New program addresses important financial needs

n response to the requests of NYSUT members, NYSUT Member Benefits is excited to announce the launch of a Universal Life Insurance program with Convalescent Care Benefit provided by Trustmark®.

This innovative universal life insurance product offers added financial protection for NYSUT members and their spouses/certified domestic partners, while the YourCare360® feature provides access to long-term care resources.

Available May 1, 2023, this program combines a life insurance benefit to help provide financial security for your family with a convalescent care benefit that can assist with paying for long-term care services at any age. In addition, caregiving tools provided by YourCare360® offer guidance to help manage long-term care needs.

As part of the launch of this new product, a special limited-time offer will be available from May 1, 2023, through June 16, 2023. In-service members from 18 to 64 years old can enroll for up to $50,000 of life insurance with an accelerated death benefit for convalescent care that is guaranteed issue (i.e., no health questions are asked) and up to $300,000 by answering a few medical questions.

Retired members up to age 70 and in-service members ages 65 to 70 may also elect coverage by answering some medical questions. In addition, in-service members can purchase coverage for their qualifying spouse/certified domestic partner along with their children by answering a few medical questions.

Approximately 70 percent of Americans ages 65 and older will require long-term care at some point in their lives, according to the U.S. Department of Health and Human Services. With this universal life insurance program, policyholders with a qualifying claim can collect 4 percent of their universal life death benefit per month for up to 25 months — helping to cover the cost of long-term care services such as an in-home health aide, assisted living facility or nursing home care.

Along with the grief that comes when a family member passes, survivors also deal with costly expenses, debts and a loss of income. The death benefit provided by this program can be used to help with these expenses or for other items such as tuition or savings.

All NYSUT members also receive access to online caregiving tools provided by YourCare360® that offer resources to manage your long-term care needs (along with those of your spouse/certified domestic partner).

NYSUT members can learn more about this new universal life insurance program with convalescent care benefit by visiting memberbenefits.nysut.org or calling 800-626-8101.