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When buying your long-term care insurance policy, you choose a “Benefit Period”, which is a limit on how much the policy can pay in benefits over your lifetime.

It is sometimes referred to as the “Policy Limit” or the policy’s “Maximum Lifetime Benefit”.

As with any type of insurance, the higher your coverage, the higher the premium.  In other words, the higher the Policy Limit, the higher the premium.

The Benefit Period is usually described in terms of “years of benefits”. Most long-term care policies offer several choices.  Common choices include:

  • 2 years
  • 3 years
  • 4 years
  • 5 years
  • 6 years
  • 10 years
  • Lifetime/Unlimited

A policy with a “3-year Benefit Period” is designed to pay benefits for at least 3 years while you qualify to receive benefits.

A policy with a “5-year Benefit Period” is designed to pay benefits for at least 5 years while you qualify to receive benefits.

A “Lifetime Benefit Period” (also called an “Unlimited Benefit Period”) is designed to pay the policy’s benefits for as long as you qualify for benefits, regardless of how long it may be.