Help protect your assets with Long Term Care (LTC) insurance.
Whether you are managing your family finances or planning for your retirement, you want to do all you can to protect
your assets. Your life insurance policy can protect your assets by oering a death benefit to help cover final expenses
or medical expenses in the event you die. Unfortunately, death is not the only event that can deplete your assets.
If you become seriously injured or ill, the costs of treatment and recovery can far exceed the
amount of your life savings or retirement investments. To help oset the costs and protect your
assets, you and your spouse are now eligible to apply for Long Term Care coverage.
What is Long Term Care coverage?
Available as a rider to your life insurance policy, Long Term Care coverage provides monthly payments in the event that you require
assistance with activities of daily living. Qualifying care includes home health care, adult daycare, or confinement to a long term
care facility.
Why do you need Long Term Care coverage?
While the need for long term care is unpredictable, the likelihood increases with age. The good news is that, should you become
injured or ill, medical advances have increased your chances of survival. The bad news is that in addition to the emotional stress, a
serious injury or illness can also have a grim financial effect on you and your family.
Long Term Care coverage can help offset the costs associated with such an event. This is especially important because many
health and disability income insurance policies do not cover most long term care services. And, no matter what your specific life
stage or situation – Long Term Care coverage offers important benefits to suit your circumstances.
ReliaStar Life Insurance Company,
a member of the Voya® family of companies
with Restoration and Extension of Benefits
Long Term
Care Rider
Premier Whole Life Insurance
Receipt of the accelerated benefit may be taxable, or may adversely aect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to
assess the impact of this benefit.
Product issued and underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Rider#: RL-WL2-LTC-RE-07. Form numbers,
product availability, and specific provisions may vary by state.
©2019 Voya Services Company. All rights reserved. 704939
147030-02012019
How does the rider work?
Long Term Care benefits are paid
through an acceleration of the
life insurance death benefit.* The
duration and amount of Long Term
Care benefits will vary based on the
type of care required:
• A monthly benefit of 4% of the
life insurance death benefit is
available when the insured is
confined to a long term care
facility. The benefit is payable
for up to 25months.
• A monthly benefit of 2% of the
life insurance death benefit is
available when the insured is
receiving home health care or
adult day care. The benefit is
payable for up to 50 months.
Each month a long term care
payment is made, the life insurance
death benefit will be restored.
The full insurance amount remains
available after the Long Term Care
benefit has been paid.
Once the face amount of the life
policy has been paid for Long Term
Care benefits, the insured is eligible
to receive up to an additional 100%
of the death benefit for Long Term
Care benefits in extended monthly
payments (25 or 50 months), based
on the type of care required.
The benefit level can be adjusted if
the level of care changes. And, life
insurance premiums are waived
when the insured is receiving
qualifying care.
* Benefit payments are reduced by proportionate
amounts of any outstanding policy loan.
This rider has exclusions and terms under which it may
be continued in force or discontinued. For costs and
complete details of the coverage, call or write your
insurance agent or Voya Employee Benefits. You may
also refer to the Outline of Coverage.
Example LTC Rider with Restoration and
Extension of Benefits:
Suzanne Smith has purchased a $50,000 whole life insurance policy. At age
46, Suzanne suers a stroke. Because she is confined to a long term care
facility, Suzanne is eligible for a monthly benefit of 4% of the death benefit
of her policy for up to 25 months.
Each month a long term care benefit payment is made, an equal amount will
be restored to the life insurance death benefit.
If, after that 25 months, Suzanne continues to be confined to a long term care
facility, she will be eligible to receive up to another 25 months of payments.
• $50,000 death benefit x 4% per month = monthly benefit of $2,000
for 25 months.
• Each month a payment is made, $2,000 will be restored to the life
insurance death benefit. The $50,000 death benefit remains available
in the event of death.
• After the first 25 months, Suzanne is eligible to receive another 100% of
the face amount: $50,000 face amount x 4% per month = an extended
monthly benefit of $2,000 for up to another 25 months.
Total potential benefit: $150,000
The amounts shown above are for illustrative purposes only. Actual results may vary.
