What is Permanent Life Insurance + Long Term Care (LTC) benefits and what does it cover?
The policy provides a Permanent Term Life Insurance policy with a Long Term Care rider is permanent Life Insurance (to age 121) that combines the benefits of both Life Insurance protection for your family along with living benefits, which can be utilized to help pay for long term care such as home healthcare, adult day care, assisted living facilities and nursing home expenses. Long Term Care is personal care - help with everyday activities such as bathing and dressing (also known as "Activities of Daily Living”) and/or care for severe cognitive impairments like Alzheimer’s Disease or Dementia.
What is the difference between Long Term Care and Long Term Disability insurance?
Long Term Care benefits helps cover the cost of a nursing home, assisted living, adult day care or home health care if you become unable to care for yourself. Long Term Disability insurance replaces a portion of the income you will lose if you are unable to work because of an injury or illness.
Can I add my spouse/domestic partner?
Yes, spouses and domestic partners aged 18 through 70 are eligible to apply if the employee applies for coverage. The spouse can apply for a policy amount up to 100% of the employee’s coverage amount not to exceed $25,000. The spouse will need to answer one question to qualify for coverage: Is the proposed insured now disabled – i.e., unable to engage in normal activity due to physical or mental impairment?
Spouses and domestic partners ages 18 through 70 can also apply for coverage up to 100% of the employee coverage amount not to exceed $100,000 by answering the Modified Guarantee Issue questions.
If your spouse or domestic partner also works for the company, they should apply separately to qualify for Guarantee Issue underwriting (no health questions).
What are the Modified Guarantee Issue Questions?
If any question is answered “Yes”, not eligible for coverage.
- Is the proposed insured now disabled – i.e. unable to engage in normal activity due to physical or mental impairment?
- Has the proposed insured been seen by a physician or treated in a medical facility, including a doctor’s office, within the last 6 months for illness or disease (other than flu, colds, or HIV)?
- Has the proposed insured had within the past 5 years: heart disease; chest pains; high blood pressure; stroke; diabetes; cancer; tumor; kidney disease; blood disorder (excluding any testing for HIV antibodies); liver diseases; lung disease; or other known health impairments?
Can the plan provide LTC benefits for care provided by unlicensed/informal caregivers such as family or friends?
Yes, you may use a family member or friend as your caregiver. Once your claim has been approved, the policy would pay 2% of your death benefit to you each month up to your policy limits for you to pay for your care in your home or a caregiver’s home.
Where does the plan pay for care?
If you qualify for LTC benefits, where you receive care is up to you (at home, assisted living, adult day care, nursing home).
Will the plan pay for care outside of the US?
The Trustmark Life + Care policy will only pay for LTC benefits for care received in the United States. Death benefits are paid in the United States or Internationally.
How is my rate determined?
This insurance offers unisex rates based on your age as of the policy effective date, tobacco usage and coverage amount selected.
Can I pay the monthly premium with a credit card?
No. The premiums must be paid with a checking or savings account.
Does the policy build up cash value?
No. This policy is a term life insurance policy that does not build up any cash value.
Do premiums continue when on LTC claim?
The plan has Waiver of Premium, which means that while you receive LTC benefits, all premiums are waived.
Can my premiums increase in the future?
Once coverage has been issued, rates can never increase, and coverage is guaranteed for life (to age 121) as long as premiums are paid.
What is my 30-day Free Look Period, and when does it begin?
You may return your certificate within thirty days after delivery if you are not satisfied with it for any reason. Upon surrender of the certificate within the thirty-day period, it will be void from the beginning and any premium paid will be refunded.
What if I cancel my plan outside of the 30-Day Free Look Period? Do I get my money back?
If an insured cancels the policy after the 30-Day Free Look Period, there will be no refund of any premiums paid.