Chubb_2024_LBT wLTC_Benefit Summary.pdf

LifeTime Benefit Term Life Insurance— Valuable protection for your loved ones 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...

LifeTime Benefit Term Life Insurance— Valuable protection for your loved ones 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. LifeTime Benefit Term can help. Nearly 70% of people turning age 65 will need some type of Long Term Care.1 $93,075 average annual cost for nursing home care in 2020.2 46% of households would face the financial impact... if the primary wage earner died.3 For eligible employees of The Christ Hospital Health Network CWB-LBT-OH-0523 LifeTime Benefit Term Provides You with the Protection Your Family Needs LifeTime Benefit Term 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 mortgage payments, credit card debt, childcare, college tuition and other household expenses. Cash benefits can also be paid directly to you while you are living for long term care expenses. You Decide How You Want to Use LifeTime Benefit Term Benefits When you make the promise to protect your family with LifeTime Benefit Term, there are several ways it can work. As 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. For Long Term Care* (LTC) 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 Long Term Care. After 25 months of receiving Long Term Care Benefits, 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 25 more months of benefits, for a total of 50 months of LTC benefits. 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 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. How LifeTime Benefit Term Can Be Used Long Term Care Long Term Care Extension Three Options Life Situation Death Benefit 1. Life Insurance You lead a full life and do not need Long Term Care (LTC) $100,000 ——— ——— 2. L  ong Term Care (LTC) insurance You lead a full life and need assisted living or nursing home care ——— $100,000 ——— 3. S  plit 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 ——— Total Benefits $100,000 Additional Coverage for Long Term Care and Death Benefits Extra Long Term Care for up to 25 additional months You lead a full life and need extended benefits for assisted living or nursing home care ——— ——— $100,000 $100,000 Restore your Death Benefit If you deplete your entire Death Benefit due to LTC, we restore your Death Benefit to 50% of your original death benefit, not to exceed $50,000 $50,000 ——— ——— $50,000 Option 1, 2 or 3 + Extra LTC Coverage + Restoration of Death Benefit = TOTAL COVERAGE $250,000 This example is for illustrative purposes for primary insured coverage. This product is underwritten by Combined Insurance Company of America, a Chubb company. Term Life Insurance Built for Today Guaranteed Premiums* Life insurance premiums will never increase and are guaranteed to age 100. Thereafter no additional premium is due while the coverage can continue to age 121. Guaranteed Benefits During Working Years Death Benefit is guaranteed 100% when it is needed most—during your working years when your family is relying on your income. While the policy is in force, the death benefit is 100% guaranteed for the longer of 25 years or age 70. Guaranteed Benefits After Age 70 Even after age 70, the full death benefit is designed to last through age 99 for non-tobacco users and age 95 for tobacco users based on the current interest rate and mortality assumptions. Regardless of interest rates, the death benefit after age 70 is guaranteed to always be at least 50% of the initial benefit and will likely be more given the current interest rate. Paid-up Benefits 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 when you retire, you can stop paying the premium and have a death benefit for the rest of your life— guaranteed. Long Term Care (LTC)* If you need LTC, you can access your death benefit while you are living for home health care, assisted living, adult day care and nursing home care. You get 4% of your death benefit per month while you are living for up to 25 months to help pay for LTC. Insurance premiums are waived while this benefit is being paid. Extension of Benefits* Extends the monthly Long Term Care benefit for up to an additional 25 months, after 100% of the base death benefit has been used for LTC. Terminal Illness After your coverage has been in force for two years, you can receive 50% of your death benefit, up to $100,000, if you are diagnosed as terminally ill. Good things happen every day, and unfortunately hardship happens too. Let us help you protect everything you value. Additional Benefit Option (additional premiums required) Child Term Death Benefits available up to $25,000. Guaranteed conversion to individual coverage at age 26—up to 5 times the benefit amount. * LTC and Extension of Benefits 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.  LifeTime Benefit Term Features LifeTime Benefit Term Exclusions Budget-Friendly Financial Security Lifelong protection with premiums beginning as low as $3 per week. If the insured commits suicide, while sane or insane, within two years (one year in some states) from the Date of Issue, and while this Coverage is in force, We will pay in one sum to the Beneficiary, the amount of premiums paid for this Coverage. Dependable Guarantees Guaranteed life insurance premium and death benefits last a lifetime. Highly Competitive Rates For the same premium, LifeTime Benefit Term provides higher benefits than permanent life insurance and lasts to age 121. Fully Portable and Guaranteed Renewable for Life Your coverage cannot be cancelled as long as premiums are paid as due. Family Coverage Coverage is available for your spouse. Long Term Care Exclusions We will not pay Rider benefits for care that is received or loss incurred as a result of: 1. an intentionally self-inflicted injury, or attempted suicide; or 2. war or any act of war, declared or undeclared, or service in the armed forces of any country; or 3. treatment of the Insured's alcohol, drug or other chemical dependence, except if the drug dependency was sustained or acquired at the hands of a Physician, or except while under treatment for an injury or sickness; or 4. the Insured's commission of, or attempt to commit, a felony; or an injury that occurs because of the Insured's involvement in an illegal activity. We will not pay Rider benefits if the Confinement, Home Health Care service, or Adult Day Care service: 1. is done outside the United States and its territories; or 2. is provided by ineligible providers; or 3. is rendered by members of the Certificateholder's or the Insured's Immediate Family. If you have questions about this product contact (855) 241-9891. This document is a brief description of Form Nos. C34544OH and P34544OH (or applicable state version) and riders: Dependent Child=34546, Restoration of Death Benefits=34559, Accelerated Death Benefit for Terminal Illness=34550, Long Term Care=34553, Extension of Benefits=34554. Refer to your Certificate of Insurance for specific details about benefits, exclusions and limitations. The purpose of this communication is the solicitation of insurance. Contact will be made by an insurance agent or insurance company. 1. LongTermCare.gov, Feb. 18, 2020, acl.gov/ ltc/basic-needs/how-much-care-will-youneed 2. Statista; March 17, 2021; www.statista.com/ statistics/310446/annual-median-rate-oflong-term-care-services-in-the-us/ 3. The 2021 Insurance Barometer Study, LIMRA and Life Happens, Oct. 14, 2021 Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. This insurance product is underwritten by Combined Insurance Company of America, Chicago, IL, a Chubb company. CWB-LBT-LTC50-The Chris-OH-0923