Long Term Care & Permanent Life Insurance

Both a Permanent Life Insurance Policy & Long Term Care Coverage – Combined into one Single Policy!

The median age of the United States population is at an all–time high.  Adults over the age of 65 have surpassed the number of teenagers, and people in their 50s and 60s can expect to live longer than previous generations.  As life expectancy continues to rise in the U.S., more and more Americans between the ages of 40 and 84, especially those in their mid 50s, are preparing for their golden years by purchasing long term care insurance.

Up until recently, Long Term Care coverage was only available through traditional individual stand alone policies.  With rising costs on these traditional LTC polices, coupled with the increased medical underwriting hurdles presented by the carriers in order to qualify, many Americans have been hesitant to  purchase this needed coverage as not everyone will require skilled care over their lifetime.  For many of us however, the risk of needing skilled care at some point is all to real and cost associated with this form of care is very expensive.

MDIS has negotiated with Combined Insurance to offer a special “Hybrid” Life Insurance Policy to members that includes both Life and Long Term Care Coverage in a single policy – anticipating that members will receive either the Life Insurance proceeds to their beneficiaries should they die too soon, or Long Term Care benefits back to themselves should they qualify for skilled care; paying one premium for two types of coverage!

Coverage Highlights:

Life Insurance w/ Level Premiums to age 100: Guaranteed life insurance rates to age 100, fully portable and individually-owned!  Employees lock in their age rate at the time of purchase and can take the policy with them into retirement without change in rate or coverage.  Other Group Life coverage decreases with age and premiums increase as you get older.

Long-Term Care Protection:  Policy provides 3 times the face amount of Life insurance for potential Long Term Care needs of the policyholder.   4% of Face Amount is paid monthly to the policyholder for up to 75 months (6+ yrs) should the for need skilled care in a facility or at home occur.  Benefits trigger just as a traditional LTC plan, with the loss of 2 of the 6 Activities of Daily Living and a subsequent 90 day elimination period.  Premiums are then waived for policyholder when receiving Long Term Care benefits.

Accelerated Death Benefit for Terminal Illness: Automatically included, 50% of face amount is advanced to the policy holder if diagnosed with Terminal Illness.

Designed Paid Up Coverage: Provides paid-up death benefit values after only ten years, so if you decide to stop paying premiums at some time in the future, you are guaranteed paid-up coverage of a reduced amount. (Includes the Long Term Care Benefits in the policy as well!)

Limited Medical Underwriting:  During the initial open enrollment, members may apply for up to $50,000 in Life Insurance (includes then $150,000 of LTC) with NO HEALTH QUESTIONS ASKED.  Members may increase this amount up to $150,000 in Life Insurance (includes then $450,000 of LTC) through simplified underwriting with no medical exams required. Issuance of coverage depends upon answers to only a few health questions.

Spouse and Dependent Child Coverage:  Spouses of members may also apply for coverage with limited underwriting during the initial open enrollment period.  Dependent Child Rider option provides coverage for all children under the age of 25, lasts to age 26, and may be converted then up to 5 times the elected term amount.

Future Purchase Option: Protects future insurability, with opportunity to increase coverage on annual basis for those that take out coverage during the initial open enrollment, even as health status changes!

 Click on the links below to learn more about the MDIS Permanent Life and Long Term Care policy offering from Combined Insurance.

• Combined Life / LTC Brochure
• Combined Life / LTC Rates – Non Tobacco User
• Combined Life / LTC Rates – Tobacco User
• Combined Sample LTC Coverage Disclosure
• About Combined Insurance
• Combined Life Claim Form