Second LTC offering through Amazon - act now!
If you missed the first open enrollment period for the Transamerica LTC policy OR if you have a spouse/partner who doesn’t have a coverage yet, consider applying for this new option through Trustmark insurance company.
This benefit was not well advertised and is available through your extrasforamazon page. Open enrollment runs from 8/2/2021-9/17/2021.
Trustmark is offering a life insurance policy with an LTC rider. It’s designed to pay 4% of the initial insurance benefit over 2 years, which is either $78k, $100k, $125k, or $150k through simplified guaranteed issue (approved without full medical review if you pass the initial screening questions). This translates to an LTC benefit of $3,120/mo, $4,000/mo, $5,000/mo, or $6,000/mo based on your selection.
A few other rules:
The employee must apply in order for their spouse/partner to be eligible.
The death benefit is an additional 2x of the base insurance amount, but it’s designed to reduce by 66% at policy year 15 or age 70, whichever comes first.
The policy is designed to be in force for life under current assumptions, but the policy MAY lapse even if all premiums are paid in your 60s or 70s (or sooner) if those current assumptions change (i.e. interest rate crediting rates change and/or internal policy expenses change). These assumptions can be changed at any time by Trustmark.
Our baseline suggestion is that if you don’t already have something in force to allow for an opt out of the new WA State LTC tax (CARES Act) later this year, this may be your last opportunity to purchase something for you and/or your partner/spouse. To our knowledge, every insurance carrier has exited Washington state and will resume selling policies after 11/1/2021, the only option to acquire insurance at this point may be through your group.
For additional information, please reference your extrasforamazon page.
Consilio Wealth Advisors is not affiliated with Amazon. While CWA communicates with its clients regarding their Amazon employee benefits, and educates itself on Amazon Benefits, there is no guarantee that the information we have provided is accurate. Amazon employees are encouraged to contact their employer should they have any questions regarding their specific employee benefits. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
This article should not be construed as a solicitation of insurance or a recommendation to buy insurance. Consilio Wealth Advisors is unaffiliated with Trustmark insurance company. CWA receives no compensation from Trustmark insurance company in any form. The descriptions in this article are based on our current understanding and there is no guaranteed that they are accurate. You are encouraged to fully understand any insurance product before you purchase, and purchasing this insurance product from Trustmark has no liability to CWA. The purchase of any insurance product does not guarantee your opt out of the Washington state LTC tax (CARES ACT). Insurance recommendations are separate from the Advisory Services rendered by CWA.
The information provided in this article is for educational and informational purposes only and does not constitute investment advice and should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status, or investment horizon. You should consult your attorney or tax advisor.
Consilio Wealth Advisors, LLC ("CWA") is a registered investment advisor. Advisory services are only offered to clients or prospective clients where CWA and its representatives are properly licensed or exempt from licensure.
