Life With Long-Term Care
Life is unpredictable, but your loved ones' financial security doesn't have to be. Our Life with Long-Term Care benefit offers vital protection, helping you safeguard your family’s lifestyle and provide for their needs—now and in the years ahead. Discover how this benefit can give you peace of mind and flexible coverage for life’s most important moments.
Life With Long-Term Care
Life is unpredictable, but your loved ones' financial security doesn't have to be. Our Life with Long-Term Care benefit offers vital protection, helping you safeguard your family’s lifestyle and provide for their needs—now and in the years ahead. Discover how this benefit can give you peace of mind and flexible coverage for life’s most important moments.
Life With Long-Term Care
Life is unpredictable, but your loved ones' financial security doesn't have to be. Our Life with Long-Term Care benefit offers vital protection, helping you safeguard your family’s lifestyle and provide for their needs—now and in the years ahead. Discover how this benefit can give you peace of mind and flexible coverage for life’s most important moments.
Life With Long-Term Care Highlights
Valuable Protection For You and Your Family
You work hard to provide a good life for your family. However, what if something happened to you? Would your family be able to continue covering expenses you may have today like mortgage payments, childcare, credit card payments, college tuition and other household expenses? What about burial expenses or expenses for long-term care like nursing home or assisted living care?
Many families would struggle, especially if the primary wage earner died. And few families are able to afford nursing home care without some type of financial assistance.
Life with Long-Term Care helps protect you and your family if you were no longer able to provide for them. Your family can receive cash benefits paid directly to them upon your death that they can use to help cover expenses like the examples above. Cash benefits can also be paid directly to you while you are living to cover long-term care costs.
Did you Know?
People turning age 65 who will need some type of long-term care.
The median annual nursing home cost, semi-private room in 2017.
Families who would feel the financial impact if the primary earner died.
Decide How You Want to Use Your Benefits
When you make the promise to protect your family with LifeTime Benefit Term, there are several ways it can work.
Permanent Life Insurance
LifeTime Benefit Term protects your family with money that can be used any way they choose. It is most often used to pay for mortgage or rent, education for children and grandchildren, retirement, family debt, and final expenses.
With Long-Term Care
If you become chronically ill, LifeTime Benefit Term will pay you 4% of your death benefit each month you receive Long-Term Care. You can use this money any way you choose, and your life insurance premiums will be waived.
- Your death benefit will reduce proportionately each month as you receive benefit payments for LTC. After 25 months, your death benefit will reduce to zero.
- With Extension of Benefits, if you continue to need LTC after you have exhausted your Death Benefits, you can receive up to 50 more months of benefits, for a total of 75 months of LTC benefits.
Restoration of Your Death Benefit
Ordinarily, accelerating your life coverage for LTC benefits can reduce your death benefit to $0. While enforced, this rider restores your life coverage to not less than 50% of the death benefit on which your LTC benefits were based, not to exceed $50,000. This rider assures there will be a death benefit available for your beneficiary until you reach age 121.
To enroll, contact the provider of this benefit:
Chubb - (866) 324-8222, chubb.benselect.com/mercy
ABOUT THIS GUIDE: Actual plan provisions for Mercy Housing (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this guide is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this guide and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.