Permanent Life Insurance with Long-Term Care
Universal Life Insurance with Long-Term Care Benefit
Trustmark Universal Life is two-in-one security available for employees who are age 70 and below. It combines permanent life insurance with benefits that can help with the high costs of long-term care services. It helps protect your family from the financial impact of losing a loved one or needing extended care. You select a benefit amount that works for you, and you secure a rate that is designed to last a lifetime and doesn’t increase due to age. Universal life insurance without long-term care is available for employees ages 71-75.
The Universal LifeEvents® option for employees ages 18-64 adjusts to your changing needs as you get older. For the same rate, it provides a higher death benefit during your working years, when you may need the protection most. The death benefit then reduces to 1/3 after age 70, but the long-term care benefit remains at the same high level.
Example of Benefits for Long-Term Care
For a $100,000 policy, your benefits might pay like this:
|
$100,000 |
You can collect 4% of your benefit amount per month for up to 25 months to help pay for long-term care services |
|
+$100,000 |
Plus, if you collect benefits for LTC, your full death benefit can still be paid to beneficiaries |
|
+$100,000 |
Plus, you can extend your benefits for LTC an extra 25 months, up to 50 total months |
|
$300,000 |
Total maximum benefit |
Universal LifeEvents®:
Employees between the ages of 18 and 64 will be enrolled in the Universal LifeEvents® policy. For a
$100,000 policy, your benefits might pay like this:
|
$100,000 policy for ages 18-64 |
Death Benefit |
LTC Benefit |
Total Policy Value |
|
Before Age 70 |
$100,000 |
$200,000 |
$300,000 |
|
After Age 70 |
$33,334 |
$200,000 |
$233,334 |
*Employees between the ages of 65 and 70 can apply for Universal Life with LTC. There is no age reduction with this policy.
Flexible Universal LifeEvents® Features:
• Apply for your eligible spouse/partner as well as for yourself.
• Cover all children with a term life insurance rider. They can later simply convert coverage to permanent Universal Life.
• Waive your policy payments if your doctor says you’re totally disabled.
• Accelerate up to 75% of your death benefit if a doctor determines your life expectancy is 24 months or less.
• No medical exams or blood work to apply – just answer a few simple questions.
• Fully portable – keep your coverage, at the same rate and benefits, if you change jobs or retire.
File a claim or manage your Trustmark Voluntary Benefits policy at TrustmarkVB.com.
For additional information or to enroll, please go to http://www.trustmarkins.com/email/voluntary/uchicago2022.