Universal Life Insurance with Long-Term Care

Universal Life Insurance with Long-Term Care 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 6% of the selected life benefit per month, for up to 17 months, if you need long-term care

You pay for this benefit conveniently through payroll deduction.

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-year olds will need long term care for longer than 5 years¹

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

• Home Health Aide: $5,339
• Adult Day Care: $1,885
• Assisted Living Facility: $4,488
• Nursing Home Facility Semi-Private Room: $6,266
• Nursing Home Facility Private room: $7,156

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

The unique feature of Universal Life Insurance with Long-Term Care is that you build cash value on a tax-deferred basis (until withdrawn) which may allow your premiums to remain level throughout the life of the contract.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 with Long-Term Care 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 certified terminally ill.
• The plan also includes an Extension of Benefits Rider which extends the same monthly Life Insurance with Long-Term Care benefit for up to 34 months, doubling the value.
• The plan is portable, meaning you can take this with you, at the same rate, if you change jobs or retire.

• Premiums are based on age - the younger you are when you enroll, the more benefit you receive for the same premium.
• During this enrollment period only, you have a special opportunity to enroll without answering medical questions.
• The state of Washington implemented the first public long-term care program funded through an additional payroll tax for all working residents. A California task force is considering a payroll tax. Life Insurance with Long-Term Care may satisfy the state’s requirements for tax exemption. There are 25+ additional states that may follow Washington’s lead in creating a payroll tax for all working residents.