Long Term Care Insurance (A Living Benefit*)
This insurance pays out a monthly benefit for the purposes of assisting in the costs associated with long term care.
These costs could be associated with: personal or attendant care, nursing care, long term residential care plus more.
As with disability insurance, long term care insurance can be custom designed to suit one’s needs. As with other living benefit insurances, it’s hard to qualify for and the premium costs increase with age.
*Insurance benefits which are paid out to the claimant while they are alive and suffering from either a disability, critical illness or long-term care need.