Long Term Care Insurance Terminology
Daily Benefits - the maximum amount payable per day when you qualify to claim on your long term care insurance policy. (Separate daily benefits may be selected for facility care and home care.)
Benefit Period - the length of time you can collect once you go on claim (1, 2, 5 years or lifetime).
Elimination Period - the length of time you must wait once care begins before you can start to collect on your insurance.
Return of Premium - an optional benefit that will repay all your money to your beneficiaries if you die without ever collecting on your policy (some restrictions may apply). If you have received home care but not facility care, you may still be eligible for a return of premium of facility care.
Waiver of Premium - while you are receiving either home or facility care, the insurance company will waive the premiums for your full policy. This feature is included at no extra cost.