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Linked Benefits

A linked benefit product combines the protection of life insurance with the resources to help reimburse future expenses that long term care coverage offers. Rather than self-insuring the long term care risk, you can reposition a portion of your assets into a linked benefit policy. It can help you get more for your long term care dollar and be tax-smart about long term care through income tax-free benefits, or you can get your money back if you don’t need the policy. Additional benefits include:

1. Control your benefits, including the amount and duration of coverage.

2. Protection against inflation. You can elect to have your long term care benefit increase on each policy anniversary by a simple or compound amount.

3. Even if you use your entire specified amount of death benefit to cover long term care expenses, the company will normally pay a residual death benefit equal to 10% of your initial specified amount adjusted by loans, loan interest, and withdrawals.

Eligibility for long term care benefits begins when:

  • A physician certifies that you are chronically ill, and
  • Care is provided under a care plan prescribed by your physician.

You’ll be reimbursed for covered expenses up to the maximum benefit specified in your policy, once the initial 90-day deductible period is satisfied.

The 90-day deductible period is satisfied on those days during which care would be provided for all covered services. You do not have to meet the deductible period to received benefits for:

  • Care planning
  • Caregiver training
  • Respite care
  • Bed reservation

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