Lifetime Benefit Term

Chubb Lifetime Benefit Term

Lifetime Benefit Term1

FBI Agents Association has been able to arrange for the offering of a Term Life Insurance Program including a Long Term Care feature. This program is offered to eligible FBIAA members, spouses and dependent children. It is the first affordable Term Life Insurance Program offered to our members that lasts a lifetime!

Following Are Features of This Special FBIAA Program2:

  1. Contingent Guaranteed Issue Life Insurance3 – For eligible, actively at work FBIAA members up to $150,000 and spouse up to $75,000.4,5
  2. Long Term Care Benefits – Allows members to receive 4% of the death benefit for Long Term Care per month for up to 75 months. Insured must be certified as being chronically ill and unable to perform 2 out of 6 activities of daily living or be cognitively impaired and be confined to a nursing home or assisted living facility or be receiving home health care or adult day care.
  3. Terminal Illness Benefits – Allows the partial withdrawal of 50% of death benefits for terminal illness for a maximum of $100,000.
  4. Disability Waiver of Premium Benefits – Available to members up to age 55, waiver of monthly coverage deductions retroactive for up to 12 months prior if you are totally disabled for 6 months or more for member.6
  5. Payor Waiver of Premium Benefits – Waives premiums on spouse or children’s policies if the payor becomes totally disabled.
  6. Paid-up Benefits – Provides paid-up death and long term care benefit after only 10 years, so if you decide to stop paying premiums at some time in the future, you are guaranteed paid-up coverage of a reduced amount.
  7. Guaranteed Premiums – Life base insurance premiums are guaranteed never to increase through age 100.
  8. Guaranteed Death Benefit – Based on current interest rate assumptions, the death benefit is designed to remain level through average life expectancy. In the event of a long term decline in interest rates, your coverage does contain a guarantee ensuring that the initial death benefit will last for the longer of 25 years or to age 70 and, thereafter, can never be less than 50% of your initial death benefit.
  9. Lifetime Protection – Valuable life insurance protection through age 120.
  10. Child Coverage – No medical exams required, available on a Guaranteed Issue basis.
  11. Flexible – You have the option to: Continue your coverage at the same premium; or elect paid-up insurance coverage of a reduced amount after 10 years with no further premium payments – guaranteed!
  12. Fully Portable – You own it and take it with you when you leave your employment.
  13. Convenient Premiums – Through Government Allotment payroll deduction.
1Coverage is subject to terms, limitations and exclusions. For details please refer to Forms CI4059R, 14185, CI16670 and 16648.
2Not all benefits are available in all states. This plan is not available in: HI, ME, MO, MT, NC, UT, WA, WV.
3Coverage is based on responses to qualifying questions for applicants that have missed more than a week of work due to illness or injury in the last 3 months or being disabled, and/or hospitalized or treated for major injury or illnesses in the last 6 months. Members may still be eligible even if they answer “yes,” to these questions. However, an applicant that has been diagnosed or treated for AIDS, ARC and HIV would not be eligible.
4Present policyholders may increase the amount of life insurance by $25,000 on a Contingent Guaranteed Issue basis.
5Members who were refused coverage previously can apply for up to $150,000 on a Simplified Issue basis.
6Retroactive payments are limited to no more than 12 months before written notice of claim is received.
This plan is underwritten by Combined Insurance Company of America, Chicago, IL, a Chubb company.