Spouse Premium Waiver = A provision in an insurance policy that relieves the insured and insured’s spouse/partner of paying the premiums while receiving benefits.
Shared Benefits = This allows married couples or domestic partners to share each others maximum benefits. For example, one spouse/partner exhausts his/her policy benefits, he/she can continue to receive benefits from the other spouse/partner’s policy.
Return of Premium = A feature in some long-term care policies where the premium is returned to your heirs upon death. There are many different types of “return of premium” benefits.
Restoration of Benefits = a feature in some long-term care policies that restores the policy’s maximum benefit after benefits have been used while on claim. Typically, the benefits are fully restored 181 days after you’ve stopped qualifying for...
Chronically Ill = A term used in a tax-qualified long-term care contract to describe a person who needs long-term care either because of an inability to do everyday activities of daily living (ADLs) without help or because of a severe cognitive impairment. Source:...