This rider, available with all benefit periods
, allows for a permanent waiver of premium if one spouse dies and both policies have been in force for at least 5 years.
During open enrollment, the full menu of benefit choices is available including, most notably, an unlimited benefit period
and a facilities-only option.
If cost is a factor, what's wrong with recommending a shorter initial benefit period
, given the fact that most disabilities last between two and five years?
If a four-year benefit period
is purchased, then clearly a confinement significantly in excess of that time would be catastrophic.
The Community Living Assistance Services and Supports (CLASS) Act is a provision in the new health care reform bill (Public Law 111-148) that is supposed to provide an average benefit of $50 a day with a lifetime benefit period
depending on the level of impairment.
Policyholders can extend the four-year benefit period
if the total coverage amount selected at the time of application is not already spent.
The benefit period
begins with the commissioning of the first vehicle and ends at the end of the repair capacity of all the contractor supplied systems.
Inflation Compound Lifetime: of Daily 2% CCBR, 5% EOBR; Benefit Simple Lifetime: 3% on CCBR & EOBR riders Benefit Periods
Guaranteed LTC benefit period
can be 2-7 years.
What that means is that after the initial period of time has expired, in order to continue collecting benefits for the remainder of the benefit period
(which might be to age 65), the claimant must be unable to, for example, "flip hamburgers," or not be working at all.
A policy with a $200 daily facility benefit, and a three-year benefit period
(3 years x 365 days = 1,095 days), is worth $200 x 1,095, or $219,000.
According to the American Council of Life Insurers (ACLI), a 60-year old buying a policy with a two-year benefit period
today would pay in premiums over a 25-year period about a tenth of what he could expect to pay for a two-year nursing home stay when he reaches age 85.
It offers a new, patent-pending approach to investing in equities for investors who want to participate in the stock market while protecting their principal, provided they remain fully invested during the benefit period
of their choice.