Lifetime Limits

Sometimes referred to as “Maximum Lifetime Benefit” it is the set limit on the amount of benefits that a Long-Term Care policy will pay. These limits are set in terms of either years or dollars, but not both. You will usually be given a choice of lifetime limits. These limits increase with an inflation factor that the policyholder has selected. Most policies are "pool of money" products and not time-period limits, which means benefits are not "use it or lose it". Some policies offer an “unlimited lifetime benefit” which means the policyholder could never exhaust the benefit from the policy.