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Long Term Care - Coggle Diagram
Long Term Care
Benefit
Types
Indemnity
Certain Needs
Guaranteed Income
Level
Increasing
Death Benefit
Location
Nursing home
Care in own home
Usually paid to care provider
Contract Type
Unit-Linked
Without-Profits
Added as rider benefit
I.e. on pension product
Premium
Single
Regular
Type
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
Cognitive degeneration
Deferred Period
Immediate needs
Benefit is regular payment
Potential death benefit
Purchased by those who need cover immediately
Funded by single premium
Based on policyholder health at outset
And appropriate nursing home
Periods
Waiting Period