Chronic Care Statistics
T or F? On average, women need Chronic Care longer than men do.
True.
Women - 3.7 years
To be considered chronically ill under BAR, the insured must be unable to perform at least this many Activities of Daily Living (ADLs).
2
T or F? There are taxes on BAR payments?
False.
BAR payments are tax-free.
On average, men will require how many years of Chronic Care?
A. 1 year
B. 2.2 years
C. 1.2 years
D. 3.1 years
B. 2.2 years
Chronic illness must be certified as lasting for at least this minimum amount of time to qualify for BAR benefits. (Elimination period)
A. 90 days
B. 60 days
C. 30 days
D. 120 days
A. 90 Days
T or F? BAR benefits can help protect your retirement savings by providing funds during a health crisis.
True.
What percent of men and women will require 5 or more years of chronic care?
A. 25%
B. 20%
C. 15%
D. 10%
B. 20%
T or F? Someone who has been diagnosed with a condition expected to result in death within 12 months can access BAR benefits?
True.
Terminal illness and chronic illness are the two primary conditions where someone can activate BAR benefits.
This rider gives policyholders early access to their life insurance benefit if they become chronically ill.
Benefit Access Rider (BAR)
A married couple has a __ % chance of either OR both requiring chronic care.
A. 77%
B. 95%
C. 85%
D. 91%
D. 91%
Name three of the six Activities of Daily Living commonly used to evaluate chronic illness eligibility under BAR.
Eating, bathing, dressing, toileting, transferring, and continence.
With BAR, funds are paid directly to the policyholder and can be used for what kind of expenses?
Whatever the policyholder chooses.
The policyholder is paid out however they like (usually check), and they can use this on whatever they choose.
What percent of retirees require Chronic Care?
A. 50%
B. 25%
C. 70%
D. 62%
C. 70%
T or F? Mental health conditions such as dementia may qualify as chronic illness under BAR.
True.
What are the two options for monthly percent of death benefit offered for BAR payments?
A. 1% or 2%
B. 3% or 6%
C. 1% or 3%
D. 2% or 4%
D. 2,4%
The two options that come with the BAR policy are 2 and 4% monthly payout from the death benefit. 4% is typically more expensive.