Group Lifetime Benefit Term Policy

Group Lifetime Benefit Term Offering

After experiencing the challenges and toll of caring for my mother with Alz before she passed, (as well as some fairly extensive family HX of varying diseases, some of which occurred early), I've been more interested in LTC coverage. My spouse, (7 years younger than me), and myself also both have medical issues which make obtaining any form of insurance hard to get UW approval on. We're in a good spot for LI thanks to porting over my group coverage from a prior employer, and maxing both our current employer group plans up to the GI limit. I also will have a decent govt pension for retirement, which will be our main source of income when we retire, (and still maxing our HSA, meeting match with 401k, e-fund set, etc). However, pension isn't enough to provide proper facility care and still meet the needs of the other spouse, (learned that just paying OOP for respite care on mom, ouch).

Welp, my F500 employer has added an LTC offering for this new plan year, and given our past inability to obtain non-group coverage, am curious if their offering seems reasonable? Premiums aren’t ideal IMO, but given our lack of options in getting underwritten solo, maybe it’s not too bad, especially as it’s a funky LI policy with the LTC riders built in? 🤷‍♂️

Chubb Lifetime Benefit Term – $200k GI (spouse is lesser of 50% or $25k)

*Portable

*Set premium to 100yo

*Death Benefit guaranteed 100% to 70yo, after of at least 50%

*Paid-up benefits after 10 years

*LTC is 4% of death benefit per month for 25 months

*Extension of LTC rider for an addtnl 25 months

*Death Benefit restoration rider to 50% (max $50k)

Rates (45yoa) – $100k-$126/mo ; $150k-$189/mo : $200k-$252/mo

Rates (38yoa spouse) – $25k-$22/mo (Spouse can go up to $75k but requires UI, so not an option)

submitted by /u/MadBullogna
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