Permanent Life Insurance with Long Term Care

Colquitt County Schools offers a Permanent Life and Long Term Care plan through Chubb.  The plan provides term life coverage and the death benefit is guaranteed 100% when it is needed most - during the working years when a family relies most on income. The death benefit is 100% guaranteed for the longer of 25 years or through age 70. After age 70, the death benefit is guaranteed to never be less than 50% of the original death benefit.

Long term care insurance may help you avoid a far more difficult decision: whether to exhaust your savings or liquidate your assets to pay for a period of long term care. This policy may help you be prepared for the financial realities and maintain control of some important decisions, such as:

  • Who would take care of me?
  • Where can I choose to receive care?
  • Would I be a burden to family if my savings couldn’t cover my care?

 

The complete list of premiums is available by clicking here.

Paid Up Death Benefit


After 10 years, paid-up benefits begin to accrue. At any point thereafter, if you stop paying the premium, a reduced paid-up benefit is issued and can never lapse. That means at retirement you can stop paying premiums and have a death benefit for the rest of your life - guaranteed. 

Guaranteed Premiums


Life insurance premiums will never increase and are guaranteed through age 100. After age 100, no additional premium is due while the coverage can continue to age 121.

 

The complete list of premiums is available in the Resources section of this website.

Benefits for Long Term Care (LTC)


Long Term Care is costly and averages $8,821 per month for a semi-private room in a nursing home. The Chubb Lifetime Benefit Term plan pays death benefits in advance for home health care, assisted living, adult day care, and nursing home care. The long term care benefit is 4% of the death benefit for up to 25 months. Long term care benefits could reduce in the event of a life insurance benefit reduction.

With Extension of Benefits, if LTC is needed after the Death Benefits have exhausted, benefits may be extended. Extension of Benefits extend the same monthly LTC benefit for up to an additional 25 months, for a total of 50 months.

Restoration of Your Death Benefit


Ordinarily, accelerating your life coverage for Long Term Care benefits can reduce your death benefit to $0. While in force, this benefit restores your life coverage to not less than 50% of the death benefit on which your LTC benefits were based, therefore assuring a death benefit available up to the insured’s age 121.

How It Works


Age 45 employee elects a $25,000 policy.

  • Employee needs Long Term Care at age 57.
  • Plan provides $1,000 / month benefit for up to 50 months.
  • Employee uses 13 months of the Long Term care benefit for a total payment of $13,000.
  • Employee passes away at age 67. Death Benefit Amount is $12,500 (death benefit is restored to 50% of death benefit).

 

Age 45 employee elects a $100,000 policy.

  • Employee needs Long Term Care at age 57.
  • Plan provides $4,000 / month benefit for up to 50 months.
  • Employee uses 13 months of the Long Term care benefit for a total payment of $52,000.
  • Employee passes away at age 67. Death Benefit Amount is $50,000 (death benefit is restored to 50% of death benefit). 

Monthly Premium Example - $25,000


Eligibility


  • Employees up to age 80 eligible to enroll
  • Spouses age 19 through 70 eligible to enroll
  • Children 15 days through 25 eligible to enroll

Enrollment is Easy! No Health Questions


  • You may enroll in up to $150,000 in employee coverage with no health questions. (Total enrollment could impact guaranteed issue policy issuance).
  • After 2022 Open Enrollment, all elections require health questions.
  • Spouse enrollment is subject to health questions.
  • Enroll online or by phone during Annual Open Enrollment.

 

Note: Overall group participation must be met in order to issue the policy