1. How does the policy work?
Answer: One policy with two benefits – life insurance coverage for your family and chronic care benefits if you need them. Building a plan is simple:
i. Choose a life insurance benefit up to $150,000
ii. You can access 4% of the life benefit per month if you need chronic care (i.e. $100,000 of life = $4,000 per month for care)
iii. The chronic care benefit will keep paying up to twice the life benefit ($100,000 life benefit = $200,000 total for care)
2. How do I use the benefits for chronic 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 activities of daily living are bathing, eating, transferring, toileting, continence, and dressing.
3. If I use all of the Death Benefit for chronic care care, what happens?
Answer: The policy comes with a death benefit restoration rider which restores the death benefit back to the original face amount.
4. How much does it cost?
Answer: Your premium is based on how much death benefit you select, cigarette use, and your age based on the policy effective date. Coverage elected during this enrollment period will become effective on July 1st, 2025.
You may view a non-binding quote for your exact costs by logging into the application and quoting system.
5. Is there a medical screen or underwriting involved in obtaining coverage?
Answer: No, eligible employees from the ages of 18 - 70 may enroll with guaranteed acceptance (no health questions asked).
6. What happens if I never use the policy for chronic care?
Answer: Upon death your beneficiary would receive the full amount of in-force death benefit.
7. How long do my Chronic Care benefits last?
Answer: Chronic 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 or partners however; coverage amounts and underwriting may vary.
9. Does the coverage amount change over time?
Answer: The total chronic care benefit amount remains static through the lifetime of the coverage unless claimed against. Any care benefits received on a claim will reduce the remaining balance of chronic care benefits available on a dollar-for-dollar basis.
If you enroll with guaranteed acceptance, the life insurance benefit amount will reduce by two-thirds at the later of your age 70, or the 10th anniversary of your policy being active (e.g., the reduction cannot occur before you are 70 years old). This future life insurance benefit reduction is priced into the coverage from day one, resulting in a lower cost to secure Trustmark's chronic-care-focused coverage when you enroll.
10. How do I pay my premium?
Answer: The premium will be paid via monthly bank draft from your bank account on a post-tax basis, and will be drafted on the 15th of each month after the coverage becomes effective on July 1st, 2025. This benefit is not payroll deducted.
11. How do I enroll?
Answer: You must enroll online through the application system. For questions or assistance, your chronic care enrollment team is available via email at UMass@LTCIPartners.com, or via phone at (844) 595-2347 (9a-6p ET, M-F).
12. 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. You can continue coverage without any change in premium or benefit amounts.