Whole Life Insurance with Long Term Care Coverage, offered through Colonial Life

Whole Life Insurance with Long Term Care Coverage offered through Colonial Life:

Whole Life insurance through Colonial Life provides two valuable benefits within one policy. This benefit will provide employees additional financial protection in the event of a death or a long term care situation without proof of good health needed to enroll during this open enrollment.  Whole Life insurance is much different from the current Waters’ Optional Life insurance benefit. Whole Life provides a fixed benefit and fixed premium for the employee and/or spouse at the time of purchase. Since this benefit is an individual plan (different from traditional group insurance like the Waters’ Optional Life insurance benefit) the employee can easily keep their Whole Life insurance with Long Term Care benefit at retirement or termination with no change to the coverage or premium.

Whole (Permanent) Life Insurance with Long Term Care Policy Coverage Summary:

  • Individually owned which allows employees to easily keep the coverage at retirement or termination.
  • The Whole Life program at Waters is a fixed premium (cost) policy. As long as premiums are paid, the coverage is fixed and guaranteed to age 100.
  • No proof of good health needed; guaranteed issue for this open enrollment. Employees can elect up to $150,000 with guaranteed issue for this enrollment only.
    • Employee Ages 18-50: Up to $150,000 of benefit is guaranteed issue.
    • Employee Ages 51-60: Up to $75,000 of benefit is guaranteed issue.
    • Employee Ages 61-79: Up to $25,000 of benefit is guaranteed issue.
  • Spouse and child dependent life insurance and long term care coverage available with guaranteed issue coverage levels, and the employee is not required to enroll him/herself for the spouse/child option to be available.
    • Spouse coverage can be elected up to $25,000 with guaranteed issue for this enrollment only.
    • Child Dependent coverage can be elected up to $10,000 with guaranteed issue for this enrollment only.

Additional Whole Life Policy Details:

  • Cash Value – Premiums build cash value based on guaranteed interest rate of 4.5%.
  • Loans from Cash Value – $250 minimum; 8% loan interest rate; 4.5% guaranteed interest rate credited to the loaned cash value; net charge on loan of 3.5%.
  • Spouse/Child Dependent Coverage – Employee does not need to elect coverage to enroll a spouse.
  • Permanent Death Benefit – Provides a tax-free death benefit to age 100. On the policy anniversary date following the 100th birthday, the coverage would end and any cash value in the policy would be sent to the insured.
  • Eligibility Requirements
    • Employee: Issue ages, 16-79.
    • Spouse: Issue ages, 16-79.
    • Child Dependent: Issue ages, 0-17, (18-26 if a full-time student).
  • Waiver of Premium – There is a built-in Waiver of Monthly Deductions benefit that waives all monthly deductions made on the whole life policy while chronic illness benefits are being paid under the rider  

Long Term Care Benefit Details (included with your Whole Life Insurance policy)

  • Long Term Care (LTC) Coverage is included with your Whole Life policy.
  • Benefits are paid after the 90 day elimination period once the insured is unable to perform at least two of the six Activities of Daily Living (ADLs) without substantial assistance or requires substantial supervision due to severe cognitive impairment.
    • ADLs include: bathing, continence, dressing, eating, toileting, and transferring.
    • Claims Process: Medical information is submitted by policyholder and their doctor, and reviewed by Colonial Life.
  • Monthly Long Term Care Benefit equals 6% of original death benefit. Maximum lifetime LTC benefits are 100% of your total death benefit amount.
  • Qualified Long-Term Care Services means necessary diagnostic, preventive, therapeutic, curative, treatment, mitigation and rehabilitative services, and maintenance or personal care services which are required by a Chronically Ill individual, and are provided pursuant to a Plan of Care prescribed by a Licensed Health Care Practitioner.

Here is an example of $50,000 of Whole Life insurance. Long Term Care (LTC) coverage is included. Under this example, the LTC benefit is 6% of original death benefit or $3,000 monthly Long Term Care benefit.

 Original Death BenefitLTC Claim Month 1LTC Claim Month 2LTC Claim Month 3LTC Claim Month 4
Death Benefit Before LTC Benefit$50,000$50,000$47,000$44,000$41,000
6% Monthly LTC Benefit$3,000-$3,000-$3,000-$3,000-$3,000
Remaining Death Benefit$47,000$44,000$41,000$38,000

This is intended to just be a summary and illustration only. In the event of any conflict or inconsistencies between this summary and the official Colonial Life policy, the Colonial Life policy will govern. For all policy details, limitation, and exclusions, please speak with a Colonial Life Representative. More information is available at www.WatersBenefitsNow.com.

Education and Enrollment Process:
Active employees can enroll during the annual Benefits Open Enrollment each fall. If you are already enrolled, no action is needed, you will remain enrolled. Future new hires can enroll during their new hire enrollment window (within 30 days of their first day of employment).

  • Learn more about this benefit at www.WatersBenefitsNow.com, Library, Whole Life.
  • Attend webinar during Annual Open Enrollment every fall to learn more.  The full schedule is on www.WatersBenefitsNow.comduring Open Enrollment. New hires can learn more via the other two bullets.
  • Call 1-833-703-1967 and use Waters’ employer code 6369680 to enroll over the phone, schedule an individual session with our benefit counselors or learn more about your personalized options, including when a benefit counselor will be at your office location.
  • Online Appointment Scheduler for Benefit Counselors: Visit to view the available appointments and reserve your date and time for an individual appointment to enroll or learn more about your personalized options.

This is intended to just be a summary and illustration only.  In the event of any conflict or inconsistencies between this summary and the official Colonial Life policy, the Colonial Life policy will govern.   For all policy details, limitation, and exclusions, please speak with a Colonial Life Representative.  More information is available at www.WatersBenefitsNow.com.