Case Study : Long Term Care Insurance Essay
From: Aadit Sheth, Leading Life Insurance Company
Subject: Long Term Care Insurance
I am writing to inform you about a new insurance product which I learnt about at the conference I attended last week, as a representative from our firm. The insurance product is actually very innovative and I was amazed at how useful this product would be for our firm as it could enable us to attract a great number of customers. The product is called ‘Long Term Care Insurance’ and as the name suggests, this insurance product protects a person’s financial resources if something happens to their health in retirement. This product basically aids the elderly should they face any form of health disorder such as disability, chronic illnesses or any other age-related medical complications.
The Long Term Care Insurance product provides protection by covering out-of-pocket expenses for one who can no longer support themselves; the policy issued usually covers the following: respite care nursing care rehabilitation and therapy assisted living services such as preparation of meals, cleaning and laundry
In addition, I would like to provide you with more information on when the long term care insurance benefits can be claimed. Most policies allow one to reimburse the cost only if one is unable to perform at least two of the ‘activities of daily living’. The activities of daily living under most policies are defined as: eating i.e. one…