What is the meaning of long term insurance?
Long term insurance refers to a range of insurance products that provide you either with an income in the long term – usually when you retire – or a lump sum of money should you become permanently disabled or pass away.
Which insurance is normally for long term?
Term life covers you for a set amount of time like 10, 20, or 30 years and your premiums remain stable. Commonly the most affordable type of life insurance, a term policy can work to cover the years during which a mortgage loan is outstanding or throughout your children's college years.
What are the benefits of a long term care plan?
Long-term care insurance provides coverage for the costs of long-term care associated with the activities of daily living, such as eating, bathing, dressing, and other needs. The need for long-term care may be due to a chronic illness or injuries that require extended rehabilitation and care.