The product aims to bridge the "Care Gap," defined as the persistent shortfall between a family’s fixed income from sources like Social Security and the actual monthly expense of assisted living or in-home care. By evaluating medical records, diagnosis, and functional ability, Lumos claims it can offer lower premiums for the same level of guaranteed lifetime income compared to standard products that rely solely on age and gender metrics.

"When a product is priced for the average person instead of the individual, families may commit more assets than their situation requires," said Vince Bodnar, president of Lumos Insurance. The plan requires a single premium deposit ranging from $50,000 to $1,000,000, with guaranteed payouts commencing within one month. The offering is currently available to individuals between the ages of 70 and 95, excluding residents of California, Colorado, Hawaii, New Jersey, New York, and Virginia. Policyholders may opt for additional features, including cost-of-living adjustments of up to 8% and enhanced death benefits.