Under Chubb’s Masterpiece® assisted living care option, families can get insurance to help protect the assets of relatives in assisted living facilities. This program will allow policyholders to help protect the assets of parents or grandparents in an assisted living facility, children or siblings living indefinitely in a mental health care facility or any relative who requires continuous and indefinite residential care.
And according to a nationwide survey of more than 1,000 people conducted by Opinion Research Corp., 62 percent of respondents are very concerned that a relative living in an assisted living facility or nursing home could become a victim of theft. Sixty-seven percent are very concerned the family member could become a victim of a scam or identity theft, and 51 percent are very concerned that he or she could become involved in a physical or verbal altercation.
Premiums start at approximately $50 per year for $5,000 in coverage up to a limit of $250,000. There is also option also provides reimbursement for additional living expenses if a covered event — such as a hurricane that forces an evacuation — impacts a relative’s residential facility.
For no additional charge, the option can extend a policyholder’s liability limit — up to $50 million — to their relatives-in-care. The option also includes coverage for up to $25,000 in medical payments, $15,000 for damaged property and at least $50,000 for identity fraud.
The assisted living care coverage option is now available in Colorado, beginning a nationwide roll-out.
Additional information on Chubb can be found at www.chubb.com/personal.
For the full press release, click here.