long-term care insurance covered under Minnesota Statutes section 62S.01, subdivision 18.

Applies to both group and individual life insurance policies that convert into long-term care insurance.