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Instead of purchasing Voluntary Life Insurance alone, you can purchase LifeTime Benefit Term, which combines life insurance and long-term care insurance. This one benefit can help pay for care you may need in your later years and provide a benefit to your family when you die.
As life insurance, LifeTime Benefit Term pays a cash benefit your family can use any way they choose. If you become chronically ill, LifeTime Benefit Term will pay you 4% of your death benefit each month you receive Long-Term Care. Your death benefit reduces proportionately.
You can choose this benefit for yourself, your spouse, your children, and your dependent grandchildren as a new hire, during Open Enrollment, and within 30 days after a qualified life event. You can choose life insurance amounts between $25,000 and $150,000, with a long-term care insurance amount of three times your life insurance amount.
Benefits are paid to you while you are living for long-term care insurance and to your beneficiary for life insurance. You must choose a beneficiary through the Alera Group Benefits Center.
You decide how you want to use LifeTime Benefit Term. You can leave the benefit to provide your family with a cash payout when you die. Or, if you become chronically ill, you can have LifeTime Benefit Term pay you 4% of your death benefit each month you receive Long-Term Care. You can use the benefit to pay for anything you like, including groceries, mortgage, and home health care. It’s important to know:
See the Policy Guide for additional details.
You pay for this coverage through after-tax payroll deductions. You can find your costs when you enroll through the Alera Group Benefits Center. Your life insurance premiums will never increase and are guaranteed to age 100.
You can take this coverage with you if you leave Alera Group.
To file a claim, email claims@gotoservice.chubb.com. You can also call 855-241-9891 to file a claim by phone or request a paper claim form.
