Trustmark’s portable Universal Life products address varying employee needs for permanent life insurance and peace of mind for a lifetime. Universal Life Insurance is a voluntary product that you may elect in addition to Voluntary Life & AD&D, which is a term product described on the prior page. You have two Universal Life insurance options from which to choose: Universal Life & Universal LifeEvents with Long Term Care.
Option 1: Universal Life Insurance
Universal Life Insurance helps protect your family from money issues if you or your spouse pass away. Your price won’t increase due to age, and your policy builds cash value over time. You can choose a benefit amount that works for you, and use your cash benefit to pay for whatever you need most – for example, funeral costs, home payments, tuition, savings or any other bills.
Universal Life is an affordable way to help fulfill your responsibility to your loved ones and be certain they’ll be taken care of.
This option includes a death benefit that remains constant as long as premiums are paid, but it does not include a long term care benefit. Premiums are higher for this option because the death benefit does not reduce due to age. Cash value accumulation is also higher with this permanent life option.
Option 2: Universal LifeEvents Insurance with Long Term Care
Universal LifeEvents helps protect your family from money issues if you or your spouse pass away. It can also help pay for the high costs of longterm care services, and gives you a higher death benefit during your working years and a long-term care benefit that never reduces. Your price won’t increase due to age, and your policy builds cash value over time.
This option provides a higher death benefit during working years when the need for life insurance is typically the highest. Option 2 also includes a long term care benefit for home care, assisted living, adult day care, and nursing home care. The monthly long term care benefit equals 4% of the face amount for up to 25 months. Today’s population is more in need of long term care than ever before. Annually, more than 8.5 million people receive support for long term care services. A private room in a nursing home can cost $225 per day or $6,965 per month.
The following apply to both options:
Employee and spouse coverage is available in $10,000 increments up to $300,000. Guaranteed issue coverage may be available. Child coverage is available up to $35,000 (depending on child age).
Employees are not able to elect both Universal Life and Universal LifeEvents with Long Term Care.
|Universal Life||Universal LifeEvents with Long Term Care|
|Employee||Ages 18 to 75||Ages 18 to 64|
|Spouse||Ages 18 to 70||Ages 18 to 64|
|Children||To Age 23||To Age 23|
|Item||Universal Life||Universal LifeEvents with Long Term Care|
|Level Life Insurance Benefit Regardless of Age||Yes||No. Death benefit reduces to 1/3 at the latter of age 70 or the 15th policy anniversary.|
|Cash Value||Higher Cash Value||Lower Cash Value|
|Long Term Care Benefit||Not Included||Included|
|Premiums||Higher than Universal LifeEvents with LTC||Lower than Universal Life|