LTC Insurance FAQs

This plan is designed to help you and your family plan for the high cost of Long-Term care and combines the benefit of life insurance. You could need Long-Term Care (LTC) because of an accident, illness, cognitive impairment or simply due to aging.

The Life+LTC benefit does not have an impact on any current life insurance benefit you may have. The Life+LTC benefit should be viewed as your solutions for a LTC event. If you don’t have an LTC event you will still receive the life insurance benefit. You WILL receive a benefit, either for LTC, Life Insurance, or both.

Choose a life insurance benefit and you will receive a monthly LTC Benefit of 6% of the life insurance benefit in the event you are approved for an LTC claim.

No – the LTC benefit does not decrease and is always based on the original life insurance benefit.

Pre-Existing Condition Limitation

The Standard will not pay benefits under the LTC rider for a period of care that begins in the 6 months after the rider date if a pre-existing condition causes the insured to be chronically ill. A period of care that begins more than 6 months after the rider date is caused by a pre-existing condition will be covered.

Exclusions

Accelerated Death Benefit for Long Term Care with Restoration of Benefits and Extension of Benefits Rider – Benefits are not paid for long-term care services that are: a result of mental or emotional disorder (except for Alzheimer’s Disease, senility of senile dementia that are of organic origin); a result of alcoholism or drug addiction; a result of illness, treatment or medical conditions due to: war, act of war, participation in a felony, riot or insurrection, serving in the armed forces or auxiliary units, suicide or attempt at suicide, or intentionally self-inflicted injury; provided in a government facility (unless otherwise required by law); services for which benefits are available under Medicare (except for deductibles or coinsurance requirements) or other governmental program (except Medicaid), any state or federal workers’ compensation, employer’s liability or occupational disease law, or motor vehicle no-fault law; received outside the United States or its territories.

Suicide Exclusion – if the insured commits suicide within 2 years of the effective date of coverage, the death benefit will be limited to the premiums paid.

Yes, once you use the death benefit for LTC the restoration benefit restores the death benefit and cash value to the pre-acceleration amounts.

Your beneficiary will receive the death benefit upon your death.

Premiums are based on the age at which you apply for coverage. They do not increase each year as you get older.

If you have some cash build up in your policy, then you can use that to continue to pay your premiums. Once that is exhausted your policy lapses and you have no plan benefit. If you don’t have cash build up and stop paying premiums, then your plan benefit lapses, and you have no plan benefit.

When you need assistance and are certified by a physician as needing assistance with 2 out of 6 Activities of Daily Living (ADL’s) or you are diagnosed with cognitive impairment after the first 90 days. The ADL’s are bathing, eating, transferring, toileting, continence, and dressing.

Employees are eligible to apply for coverage during their initial enrollment period with Guaranteed Issue, meaning the coverage is guaranteed without regard to health status or evidence of insurability on the employee’s application. *Requires applicants to answer Actively as Work questions on their application.

If you do not enroll during your initial eligibility period, you would be considered a late entrant. Late entrants can apply for coverage but will require full medical underwriting.

Yes – eligible spouses can apply for coverage.

Yes, first the employee must list the spouse as a dependent on their application on the enrollment website. Once the spouse is added as a dependent, coverage can be selected, and an application completed.

No, child coverage is not included.

You must download and print the ‘Enrollment Verification’ after signing.

Yes, your policy through The Standard is portable by paying your premiums directly to The Standard. As long as you continue to pay your premiums, your coverage will remain in force. The rate does not change when you leave employment.

The Standard has been in business since 1906

Learn more about The Standard by visiting https://www.standard.com/get-to-know-standard 

No.

No.

Post-tax.

You will receive a Welcome Letter with instructions on how to create a MyBenefits account.

You can access your policy through the MyBenefits Portal: https://mybenefits.standard.com/#/login

You will receive the Welcome Letter within 10-15 business days from the end of enrollment.

Click here to view the underwriting questions.