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What is Universal Life Insurance with Long Term Care (LTC)? ▼

Universal Life Insurance through Trustmark provides lifelong protection with flexible premiums. It is one policy with two benefits - life insurance coverage for your family and long term care benefits if you need them.

As Life insurance, this plan protects your family with money that can be used any way they choose. It is most often used to pay for mortgage or rent, education for children and grandchildren, retirement, family debt, and final expenses.

Program Highlights
  • Coverage is available for yourself, your spouse, and your child(ren)
  • Flexible permanent insurance designed to last a lifetime
  • Benefits for long term care services such as home health or nursing home care - you can access 4% of the selected life benefit per month if you need LTC
  • If you collect a benefit for LTC, your full death benefit is still available for your beneficiaries, as much
    as doubling your benefit
  • You have two options: Universal Life with LTC and Universal Life Events with LTC. The difference between the two is a reduced death benefit amount at age 70 on Universal Life Events with LTC - your long term care benefit amount will not decrease with age.

You pay for this benefit conveniently through payroll deduction.

Why is Long Term Care Coverage Important? ▼

Long Term Care coverage provides peace of mind knowing you won't become a burden to loved ones if you become ill. While it's true that Medicare may cover some long-term care costs, Medicare's coverage can be very limited. Long-term care coverage is the best way to protect yourself, your family, and your financial assets.

  • Seniors ages 65 and over have a nearly 70% chance of needing Long Term Care services in their future1
  • Women (3.7 years) stay in long term care facilities longer than men (2.2 years)1
  • 20% of today's 65-yearolds will need long term care for longer than 5 years1

California average monthly cost of long term care services in 20211:

  • Home Health Aide: $6,101
  • Adult Day Care: $1,842
  • Assisted Living Facility: $5,250
  • Nursing Home Facility Semi-Private Room: $9,794
  • Nursing Home Facility Private room: $12,167

 

1U.S. Department of Health and Human Services (DHHS)’s Administration on Aging (AOA)

Why is Universal Life with LTC Beneficial for You and Your Family? ▼

The unique feature of Universal Life Insurance is that you build cash value on a tax-deferred basis (until withdrawn) which may allow your premiums to remain level throughout the life of the contract. Universal Life Insurance offers flexibility to adjust your benefit amount up or down depending on your current insurance needs.

  • The plan includes a Terminal Illness Benefit Rider which accelerates 75% of the death benefit amount when life expectancy is 24 months or less.
  • The plan is portable, meaning you can take this with you, at the same rate, if you change jobs or retire.
  • Newly eligible employees have a special opportunity to enroll without answering medical questions.
    • Employee: up to $150,000
    • Spouse: up to $15,000

Why Act Now? ▼

  • Premiums are based on age - the younger you are when you enroll, the more benefit you receive for the same premium.
  • Newly eligible employees have a special opportunity to enroll without answering medical questions.
    • Employee: up to $150,000
    • Spouse: up to $15,000
  • California has introduced legislation for a mandatory, state-run LTC insurance for workers in California. Each individual employed in California would pay a premium based on wages. Workers with individual LTC insurance may be exempt from participating in this state-run program.

 

Long Term Care Coverage Examples

Because you can choose the amount of coverage you elect, coverage is flexible enough to fit into a wide variety of budgets. See below for examples of how the new benefit could provide for you and your family.**

Chubb_2022_LBT_Sample_Stories

Maximum Matt

  • 35 year old non-smoker
  • Matt enrolls in a $150,000 death benefit
  • If Matt needs long term care, he will receive $6,000 per month
  • The plan costs Matt $32.20 per week
  • If Matt chooses Universal Life Events, with a reduced death benefit at age 70, the plan will cost Matt $20.46 per week
Chubb_2022_LBT_Sample_Stories2

Budget Becky

  • 29 years old smoker
  • Becky enrolls in a $25,000 death benefit
  • If Becky needs long term care, she will receive $1,000 per month
  • The plan costs Becky $7.77 per week
  • If Becky chooses Universal Life Events, with a reduced death benefit at age 70, the plan will cost Becky $5.65 per week
Chubb_2022_LBT_Sample_Stories3

Protected Paul

  • 45 years old non-smoker
  • Paul enrolls in a $50,000 death benefit
  • If Paul needs long term care, he will receive $2,000 per month
  • The plan costs Paul $18.69 per week
  • If Paul chooses Universal Life Events, with a reduced death benefit at age 70, the plan will cost Paul $12.19 per week

**These are fictional illustrations. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details.

How to Enroll

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Complete your enrollment online at trustmark.benselect.com/ButteSchools.

  • Username: your full Social Security Number (SSN), no dashes
  • PIN: last four digits of your SSN+last two digits of your birth year, no spaces

Don't miss out! Newly eligible employees have a special, one-time opportunity to elect up to $150,000 in coverage for themselves without answering medical questions!