Life Insurance with Long Term Care

LifeTime Benefit Term Insurance is a Permanent Term Life Insurance with LTC through Chubb that 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.
• Death Benefit is guaranteed 100% when it is needed most – during the working years when a family is relying on income. While the policy is in force, the death benefit is guaranteed for the longer of 25 years or through age 70.
• Even after age 70, when income is less relied upon, the death benefit is guaranteed to never be less than 50% of the original death benefit, up to $50,000.

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 aged 65 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

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)

• The plan includes a Terminal Illness Benefit Rider which accelerates 50% of the death benefit amount, up to $100,000, if you are diagnosed as terminally ill and your coverage has been in place for at least two years.
• The plan also includes an Extension of Benefits Rider which extends the same monthly LTC benefit for up to an additional 50 months, tripling the value.
• The plan is portable, meaning you can take this with you, at the same rate, if you change jobs or retire.
• Life insurance premium will never increase and are guaranteed through age 100. After age 100 no premium is due.
• During this enrollment period only, you have a special opportunity to elect up to $125,000 in coverage for yourself, without answering medical questions. Spousal coverage is available, up to $75,000, by answering a few medical questions.

• 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 elect up to $125,000 in coverage for yourself, without answering medical questions. Spousal coverage is available, up to $75,000, by answering a few medical questions.