Help your clients manage chronic illness costs with life insurance. Chronic Illness Rider Optional Living Benefits. Producer Guide

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1 Help your clients manage chronic illness costs with life insurance. Chronic Illness Rider Optional Living Benefits Producer Guide

2 Life insurance can leave a legacy. It can provide a living benefit too. Providing for loved ones is a typical reason for purchasing cash value life insurance. The death benefit provides a tax-free* source of funds for survivors, and any cash value can be used for emergencies or supplemental retirement income. But if the insured becomes chronically ill and needs funds for day-to-day care, cash values may not be enough. And the death benefit isn t available until the insured dies, which may be too late. * Proceeds from an insurance policy are generally income tax free and, if properly structured, may also be free from estate tax. What is a chronic illness? Chronic illnesses are conditions that can be treated but not cured. Chronic illnesses account for 70% of deaths and are the leading cause of disability in America. 1 Some examples are: Heart disease Malignant cancers Diabetes Alzheimer s disease Dementia Mental illness Arthritis Asthma and COPD Kidney disease As chronic illnesses progress, they can impact the health and safety of the afflicted, making it difficult to perform activities of daily living. 2 Now you can help the nearly 50% of American adults who will become chronically ill 1 to use their life insurance death benefit to help pay for their care. Cost of Care The cost to care for chronic illnesses can be absolutely staggering. According to the Centers for Disease Control, chronic illnesses account for 75% of U.S. health care spending. 1 The costs can be staggering. National Average Type of Care Length of Stay Total Cost Nursing Home Private Room 2 28 months $207,080 Nursing Home Semi Private Room 2 28 months $185,370 Assisted Living Facility 22 months 3 $72, Centers for Disease Control, The Power of Prevention, Average nursing home stay: How to Pay for Nursing Home Costs, US News & World Report, 2/26/ Median assisted living facility stay: 2014 Resident Profile, National Center for Assisted Living. 4 Administration on Aging, 2010.

3 Add the Chronic Illness Rider for an extra layer of protection. Adding the optional Chronic Illness Rider at issue to an eligible life insurance policy can help minimize the financial burden of a chronic illness if your clients health deteriorates. That s because the rider lets them access their death benefit for qualifying conditions. This additional coverage goes beyond the protection of the Accelerated Benefit Rider that pays a benefit for terminal or critical illness or a permanent health care confinement. Eligible Products: Voya Indexed Universal Life-Protector (nationwide and NY, except Orange Pass) Voya Indexed Universal Life-Global Voya Indexed Universal Life-Global Choice Voya Indexed Universal Life-Accumulator How Can the Chronic Illness Rider Benefits Be Used? When your client becomes eligible for benefits, the money received can be used for any purpose. No evidence of expenses incurred is necessary. The benefits can help pay for any of the following. Nursing Home Assisted Living Facility Home Health Care Adult Day Care Hospice Care Respite Care Non-medical services (shopping, cleaning, etc.) Home modification Medical Equipment Medicines Other Personal Use Qualifying for benefits There are two ways your clients can qualify for benefits from the Chronic Illness Rider. Eligibility may vary by state. A licensed health care practitioner must confirm that without substantial assistance from another individual, the insured is expected to be permanently: 1 2 Unable to perform at least 2 of these 6 activities of daily living for at least 90 days, Bathing Eating Toileting Getting dressed Continence Transferring or At risk to his or her health and safety due to severe cognitive impairment. (No 90-day eligibility period). How much does the Chronic Illness Rider pay in benefits? If eligible, your client may accelerate monthly or annual portions of the death benefit that are the lesser of: 24% of the eligible death benefit per year or 2% monthly or The IRS per diem limit Currently (2015)*: $9,900/month or $120,450/year *Based on $330/day for 30-day month and 365-day year. No required evidence of expenses paid Maximum lifetime benefit = $2 million ($25,000 residual death benefit required). Minimum benefit = $5,000/year or $500/month. Monthly benefit amounts may not be changed during a 12-month benefit period. The insured must submit annual proof of claims eligibility and pay an administrative charge of up to $300/year. 3

4 How much does the Chronic Illness Rider cost? The cost of insurance for the Rider is based on the insured s gender, risk class, and age. Monthly costs increase annually and are deducted from the policy s account value. We charge a $200 administrative fee (guaranteed not to exceed $300 may vary by state) annually to process a claim. What is the premium requirement once Rider benefits begin? While Rider benefits are being paid, the Rider s monthly cost of insurance charge will be waived. However, the premiums required to keep the policy and any other riders in force will still be due. Policy charges will be waived if policy values are insufficient to cover them. Any loan interest will continue to accrue and be added to the loan amount if not paid, which may cause the policy to lapse. How the Chronic Illness Rider works? The table below shows the impact of annual Chronic Illness Rider claims on a hypothetical policy. Initial Death Benefit: $500,000 Claim Frequency: Maximum annual claim at age 80+ Age Death Benefit Before Claim Chronic Illness Accelerated Death Benefit Death Benefit After Claim , , , % , , , % , , , % , ,000 25, % % Death Benefit, Cash Value and Loan Reduction After 3 years of payments at the maximum level, the 4th year benefit is reduced so that a $25,000 residual death benefit remains. Policy and Rider Impacts when taking chronic illness benefits Each Chronic Illness Rider benefit payment reduces the policy s values by an acceleration percentage (see example above) that is calculated at the time of each benefit payment. In effect, the death benefit and all other policy values, including policy loans, are reduced by the same percentage by which the benefit payment reduced the death benefit. A portion of each benefit payment will go towards repaying any outstanding loan amount, thus reducing the Rider benefit amount paid to the policy owner. Cost of insurance charges and any required minimum monthly premiums under the policy will be adjusted to reflect the reduction in the policy s values. If applicable, any Select Loan on the policy will be converted to a Traditional Loan as described in the Rider, and Select Loans will no longer be available. Death Benefit Option 2 or 3 will be converted to Death Benefit Option 1. No further death benefit option changes will be allowed. If benefits are being provided under the Rider, any death benefit increase or decrease, new loan or partial withdrawal will terminate the Rider. Automated repetitive distributions, if any, will be discontinued. 4

5 Qualifying and applying for coverage The Chronic Illness Rider is: Only available at issue at ages at Standard No Tobacco and Tobacco rates, up to Table D. Not available on term conversions or on policies with an Adjustable Term Insurance Rider. No longer available after payment of an Accelerated Benefit Rider benefit Terminated if the owner requests a loan, withdrawal, death benefit increase or decrease after rider benefits are paid Required Forms: Applicants are required to complete a supplemental application for review and approval and sign the disclosure. State variations may apply. Supplemental Application (#168319) Disclosure (#169829) 5

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7 Two Riders for Living Benefits The Chronic Illness Rider may provide more complete coverage for chronic illnesses than the Accelerated Benefit Rider, which is automatically issued on all universal life products. Both riders provide access to death benefits of the life insurance policy while the insured is alive as shown below. Chronic Illness Rider Accelerated Benefit Rider Benefits Provided Pays benefits if the insured becomes chronically ill. Pays benefits for terminal or critical illness or a permanent confinement in a licensed health care facility. Eligibility Subject to underwriting approval. Automatically issued with the policy. Cost Benefit Eligibility Benefit Payments Benefit Amounts Elimination/ Eligibility Period Policy Impact if Benefits Paid Income Tax Treatment Cost of insurance charges apply. Annual administrative charges apply if claims are paid. Without substantial assistance, the insured is certified by a licensed health care provider to be chronically ill and expected to be permanently: Unable to perform at least 2 activities of daily living for at least 90 days bathing, continence, dressing, eating, transferring or toileting At risk to personal health and safety due to severe cognitive impairment. Eligibility may vary by state. Benefits under this rider are not available after an Accelerated Benefit Rider benefit has been paid on the same policy. If the insured becomes eligible, benefits are paid regardless of the amount of expenses incurred and may be used for any purpose. Based on lesser of IRS per diem amount or 24% of eligible death benefit per year. Required $25,000 residual target death benefit. $2 million lifetime maximum for all policies eligible for this rider. Eligibility period of 90 days for activities of daily living. None for cognitive impairment. Benefits paid reduce the death benefit, policy and loan values. Policy values are reduced by the proportion of the benefit paid to the total eligible amount before the payment. Policy loans will also be repaid by the same proportion from the requested benefit. Benefits are not expected to be taxed. Rider charges are not a deductible medical expense. Clients should see their tax or legal advisor for more information. No additional premium or cost of insurance charge. Refer to Accelerated Benefit Rider for administrative charges. Benefits are paid for: Illness expected to cause death within 12 months; or Critical illness expected to result in death or a significantly shortened lifespan if not treated; or Permanent confinement in a licensed facility Benefits paid from the Chronic Illness Rider will reduce the amount of benefit available under this rider (if provided under the same policy). Same as Chronic Illness Rider Lump sum of up to 50% of eligible death benefit. $1 million lifetime maximum. Any outstanding loan balance will be deducted from any benefit payable. None. Accelerated benefit becomes an interest-bearing lien that reduces the death benefit and policy values. Benefits are not expected to be taxed. Clients should see their tax or legal advisor for more information. The owner should consult their tax and/or legal advisor when deciding to file a claim under either rider. 7

8 Comparing Chronic Illness Rider to Long-Term Care Insurance It s important to note that the Chronic Illness Rider is NOT long-term care insurance. Although the benefits received from the Chronic Illness Rider can help pay for care for health conditions similar to those covered by long term care insurance, there are material differences between the two types of coverage. Benefit Type Cost Benefit Eligibility Benefit Payments Benefit Amounts Elimination/ Eligibility Period Policy Impact if Benefits Paid Policy Impact if Benefits Not Used Income Tax Treatment Chronic Illness Rider An optional accelerated death benefit that advances a portion of the eligible death benefit if the insured becomes chronically ill. Cost of insurance charges apply. Annual administrative charge applied if claims are paid. Without substantial assistance, the insured is certified by a licensed health care provider to be chronically ill and expected to be permanently: Unable to perform at least 2 activities of daily living for at least 90 days At risk to personal health and safety due to severe cognitive impairment. Eligibility may vary by state. Benefits are not available after an Accelerated Benefit Rider benefit is paid on the same policy. If the insured becomes eligible, benefits paid may be used for any purpose. Based on the lesser of the IRS per diem amount or 24% of eligible death benefit per year. Required $25,000 residual target death benefit. $2 million lifetime maximum for all policies eligible for this rider. Eligibility period of 90 days for activities of daily living. None for cognitive impairment. Benefits reduce the death benefit, policy and loan values. Policy values are reduced by the proportion of the benefit paid to the total eligible amount before the payment. Policy loans will also be repaid by the same proportion from the requested benefit. Ongoing cost of insurance charges will reduce the policy values. Benefits are not expected to be taxed. Rider charges are not a deductible medical expense. See your tax or legal advisor for more information. Typical Long-Term Care Policies & Riders Optional long term care riders on life insurance policies may pay accelerated death benefits or they may pay in addition to the underlying life insurance policy, depending on contractual terms. Stand-alone long term care policy benefits do not affect life insurance policy values and benefits. Long term care policy premiums are often higher than for chronic illness and long term care riders based on contractual terms. Cost of insurance charges apply to riders. Without substantial assistance, the insured is certified by a licensed health care provider to be chronically ill by being: Unable to perform at least 2 activities of daily living At risk to personal health and safety due to severe cognitive impairment. If the insured becomes eligible, proof of actual expenses incurred may or may not be required based on contractual terms. Long term care coverage may be an accelerated death benefit, or it may have a specific benefit amount that is payable for a specified period or for life. It may also offer benefits that increase in the future days based on contractual terms Long term care policy benefits are separate from life insurance death benefits. Long term care rider benefits that are paid from life insurance policies generally have the same impact on policy values as a chronic illness rider. Long term care policies must provide a non-forfeiture benefit. They may provide other benefits if the policy lapses or if the insured dies. Ongoing cost of insurance charges reduce the policy values for life insurance policies with long term care riders. Benefits are not expected to be taxed. Some or all premiums for long term care policies may be a deductible medical expense. See your tax or legal advisor for more information. 8

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10 A cash value life insurance policy with the Chronic Illness Rider can benefit your client who wants: Life insurance protection to secure their loved ones future Potential to build funds that could possibly supplement retirement income Access to funds for potential chronic illness expenses in case their health deteriorates Death Benefit Cash/ Income Chronic Illness Frequently Asked Questions Won t Medicare and Medicaid cover chronic illness expenses? Health insurance and Medicare don t offer long-term solutions for chronic illnesses. And contrary to popular opinion, Medicare only provides limited rehabilitation coverage for up to 100 days and only if previously hospitalized. Medicaid only pays those who live at the poverty level after they ve depleted their nest egg. Medicare Benefits Cost to Patient Days 1-20 $0, after 3-day hospital stay Days $157.50/day x 80 days = $12,600 (2015) Days 101+ Entire cost of care Source: Centers for Medicare and Medicaid Services, Medicare Coverage of Skilled Nursing Facility Care. Will expenses for chronic illness care have to be tracked or reported to the insurer? If your client is eligible for benefits the money received can be used for any purpose. No evidence of expenses incurred is necessary. (See Tax Related Questions on p. 10.) What happens if my client buys the rider and never uses it? If your client never needs chronic illness benefits, and the policy is in force, the full current death benefit can be paid to beneficiaries. Is the Chronic Illness Rider available on policies larger than $2 million? No. If the total death benefit needed exceeds $2 million, consider splitting the policy and adding the Chronic Illness Rider to a policy with qualifying death benefit amount. The Rider is also not available on any policy that is reinsured. 10

11 Tax-Related Questions The following is general information on tax law and individual circumstances will vary. Each taxpayer should seek advice from an independent tax advisor. Can the income tax free treatment of rider payments be lost? Yes, there are several ways in which income tax free treatment could be lost: The policy has been transferred for value or has otherwise been managed in a manner in which some of the death benefits will be taxable when the insured dies (e.g. failure to comply with IRC section 101(j) notice and consent rules for policies in which a business has an interest) The recipient of rider benefits does not have an insurable interest in the insured s life The recipient has an insurable interest in the insured s life that is based primarily on a business or financial relationship Benefit proceeds from this and/or other policies (including those from other carriers) exceed IRS per diem maximums and actual expenses incurred for chronic illness care. What if a business owns the policy? Generally when a business (including a corporation, partnership or LLC) owns the policy, benefits paid may be taxable as ordinary income. If the policy is not a modified endowment contract (MEC), amounts received up to basis will be treated as an income tax-free return of premium and any additional amounts paid to the business will be taxable as ordinary income. The income tax exclusion is not available when the policy is owned by one or more individuals who have a financial interest in any trade or business carried on by the insured. This can be important in cross purchase buy-sell arrangements or in other arrangements in which one or more business partners or shareholders own policies on each other. Clients should consult with their tax and legal advisors regarding their individual situation. What if an irrevocable trust owns the policy? Irrevocable trusts are often drafted to keep death benefits out of the insured s taxable estate. If the trustee has the power to distribute rider benefits to the insured or manages them for the insured s benefit, the federal estate tax advantages the trust was drafted to produce may be lost. It may be possible (subject to the terms of the trust) for the trustee to make distributions to a trust beneficiary who may then gift, lend or make those distributions available to the insured grantor. If the insured grantor s spouse is a trust beneficiary, it may be possible (under the terms of the trust) for the trustee to make rider distributions to him/her. In such cases, there should not be an advance agreement or obligation by a beneficiary receiving a rider distribution (including the spouse) to use it for the insured grantor s benefit. The IRS has not indicated its thinking on whether chronic illness benefits from a policy owned in an irrevocable trust will be income-tax free when they are directly or indirectly made available to the insured. Some tax experts believe that if the trust is treated as a grantor trust for income tax purposes, the benefit should be income tax free under the grantor trust rules. Clients should proceed cautiously in this area and consult closely with their own tax and legal advisors. What happens when rider distributions are made under a policy which is owned in a qualified retirement plan? There is substantial uncertainty as to the federal income tax treatment of rider distributions when the policy is owned in a qualified retirement plan. Insureds should consult their own tax and legal advisors for advice. How will Voya report benefit payments under the rider? Voya will report all rider distributions on a Form 1099-LTC. Policy owners or other recipients of rider distributions are responsible for properly reporting those distributions on their own tax returns. 11

12 Help minimize the financial and emotional impact a chronic illness can have on your clients. Sales Support Claims Call Click Voya for Professionals at VoyaProfessionals.com Call between 9-6:30 (Eastern), Monday through Friday This is a life insurance benefit that also gives you the option to accelerate some of the death benefit in the event that you meet the criteria for a qualifying event described in the rider. This rider does not provide long term care insurance subject to state long term care insurance law. This rider is not a state-approved Partnership for Long Term Care program rider. This rider is not a Medicare supplement policy. Receipt of Chronic Illness Accelerated Death Benefit proceeds under this rider may adversely affect eligibility for Medicaid or other government benefits or entitlements. Your client should consult their personal tax or legal advisor to assess the impact of benefits provided by this rider. The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general in nature and not comprehensive, the applicable laws change frequently and the strategies suggested may not be suitable for everyone. Clients should seek advice from their tax and legal advisors regarding their individual situation. The Chronic Illness Rider pays proceeds that are intended to receive favorable tax treatment under Section 101(g) of the Internal Revenue Code. Payment of benefits assumes that the insured is not expected to recover from the chronic illness. The Accelerated Benefit Rider, form #R2030, and the Chronic Illness Rider, form series R /14 may not be available in all states, may differ by name in some states, may vary by state and are issued by Security Life of Denver Insurance Company (Denver, CO). Voya IUL-Global [policy form series /09], Voya IUL-Global Choice [policy form series /12], Voya IUL-Accumulator [policy form series # /15], and Voya IUL-Protector [policy form series /13] are issued by Security Life of Denver Insurance Company, (Denver, CO). Security Life of Denver Insurance Company is a member of the Voya family of companies. All guarantees are based on the financial strength and claims-paying ability of the issuing insurance company who is solely responsible for the obligations under its own policies. For agent use only. Not for public distribution Voya Services Company. All rights reserved. CN /15/2015 Voya.com

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