Contingent Nonforfeiture

Quick Answer

The opportunity in all tax-qualified Long-Term Care policies to provide the policyholder options in the event the insurance company gets approved a rate increase of over a certain percentage as listed in the policy. The policyholder may reduce coverage so that required premium payments are not increased or to convert to a paid-up status if there is a substantial premium increase.

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Detailed Answer

The opportunity in all tax-qualified Long-Term Care policies to provide the policyholder options in the event the insurance company gets approved a rate increase of over a certain percentage as listed in the policy. The policyholder may reduce coverage so that required premium payments are not increased or to convert to a paid-up status if there is a substantial premium increase.