At a recent conference I had just attended, there has been word spreading around about this new insurance product called Long Term Care Insurance. People are saying that Long Term Care Insurance is going to be the next best thing. I will be talking about the benefits of this product and why this product works, and I hope you consider giving this product a chance. Long term care is known for a variety of supportive services needed by people who are unable to perform activities of daily living due to a disability. It involves the assistance of another person to help with the activities of daily living when the individual can no longer perform the task himself. The basic fundamentals of long term care include:
• The individual need for services …show more content…
The benefit provisions of long term care will be determined by the policy set forth and these provisions are based on the types of care which the benefits provide, the requirements for being eligible for receiving the benefits, and the amount paid by the benefits. Long Term Care Insurance policies come with the option of a waiting period before benefits are paid. Generally, the longer one waits, the lower one’s premiums become. The insured is given options on how long benefit periods last and how much benefit is received daily. Policies also offer inflation protection, at the cost of additional premium, which ensures that as the cost of living increases so does the amount of benefit.
Premiums in Long Term Care Insurance policies are based on the buyer’s age of entry, gender, medical records, and the benefits provided. The amount of annual premium paid in each policy depends on the age of issue, benefits provided, waiting periods and other features the policy might have. Since Long Term Care Insurance is a relatively new product, many actuaries are very inexperience with policy pricing and thus premiums are often set way too high. This trend should become less worrying as prices decrease due to better awareness and introduction to new marketing
• The individual need for services …show more content…
The benefit provisions of long term care will be determined by the policy set forth and these provisions are based on the types of care which the benefits provide, the requirements for being eligible for receiving the benefits, and the amount paid by the benefits. Long Term Care Insurance policies come with the option of a waiting period before benefits are paid. Generally, the longer one waits, the lower one’s premiums become. The insured is given options on how long benefit periods last and how much benefit is received daily. Policies also offer inflation protection, at the cost of additional premium, which ensures that as the cost of living increases so does the amount of benefit.
Premiums in Long Term Care Insurance policies are based on the buyer’s age of entry, gender, medical records, and the benefits provided. The amount of annual premium paid in each policy depends on the age of issue, benefits provided, waiting periods and other features the policy might have. Since Long Term Care Insurance is a relatively new product, many actuaries are very inexperience with policy pricing and thus premiums are often set way too high. This trend should become less worrying as prices decrease due to better awareness and introduction to new marketing