LTC Insurance FAQs

You could need Long-Term Care (LTC) because of an accident, illness, cognitive impairment or simply due to aging.  

This plan is designed to help you and your family plan for the high cost of Long-Term care and combines the benefit of life insurance. You WILL receive a benefit, either for LTC, Life Insurance, or both. 

Choose a life insurance benefit and you will receive a monthly LTC Benefit of 4% of the life insurance benefit in the event you are approved for an LTC claim. 

The 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.   

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. 

The LTC benefit is always based on the death benefit. This includes any reduction in the death benefit. 

Once the full death benefit has been paid in advance for LTC, payments can be extended. Extension of Benefits may extend the same monthly LTC benefit for up to an additional 50 months, tripling in value. Read more about the Extension of Benefits rider here. 

The rider terminates and is no longer in force on the earliest of the following events: 

1. The date the certificate terminates or
2. The date the entire death benefit amount of the certificate minus any death benefit advance and certificate debt has been paid under the Accelerated Death Benefit for Long Term Care Rider and the Insured no longer continues to meet all conditions of the Accelerated Death Benefit for Long Term Care Rider under the Limitations or Conditions on Eligibility for Benefits provision; or
3. The date the cumulative death benefit amount increases have been increased up to the total amount allowed under this rider; or
4. We receive Your request to terminate the Rider; or
5. The date premium for this rider ceases due to the Certificate becoming Paid Up; or
6. The date the Accelerated Death Benefit for Long Term Care Rider terminates.  

For example, if you start the 50-month extension and after 8 months you go home, you forfeit the remaining 42 months. 

The LTC Rider will not be paid for loss that results from: 

• An intentionally self-inflicted injury, or attempted suicide; or
• War or any act of war, declared or undeclared, or service in the armed forces of any country; or
• 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 while under the treatment for an injury or sickness: or
• 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. 

The following types of care will not be paid: 

• Received outside the United States and its territories: or
• Provided by ineligible providers (ineligible providers are those providers not defined in the Rider): or
• Rendered by members of the Certificate holder or the Insured’s immediate family 

Your beneficiary will receive the death benefit upon your death.  

Chubb restores the death benefit to 50% of the current death benefit value with a maximum of $50,000 in the event that benefits have been exhausted by LTC. A beneficiary would receive the current full death benefit value (including any reductions) available up to the insured’s 121st birthday. 

You pay premiums until age 100 and you must use the LTC benefit or death benefit by your 121st birthday. If you don’t use it by your 121st birthday, then your plan benefits expire.  

Premiums are based on the age at which you apply for coverage. They do not increase each year as you get older (example, if you apply at age 45 you will retain this original rating age within Chubb’s premium rating structure for the life of the policy).  

The Chubb Life + LTC total premium is composed of the cost of the Life insurance, and the cost of additional riders that are built into the policy – Acceleration of Death Benefit for Long Term Care (LTC) is one of these riders.  Life insurance premiums will never increase and are guaranteed through age 100; however, the Long-Term Care rider premiums are not guaranteed and may be increased in accordance with the terms of the policy.  If the Long-Term Care rider premiums are increased, the policyholder will retain their original rating age within the new premium rating structure.  The cost of the LTC rider is a relatively small portion of the total premium.  A breakdown of your premium and the cost of the policy riders will be provided with your policy certificate. 

The Chubb policy accrues ‘Paid Up Benefits’ after 10 years.  If you stop paying premium prior to accruing Paid Up Benefits, then your plan benefit lapses, and you have no plan benefit.  After 10 years, Paid Up Benefits begin to vest. A Paid-Up Benefit is life insurance that is owned and for which an insured does not need to pay premium. Each month the coverage is kept, the Paid-Up death benefit increases. With Paid Up Benefits, insureds can stop paying premiums and still walk away with life insurance and long-term care – a reduced paid-up benefit is issued and can never lapse.  Your Policy Certificate (provided annually) will include an illustration of your policy’s Paid-Up Benefit accrual amount. 

When you need assistance and are certified by a physician as needing assistance with 2 out of 6 Activities of Daily Living (ADL’s) or you are diagnosed with cognitive impairment after the first 90 days. The ADL’s are bathing, eating, transferring, toileting, continence, and dressing.  

You must download and print the ‘Enrollment Verification’ after signing.

Yes, the Chubb policy is portable by paying your premiums directly to Chubb. As long as you continue to pay your premiums, your coverage will remain in force. The rate does not change when you leave employment. 

Chubb has been in business since 1889 

Learn more about Chubb by visiting Chubb Voluntary Benefits 

The LTC portion of your premium can be reimbursed with an HSA. 

The life insurance portion of your premium cannot be reimbursed with an HSA. 

No 

Post-tax.

Chubb will mail your policy documents. 

You will receive your policy documents within 4-6 weeks from end of enrollment. 

Password reset – click on ‘Forgot Password’  

Enter your email address and complete the ‘Verification Code’  

Your password reset will be emailed to you