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.
What are the three general types of long term policies?
There are three main types of long-term care insurance: traditional long-term care insurance, hybrid long-term care insurance and life insurance with a long-term care rider. Each type of coverage has different pros and cons worth considering.
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.