As people continue to live longer, questions about quality of care and quality of life become more important.
That typically involves the help we will all need at some point with the tasks of daily life.
The question is — how to preserve your independence and freedom to remain at home while getting you the help you’ll need to age gracefully.
In many cases a Long Term Care insurance policy is the best way to do just that.
Policies work by helping you set aside financial resources now for future benefits that can be used for services you’ll need during your later years.
However, it can be very confusing when it comes to purchasing a policy.
For example, there are a number of options and features that will affect the overall cost of the policy, making apple to apples comparisons difficult.
So before requesting a quote from a long term care insurance provider you can review the terms listed here to get a better understanding of how these policies work to help you choose the right plan today.
For more information regarding these terms and how they will affect the cost of Long Term Care Insurance, simply click on the links below. If you do not find a term listed below and would like more information please leave us a comment.
- Benefit Period
- Compound / Simple Inflation Protection
- Daily Benefit
- Elimination / Waiting Period
- Free Look Provision
- Guaranteed Renewable Policy
- Lifetime Maximum Benefit
- Restoration of Benefits
For even more terms and definitions as they relate to long term care policies, please visit the glossary page.
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Please note: The definitions are intended to help define terms widely used throughout the long-term care and long-term care insurance industries as a whole and are not intended to be legally binding.
Life insurance policies with long-term care benefits and long-term care insurance policy forms may have slightly different definitions. Please consult your policy directly for the applicable definitions for that policy.
