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Universal Life Insurance with Long-Term CareTrustmark Universal Life Insurance with Long-Term Care (LTC) includes guaranteed issue coverage up to $75,000 for employees up to age 64 and a LTC require solution1. Those who previously applied or had current coverage require underwriting. A $75,000 Universal Life with LTC policy provides a $3,000 monthly LTC benefit for up to 50 months, plus your beneficiary still receives the $75,000 death benefit payment2. Universal Life Insurance can protect your retirement assets against Long-Term Care bills (Home Health Care, Adult Day Care, and Assisted Living) and provide security for beneficiaries. Universal Life insurance offered through Trustmark Insurance Company is an important part of a balanced financial plan. Please watch the Universal Life Insurance video for more information on this benefit. It is different than Supplemental Term Life Insurance in a number of ways. In addition to providing death benefits to your family, this versatile benefit builds cash value that can help with other financial needs. Your premiums fund a cash-value account with the remaining amount that's left after you pay the cost of insurance. As the policy owner, you can borrow money from your cash-value account. You do not have to pay back this money, however you will have to pay the interest. The outstanding balance reduces the death benefit by how much you owe. Your options are flexible, so you can select the insurance protection and cash value components that meet your needs. You can adjust your benefits as your needs change. And once you have been approved for coverage, your premiums and coverage remain the same unless you choose to adjust them. Coverage is available for your spouse, children and grandchildren, even if you do not purchase coverage for yourself. Coverage is portable so you can take your coverage with you if you retire, reduce your hours or change jobs. Exclusions, limitations and restrictions may apply. May be available on a guaranteed issue or modified guaranteed issue basis (some exceptions may apply). Universal Life Insurance Long-Term Care Benefit InformationUniversal Life Insurance can offer valuable monthly long-term care benefits. The tables below offer a sample of the average monthly long-term care benefit per coverage election, as well as the average cost for long-term care coverage in the State of Michigan.
1Exclusions, limitations, and restrictions may apply. May be available on a guaranteed issue or modified guaranteed issue basis (some exceptions may apply). Universal Life Sample RatesShown below is a sample of bi-weekly premiums for the Universal Life Insurance with Long-Term Care plan.
Guaranteed IssueEligible State of Michigan employees were able to apply for the Guaranteed Issue amount of up to $75,000 in coverage during the 2021 Benefits for Life open enrollment period. Current Universal Life Insurance policy holders were able to apply for coverage or additional riders during the 2021 Benefits for Life open enrollment period. However, they will be subject to underwriting. Individuals who previously applied for Universal Life Insurance coverage that was not taken, declined, cancelled, withdrawn, lapsed or surrendered who applied for coverage must go through underwriting. Policy FeaturesShown below is listing of policy features for the Universal Life Insurance with Long-Term Care plan.
*May not be available in all states. File a Universal Life ClaimTo file a Trustmark Universal Life insurance claim, visit TrustmarkVB.com. To update policy information, or for questions about your policy, call 800-918-8877.
Universal Life Insurance is underwritten by Trustmark Insurance Company. Benefits may vary by state or be named differently. For complete details of coverage including exclusions and limitations, refer to Plan GUL-205 and HH.LTC/BRR/EOB/WP Riders of your policy. The Universal Life policy is issued by Trustmark upon approval of enrollment. What is universal life with LTC?Universal Life is insurance an insured person can use during their lifetime to pay the high cost of convalescent care. It also helps protect the family in the event of the death of an insured person. This benefit has the option of adding long-term care protection.
What is universal life insurance with living benefits?Universal life insurance is a type of permanent life insurance. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill any other requirements of their policy to maintain coverage.
What kind of life insurance is Trustmark?Permanent life insurance plans like Trustmark Universal Life and Universal LifeEvents give you a solid base to build on. Since you own your policy, you can keep it for life, even if you change jobs or retire.
How does a universal life plan work?How does universal life insurance work? Universal life insurance is a form of permanent insurance, meaning coverage can last for your lifetime so long as premiums are paid. This is in contrast to term life insurance which only provides coverage for a set period of time, such as 10 or 20 years.
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