Permanent Life + Long Term Care FAQs
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What is Permanent Life Insurance with Long Term Care (LTC) benefits and what does it cover?
Permanent Life Insurance with Long Term Care (LTC) benefits is a policy that combines life insurance protection with long term care coverage. This policy provides life insurance coverage up to age 121 and includes a rider for long term care. The long term care benefits can be used to help pay for services such as home healthcare, adult day care, assisted living facilities, and nursing home expenses. Long term care involves personal care assistance with daily activities like bathing and dressing (known as "Activities of Daily Living") and care for severe cognitive impairments such as Alzheimer's Disease or Dementia.
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Who is issuing the policy?
Trustmark Insurance Company will issue the policy. Trustmark is an industry leader with over 100 years of experience.
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How does AGIS fit in?
AGIS Network serves as your advocate between you and Trustmark Insurance Company. AGIS manages enrollment, assists with billing issues, supports the online enrollment system and helps individuals understand the benefit so they can make an informed decision about the policy. AGIS Network also supports caregivers by providing practical, usable caregiving resources.
Eligibility
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Who is eligible to apply for this coverage?
This coverage is available to benefit-eligible employees who are actively working and are between the ages of 18 and 75 at the time of application and on the policy's effective date.
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Are there medical questions required to apply?
During initial enrollment, eligible employees through age 70 can enroll in coverage up to amounts agreed upon with your employer and Trustmark Insurance Company without completing a medical questionnaire. Employees aged 71-75 must answer 3 medical questions.
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Are my dependents also eligible for coverage?
Your spouse aged 18 to 70 on the effective date of the policy is eligible to apply if you (the employee) applies for coverage. Your spouse can apply for coverage up to amounts agreed upon with your employer and Trustmark Insurance Company by answering one disability question. The 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?
Spouse policy amounts are determined by your company’s enrollment guidelines and in most cases cannot exceed 100% of what the employee has applied for.
If your spouse works at the same employer, they should apply for coverage as a primary insured to qualify for guaranteed issue underwriting. -
Is my domestic partner eligible to apply for coverage?
The eligibility criteria for domestic partners are determined by your employer. If your employer permits domestic partners to apply for coverage, they will be eligible to apply.
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What medical questions are asked for amounts above guaranteed issue or when applying after initial enrollment?
- 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 colds or flu)?
- 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?
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Can I increase my coverage in the future?
Yes, if you are an employee actively working for the employer through which this benefit was received and are under the age of 76, you can purchase additional coverage by answering three medical questions. The combined policy maximums cannot exceed the limits determined by your employer and Trustmark Insurance Company. The additional coverage amount will be rated based on your age at the time of application for the increase.
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Can my spouse increase their coverage?
Yes, your spouse (up to age 70) can purchase additional coverage by answering three medical questions. The combined coverage amount must not exceed the employee's combined coverage amount. The policy maximums are determined by your employer and Trustmark Insurance Company. The additional coverage will be rated based on the insured's age at the time of application.
Coverage Details
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When are long term care benefits payable?
Long term care benefits become payable if a doctor certifies you need help with at least two of the six basic activities of daily living (ADL’s) bathing, dressing, eating, transferring, toileting, or managing continence—or if you have a serious cognitive condition like Alzheimer’s. Benefits start after you have received 90 days of qualifying care and meet all eligibility requirements.
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Does it matter where I receive care?
No, it doesn't. If you qualify for LTC benefits, you have the flexibility to choose where you receive care, whether it's at home, in assisted living, adult day care, or a nursing home.
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Does 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 will pay 2% of your death benefit each month, up to your policy limit, to cover care in your home or a caregiver’s home. If you use professional care, the policy will pay 4% of your death benefit each month, up to your policy limit.
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Will the plan pay for care outside of the US?
The Trustmark Life + Care policy will only pay Long Term Care benefits for care received in the United States. Death benefits (life insurance) can be paid in the United States or internationally.
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Do the policy/coverage amounts ever decrease?
Trustmark Life + Care life insurance has a higher death benefit during your working years.
The death benefit (not the LTC benefit) reduces to 33% when you turn seventy or your 10th certificate anniversary, whichever is later. Your long term care maximum benefit will remain unchanged until you begin receiving LTC benefits, applicable through age 120.
Policy Features for Ages 18-70 (at time of initial effective date of coverage)
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What is Death Benefit Restoration?
With Benefit Restoration, 100% of the benefit that is paid for Long Term Care benefits is restored to the death benefit. This means that even when using Long Term Care benefits, the death benefit will not be reduced. Benefit Restoration is not available to applicants aged 71 to 75.
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What is the Extension of Long Term Care Benefits
With the Extension of Long Term Care Benefits, the benefit amount available for long term care doubles. The insured still receives the same amount per month, but they can collect up to double the face amount of their life insurance amount for long term care benefits. For example, with a death benefit of $100,000 and the Extension, up to $200,000 is available as long term care benefits. Please note that the Extension of Benefits is not available to applicants aged 71 to 75.
Rate Details
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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.
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Does the policy build up cash value?
No, this is a Permanent Term Life Policy that does not build cash value.
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Do premiums continue when on LTC claim?
The plan has Waiver of Premium, which means that while you receive LTC benefits, premiums are waived.
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Can my premiums increase in the future?
No, your premiums are guaranteed to never increase. Once your policy is issued, your rate is locked in for life. You will continue paying the same premium until you reach age 100. After that, your policy is fully paid up, and you will not owe anything going forward. Your coverage will remain in effect until age 121.
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Is the policy different if I apply between the ages of 71 to 75?
Yes. The extension of benefit feature that provides two times your death certificate’s amount for Long Term Care is not applicable if you are aged 71-75 at the time the policy becomes effective. The death benefit restoration will also not apply to the policy if you are between the ages of 71-75 as of the effective date of the policy. No death benefit is payable if 100% of face amount is used for long term care.
Policy Management
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Can I cancel my plan?
Yes, you can cancel your plan. There is a 30-Day Free Look Period, which allows you to return your certificate within thirty days after receiving your policy if you are not satisfied for any reason. If you surrender the certificate within this period, it will be void from the beginning, and any premium paid will be refunded. However, if you cancel the policy after the 30-Day Free Look Period, there will be no refund of any premiums paid.
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Do I have options to convert my plan?
Yes, you have options to convert after you have had coverage for at least 10 years. You may elect to pay no additional premiums and convert your plan into either extended term or reduced paid-up life insurance (death benefit only). Your extended term and reduced paid-up benefits will be detailed in the Schedule of Guaranteed Nonforfeiture Benefits in your policy certificate.
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What if I have additional questions about this new plan?
If you have additional questions or need further assistance, you can contact an AGIS Network Specialist at 877-485-2318 or by email at [email protected]. Specialists are available Mondays – Thursdays from 10:00am to 7:00pm, ET and Fridays from 10:00am to 5:00pm, ET.
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TrustmarkVB.com
Once your coverage becomes effective you can manage your coverage or easily file online claims 24/7 at TrustmarkVB.com.