Life Insurance 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.
Employees regularly scheduled to work 20 hours or more per week are eligible to purchase Life Insurance through Chubb. This benefit can provide flexible, and portable coverage for you, your spouse, and your children. You can only enroll in the Life with Long Term Care insurance during annual open enrollment in the fall.
Long Term Care Benefit
Life with Long Term Care (LTC) includes an Accelerated Death Benefit for Long Term Care rider, providing benefits while you are living if you become chronically ill for home health care, assisted living, adult day care and nursing home care. You get 4% of your death benefit per month while you are living for up to 25 months to help pay for LTC. This benefit may be extended up to an additional 50 months if you need care for a longer period with the Extension of Benefits rider.
- Coverage Amount for Life Insurance: Option to elect a life insurance amount up to $150,000 ($75,000 for a spouse, $25,000 for a child)
- Guaranteed Acceptance: Full Guaranteed Issue (no evidence of insurability requirement) for employee coverage up to $150,000.
- Restoration of Death Benefit: Ordinarily, accelerating your life coverage for Long Term Care benefits can reduce your death benefit to $0. This rider restores your life coverage to not less than 50% of the death benefit on which your LTC benefits were based, not to exceed $50,000. This rider assures there will be a death benefit available for your beneficiary to age 121.
- Guaranteed Premiums: Life insurance premiums will never increase and are guaranteed to age 100. Thereafter no additional premium is due while the coverage can continue to age 121.
- Portable and Guaranteed Renewable for Life: Coverage cannot be cancelled as long as premiums are paid on the required payment date.
- Cost: Rates are available online through Chubb’s enrollment platform during the designated annual open enrollment period.
John elects a $100,000 Life with LTC policy. He leads a full life, but moves to assisted living for about six years before he passes away.
LTC and Death Benefits:
- Amount of Policy: $ 100,000
- 4% per month LTC benefit for 25 months: $ 100,000
- Extended LTC Benefit for 50 months: $ 200,000
- Restoration of Death Benefit: $ 50,000
- Total Benefit: $350,000
This is an example of a possible benefit. See the plan details for your specific benefits information.
How To Enroll:
You can only enroll during annual open enrollment in the fall. Enrollment must be completed online directly through Selerix, Chubb's enrollment platform, during the designated enrollment period. More details will be announced in the fall.