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An optional provision that individuals may add which allows insureds to stop paying premiums when they start receiving benefits under the policy.
This is a common benefit, but not all policies work the same when it comes to waiving premiums. |
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Definition
A provision which provides for the maximum amount of the original benefit to be restored, even if the insured has previously received benefits from the policy.
This feature is initiated when the insured receives benefits and when a state period passes with no benefits paid.
Benefits revert to the amount that was originally purchased. |
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A type of nonforfeiture benefit that provides for the return of all or part of the premiums the insured has paid if the policy lapses.
The terms of the option will vary by policy. |
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Definition
Offered by some policies purchased by married couples when both spouses purchase the policy.
Paid-up survivor benefit: A paid-up survivor benefit provides that no further premiums will be due on the survivor's policy if one spouse dies after premiums have been paid for a specific period and no benefits were paid under either policy.
Increased Benefit for Survivor: Provides that the survivor's policy will be increased by the amount of any benefits remaining under the deceased spouse's policy. |
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Needed as a result of the additional increases in life expectancy.
One in three individuals over age 65 will eventually be confined to a nursing home at some point. |
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$212 per day, or $77,380 per year.
Expected costs are averaging $20 per hour.
Taken from the Genworth 2014 Cost of Care Survey |
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Definition
1. Uninsured medical expenses are the top financial worry among men and women age 55 and older.
2. People are more than five times more worried about being a burden on their family than dying.
3. 2/3 of people will require LTC, while only 35% believe they will need it.
4. People underestimate the financial, social, and lifestyle impact of caregiving responsibilities
5. A wide circle of caregivers, family, and friends are impacted by the responsibilities of LTC |
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| Life Insurance Marketing Research Association |
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