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TIS Insurance Services

Life’s Lessons Learned | Lifetime Benefit Term Insurance

Personal experience shines light on the importance
of not waiting to secure coverage
by Jennifer Kinley  | Vice President TIS Employee Benefits HealthCare Services

 

Through working with Long Term Care providers for over 10 years, I have walked the halls of many facilities and spoken to countless residents and family members while onsite conducting open enrollment meetings for employees. I have seen employees like yours take special care of residents; residents just like my mom. Mom had a choice at the end of her life to go to a skilled nursing facility for rehab or home for hospice care. She chose to continue to fight for her life and do physical rehab at one of my client’s communities. After all these years, I saw with my eyes the importance of Long Term Care but this past year, I felt in my heart what Long Term Care truly means. As mom faced her battle and continued to do rehab, it became evident that she was losing her strength. We knew that if she was no longer able to do Rehab, Medicare would no longer pay for her stay in the nursing facility.
My parents were neither savers nor planners. Like many, they lived paycheck to paycheck. Dad worked for the State of South Carolina with great medical benefits, but very little life insurance. He certainly didn’t have Long Term Care insurance. Mom was a preschool teacher and ran the church’s inner city afterschool program. Thus, she didn’t have the opportunity to purchase benefits. As mom neared the end of her life, I helped to make sure Dad had enough money for her continued stay in the skilled nursing facility, even if Medicare no longer paid unless she did rehab. In fact, I knew mom was trying to continue the rehab just so my Dad would not have the financial burden. My brother and I decided to cover the cost of what Medicare would not pay because rehab was just too much for her and she did not deserve to be put through any further undue stress. It was in that very moment that I vowed to make sure I helped as many people as possible understand the importance of Life Insurance with a “living benefit”.
A month later I was introduced to a new product from CHUBB known as Lifetime Benefit Term (LBT). Many know CHUBB as a Property and Casualty insurance company. However, CHUBB also offers some very unique products to employees. There is no other product like the Lifetime Benefit Term on the market today. It does not compete with or replace Group Life or Supplemental Life insurance. It is a simple product for “middle America.” My focus is on helping nursing home and healthcare employees buy products that are worthwhile and affordable. At TIS, we are not in the business of adding benefits just to collect a payroll deduction; but rather to present the best options in the market today.
The Lifetime Benefit Term (LBT) product does the following for employees:

  • Guarantees flat premiums for the life of the policy (paid up at age 100).
  • Rates do not change if the employee leaves and wants to take it with them.
  • The policy is not reduced as the person ages like typical Group or Supplemental life insurance.
  • The policy allows for a 4% monthly death benefit to be paid as a Long Term Care Living Benefit, if the insured becomes chronically ill (failure of 2 of 6 ADLs, or cognitive impairment). Adding the Extension of LTC rider gives a person from 25, 50 or up to 75 months of additional LTC benefits.
  • The policy guarantees 50% of the death benefit (not to exceed 100K) may be paid in advance to help offset medical or other expenses or to complete financial obligations if the insured is diagnosed to be “terminally ill” with death imminent w/in a 12 month period of time.

If my parents had a product like this, our family may have had more “peace of mind” during the last few weeks of my mom’s life.  If my parents had this product in place, they would have had the additional life insurance needed to continue on without the other, with less financial strain and stress.  My passion is to help bring peace of mind to you, your employees, their children and/or grandchildren with the LBT product.  Most employees don’t have an opportunity to meet with a financial planner so they don’t know what life events such as this example can do to a family until it’s too late.

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