The Standard Whole Life Insurance
with Long-Term Care
Support for Changing Life Needs
The Standard Whole Life Insurance with Long-Term Care is one policy with two benefits. It provides a guaranteed financial benefit after death, as well as value through Long-Term Care Insurance that employees can rely on as life needs change.
While the Whole Life portion of the policy provides a sum of money to a beneficiary if you die, the Accelerated Death Benefit for Long-Term Care portion of the policy pays for services to care for you when you can no longer perform activities of daily living on your own. As we age, the likelihood of needing long-term care increases; however, age is not the only determining
factor. An accident or prolonged illness means the need for long-term care services can happen to anyone at any age.
Please note: This benefit is not intended to replace your existing life insurance coverage. You can be enrolled in both plans. Whole Life Insurance with Long-Term Care specifically helps protect you if you need long-term care.
Differences in Life Insurance
| Whole Life Insurance with Long-Term Care | Supplemental Life Insurance |
|---|---|
| One policy with two benefits providing a guaranteed financial benefit after death, as well as value through Long-Term Care Insurance that employees can rely on as life needs change. | Additional group term coverage purchased to supplement Siemens Healthineers-provided Basic Employee Life Insurance coverage. |
| The Long-Term Care rider provides a monthly benefit for up to 50 months that allows the insured to use some or all of the life insurance policy’s death benefit for long-term care expenses while the insured is alive. | Features an accelerated death benefit that pays you up to 80% (with a minimum of $3,000 and maximum of $500,000) of the coverage in effect. |
| Lifetime level death benefit provides a fixed benefit amount for the duration of the policy in the amount of up to $150,000 for employees and up to $30,000 for spouses/domestic partners. | Coverage options from one to 10 times your pay up to $2,500,000. |
| Coverage is portable at the same cost if you leave Siemens Healthineers. | Coverage may be portable, but not necessarily at the same cost, if you leave Siemens Healthineers. |
| Guaranteed-issue coverage for employees and spouses/domestic partners who are between the ages of 18 and 70 when coverage becomes effective. | Evidence of insurability is required in certain situations. |
Coverage Details
- Guaranteed-issue coverage for employees and spouses/domestic partners who are between the ages of 18 and 70 when coverage becomes effective.
- A lifetime level death benefit, which provides a fixed benefit amount for the duration of the policy in the amount of up to $150,000 for employees and up to $30,000 for spouses/domestic partners.
- The Long-Term Care portion of this plan provides a monthly benefit equal to 4% of the death benefit amount for up to 50 months that allows the insured to use some or all of the life insurance policy’s death benefit for long-term care expenses while the insured is alive. The benefit is payable if the insured is:
- Unable to perform at least two activities of daily living for at least 90 days; and
- Receiving professional long-term care.
- Guaranteed-level premiums, which means the cost of the policy will not change for the duration of the selected term of coverage.
- Coverage portability, allowing an employee to continue their life insurance and long-term care coverage if they leave Siemens Healthineers or retire.
- Accelerated Death benefit pays a lump-sum advance of 75% of the death benefit upon the diagnosis of a terminal illness. Once elected, the cost of the policy will remain the same for the whole term.
Coverage may be elected upon hire or during annual enrollment. If coverage is elected, you will pay the full cost of coverage with after-tax contributions deducted per paycheck. You must be actively at work to enroll in coverage