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What Does “Non-Forfeiture Benefits” Mean in a Long-Term Care Insurance Policy?

by Scott A. Olson, CLTC

Non-Forfeiture Benefits = A policy feature that returns at least part of the premiums to you if you cancel your policy or let it lapse.

What Does “Benefits” Mean in a Long-Term Care Insurance Policy?

by Scott A. Olson, CLTC

Benefits = the monetary sum paid or payable to a recipient for which the insurance company has received the premiums.

What is the “Spouse Premium Waiver” in a Long-Term Care Insurance Policy?

by Scott A. Olson, CLTC

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.

What is “Waiver of Premium” in Long-Term Care Insurance Policy?

by Scott A. Olson, CLTC

Waiver of Premium = A provision in an insurance policy that relieves the insured of paying the premiums while receiving benefits.

What is the “Premium” in a Long-Term Care Insurance Policy?

by Scott A. Olson, CLTC

Premium = The amount paid by the policyholder in return for protection against financial loss due to occurrence of an event.
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