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 $25,000 - $150,000
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 you are diagnosed with a cognitive impairment, or cannot perform two of six activities of daily living and that condition is expected to last 90 days, you can withdraw from your death benefit. 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. How much does it cost?
Answer:Your premium is based on how much death benefit you select, if you're a nicotine user or non-nicotine user, and your age based on the policy effective date.
5. What is the eligibility for this program?
Answer: Eligible full-time team members working at least 36 hrs/week and part-time benefit eligible team members working at least 20 hrs/week may enroll with guaranteed acceptance. Team members age 65-75 may enroll with limited health questions.
6. What happens if I never use the policy for long-term care?
Answer: Upon death your beneficiary would receive the full amount of in-force death benefit.
7. 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.
8. Can I get coverage for my family?
Answer:Family coverage is available for spouses and children however; coverage amounts and underwriting may vary. In some cases the employee must apply for family coverage to be issued.
9. 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.).
10. How do I enroll?
Answer:You can enroll online or contact our team for assistance.
11. 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.