LifeTime Benefit Term
Chubb Company
A term life insurance plan for JPS Health Network team members that provides a guaranteed death benefit with a built-in Long Term Care (LTC) accelerated benefit rider, allowing the death benefit to be accessed at 4% per month for up to 25 months to cover home health care, assisted living, adult day care, or nursing home care if the insured becomes chronically ill.
How LifeTime Benefit Term Can Be Used — Three Options
| Service | Life Situation | Death Benefit | Long Term Care | Long Term Care Extension | Total Benefits |
|---|---|---|---|---|---|
| 1. Life Insurance | You lead a full life and do not need Long Term Care (LTC) | $100,000 | — | — | $100,000 |
| 2. Long Term Care (LTC) Insurance | You lead a full life and need assisted living or nursing home care | — | $100,000 | — | $100,000 |
| 3. Split your Death Benefit for LTC & Life Insurance | You lead a full life but also need some LTC funds (Example: 4% of $100,000 for 12 months) | $52,000 | $48,000 | — | $100,000 |
LifeTime Benefit Term — Key Benefits
| Benefit | Details |
|---|---|
| Guaranteed Premiums & Benefits | |
| Guaranteed Premiums | Premiums will never increase; guaranteed to age 100. No additional premium due after age 100 while coverage continues to age 121. |
| Death Benefit — Working Years | 100% guaranteed for the longer of 25 years or age 70 while policy is in force. |
| Death Benefit — After Age 70 | Guaranteed never less than 50% of original death benefit. |
| Paid-Up Benefits | After 10 years, paid-up benefits begin to accrue. If premiums stop thereafter, a reduced paid-up benefit is issued and can never lapse. |
| Long Term Care Rider | |
|
LTC Monthly Benefit Up to 25 months; premiums waived while benefit is being paid |
4% of death benefit per month while receiving Long Term Care |
| LTC Benefit Reduces Death Benefit | Death benefit reduces proportionately each month LTC benefits are received; after 25 months, death benefit reduces to zero. |
|
Eligible LTC Services Insured must be certified as Chronically Ill by a Licensed Health Care Practitioner; re-certification required at least every 12 months |
Home health care, assisted living, adult day care, nursing home care |
| Contingent Benefit | If LTC rider premiums increase and would cause lapse within 120 days, you may reduce benefit amount without premium increase or convert LTC coverage to paid-up status equal to 100% of all LTC rider premiums paid, or 30 times the daily nursing home benefit. |
| Accelerated Benefits | |
|
Terminal Illness Benefit Available after coverage has been in force for two years; insured must be diagnosed as terminally ill |
50% of death benefit, up to $100,000 |
| Additional Benefit Options | |
|
Child Term Rider Guaranteed conversion to individual coverage at age 26 — up to 5 times the benefit amount; additional premium required |
Death Benefits available up to $25,000 |
|
Spouse Coverage Additional premium required |
Team Member can elect a LifeTime Benefit Term Policy on the Spouse |
- Team Members seeking affordable term life insurance with a built-in long term care benefit
- Team Members who want lifelong protection with guaranteed premiums
- Those concerned about nursing home or assisted living costs in retirement
- Team Members wanting family coverage including spouse and dependent children
- 📋Team Members can elect a LifeTime Benefit Term Policy on the Spouse
- 📋Child Term rider available with death benefits up to $25,000; guaranteed conversion to individual coverage at age 26 up to 5 times the benefit amount
Chronically Ill Individual means an Insured who has been certified by a Licensed Health Care Practitioner as: 1) being unable to perform, without substantial human assistance, at least two activities of daily living (bathing, continence, dressing, eating, toileting, and transferring) for a period of 90 days; or 2) the Insured has a severe cognitive impairment that requires substantial supervision to protect the insured from threats to his or her health and safety. Certification by the Licensed Health Care Practitioner of the Chronically Ill Insured must occur at least once every 12 months.
LTC premiums may be adjusted based upon the experience of the group or other group characteristics that may affect results. Premiums will not be increased solely because of an independent claim. New premiums will be based on the insured's age and premium class on the rider's coverage date.
This document is a brief description of Form Nos. C34544TX and P34544TX and riders: Dependent Child=34546, Accelerated Death Benefit for Terminal Illness=34550 and Long Term Care=34553. Refer to your policy for specific details about benefits, exclusions and limitations.
A senior insurance counseling program is provided by The Health Information Counseling & Advocacy Program (HICAP). This program is available to assist older Texans with disabilities by providing information about health insurance and public benefits. Contact: 701 W. 51st W-352, Austin, Texas, 78751 or call toll free 1-800-252-9240.