Long Term Care
Premium
Benefit
Type
Types
Indemnity
Certain Needs
Guaranteed Income
Level
Increasing
Death Benefit
Single
Regular
Pre-funded
Purchased in expectation of long term care
Protect against future disability
Funded by single or regular prem
Claim Trigger
ADLs
Defined by insurer
Deferred Period
Contract Type
Periods
Waiting Period
Cognitive degeneration
Unit-Linked
Without-Profits
Location
Nursing home
Care in own home
Immediate needs
Added as rider benefit
I.e. on pension product
Benefit is regular payment
Purchased by those who need cover immediately
Funded by single premium
Based on policyholder health at outset
And appropriate nursing home
Potential death benefit
Usually paid to care provider