BuddyIns Long-term Care Benefit


An exciting new benefit for CMS members, in partnership Copic Financial and BuddyIns

The Colorado Medical Society, Copic Financial and Buddy Ins are pleased to offer a new benefit exclusive to CMS members only: a universal life insurance policy with a long-term care rider.

Understanding universal life insurance with a long-term care rider

Life insurance and long-term care insurance traditionally serve two different but essential purposes in financial planning. Life insurance provides financial protection for your loved ones after you pass away, while long-term care insurance helps cover the costs of extended medical care as you age. Understanding how these two types of coverage can work together in a single policy helps when evaluating your insurance options.  Universal life insurance policies that include long-term care riders combine both types of protection, allowing the death benefit to also help pay for nursing home care, assisted living facilities, or home health care services if needed during your lifetime.

Understanding the basics

Transamerica Universal Life with Long Term Care Rider is a two-in-one benefit that offers simplified issue life insurance for family needs plus long-term care benefits. With the Restoration Rider, the life insurance benefit pays out even if you use the long-term care benefit.

The death benefit can help protect your loved ones financially after you pass away. During your lifetime, it also responds to a long-term care need – one of the most expensive health-related events we face that is not covered by health insurance. Planning for long term care can be one of the most important decisions you can make, and it’s a gift for your family, too. 

Key benefits of Transamerica Universal Life with Long Term Care Rider

  • No medical exams or blood work required to qualify
  • Guaranteed death benefit protection 
  • Builds cash value you can access during your lifetime
  • Long-term care coverage that doesn’t expire
  • Waiver of premium payments if you’re laid off or on strike
  • Convenient payroll deduction payment options

Understanding universal life insurance

Universal life insurance functions differently from traditional term life insurance. It has three main components: a death benefit, a cash value account, and flexible premiums. The policy combines permanent life insurance protection with a savings element that builds value over time.

This dynamic structure allows the policy to provide both protection and potential cash value growth, while maintaining the flexibility to adapt to changing financial circumstances over time.

The long-term care advantage 

One of the most valuable features of this benefit is the Long Term Care (LTC) Rider. This optional benefit helps cover costs if you need nursing home care, assisted living, or home health care services. The rider provides monthly benefits equal to 4 percent of your death benefit for nursing facility/assisted living care, or 2 percent for home health care/adult day care.

For example, with a $100,000 death benefit, you could receive up to $4,000 per month for nursing home care or $2,000 monthly for home care services. This can help preserve your savings and reduce the financial burden on your family if you require long-term care.

Additional benefits

The policy also includes an Accelerated Death Benefit for Terminal Condition Rider at no additional cost. This allows you to access up to $150,000 or 75 percent of your death benefit if diagnosed with a terminal illness, helping cover medical expenses or other needs during a difficult time.

Additionally, if you use all your long-term care benefits, the Extension of Benefits Rider continues your long-term care coverage while maintaining a portion of your death benefit for your beneficiaries.

Flexibility for your future

As your life changes, your insurance needs may change, too. This policy allows you to increase or decrease coverage, adjust premium payments, and access cash value when needed. You’re not locked into a one-size-fits-all solution.

The policy is available to members of the Colorado Medical Society who are practicing full time, with face amounts starting at $25,000. Monthly premiums are based on your age and selected coverage amount, with options to fit various budgets.

Taking the next step

While no one likes thinking about needing long-term care or leaving family behind, having proper protection in place provides invaluable peace of mind. Transamerica’s Universal Life Insurance with Long Term Care Rider offers comprehensive protection for what matters most – your family’s financial security and your care needs as you age.

Enrollment opens February 3, 2025. To learn more about coverage options or to see estimated costs versus benefit of this unique offer, visit enroll.buddyins.com/cms

Remember, the best time to get coverage is before you need it. Taking action today helps ensure your family’s tomorrow is protected.

About Buddy Ins

BuddyIns is a network of LTCi professionals around the nation who are dedicated to helping individuals and families understand long term care insurance and find the right policy for them.

Collaboration with Copic Financial

Copic Financial is an independent insurance brokerage and consulting firm that works with physicians, members of the health care community, and other professionals. They provide customized planning to make sure you are adequately insured, allowing your professional career and personal life to flourish. Copic Financial is a strategic partner of the Colorado Medical Society as an administrator for its members’ business and personal insurance needs. Questions? Reach out to jfeakes@copic.com