1. How does the policy work?
Answer: One policy with two benefits – life insurance coverage for your family and long-term care benefits if you need them. Building a plan is simple:
i. Choose a life insurance benefit $50,000 - $150,000. Benefits above $150,000 require evidence of insurability. Total benefit amount may not exceed 5x your base salary. Eligible spouses and domestic partners may enroll up to $50,000.
ii. You can access 4% of the life benefit per month if you need LTC (i.e. $100,000 of life = $4,000 per month for LTC)
iii. The LTC benefit will keep paying up to 2x the life benefit ($100,000 life benefit = $200,000 total for LTC)
2. How do I use the benefits for long-term care?
Answer: If the insured person is diagnosed with a covered chronic illness and is unable to perform daily activities for a period of at least 90 days without human assistance; or has a severe cognitive impairment that is expected to be permanent or requires supervision to protect the insured's health or safety. The six activates of daily living are bathing, eating, transferring, toileting, continence, and dressing.
3. If I use my Death Benefit for long-term care, but don’t completely exhaust it – what happens?
Answer: If you use some, but not all of the benefits for LTC you would receive the remainder of the initial death benefit.
4. What happens if I stop paying my premium?
Answer: Your coverage will lapse.
5. How much does it cost?
Answer: The premium is based on how much death benefit you select and the age that you are at the time of application.
6. Is there a medical screen or underwriting involved in obtaining coverage?
Answer: It depends on the amount of death benefit selected. If you select a death benefit within the program’s Guaranteed Issue amount, there are no medical questions and acceptance is guaranteed.. If you choose a higher death benefit amount than what is offered within the underwriting limits, medical underwriting will apply.
7. How long does this policy last?
Answer: Under current interest rate assumptions, the policy will last through age 100 as long as premiums are paid.
8. What happens if I never use the policy for long-term care?
Answer: Upon death your beneficiary would receive the full amount of death benefit that you applied for.
9. How long do my Long-Term Care benefits last?
Answer: Long-term care benefits can last for up to a total of 50 months at a 4% withdrawal rate from your death benefit.
10. What happens if I use all my life insurance benefit for long-term care?
Answer: If you use all your life insurance benefits for long-term care, upon death; the policy will pay 25% of the original life insurance amount to a beneficiary.
11. Can I get coverage for my family?
Answer: Coverage is available for spouses and domestic partners; coverage amounts and underwriting may vary.
12. Are my premiums guaranteed?
Answer: Life insurance premiums are guaranteed for 3 years.
13. How do I pay my premium?
Answer: The premium will be deducted from your pay-check based on your pay schedule (monthly, bi-weekly…etc.).
14. How do I enroll?
Answer: You can enroll online or call (866) 909-8086.
15. What if I leave my employer or retire?
Answer: This policy is completely portable – meaning you take the coverage with you with if you were to change jobs or retire from your current employer. The bill will be transferred to come directly to you and you can continue coverage without any change in premium or benefit amounts.