3 Easy Steps to Create Your Policy Benefits
Your Life Insurance Benefit
Eligible employees can select a Life Insurance amount up to $100,000
Your Monthly Long Term Care (LTC) Benefit
You get 4% of the selected Life Insurance amount as your monthly LTC benefit
Example:
- Life Insurance
$100,000 - LTC Benefit Access %
X 4% - Monthly LTC Benefit
=$4,000
Determine Your Total LTC Benefit
You get 2x the selected Life Insurance amount as your total LTC benefit
Example:
- Life Insurance
$100,000 - LTC Extension
X 2 - Total LTC Benefit
=$200,000
How Your Policy Benefits Work
You don’t have to make any decisions on how you use your benefits until you need them. Below is an example of how the program pays benefits to you and your family or beneficiaries:
Scenario 1: You don’t use your LTC benefits
Your full death benefit would be paid to a beneficiary.
- Total death benefit
$100,000 - LTC benefits used
$0
Scenario 2: Access both benefits
You can access 4% of your death benefit per month to help pay for LTC services. The policy will pay up to 2x the death benefit for LTC and will still pay the full death benefit regardless of how much LTC benefits you use.
- Total death benefit
$100,000 - LTC benefits used
$200,000
Note: Death benefit reduces to 1/3 the original amount at the latter of age 70 or the 15th policy anniversary.
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