Back to Glossary

Limited Payment Options

Quick Answer

A premium payment option some Long-Term Care policies offer in which the person pays premiums for a set time period. The options are generally 10 years, 15 years, 20 years, or to age 65. The policyholder will pay a higher premium in order to enjoy the shorter payment period. 

Recommend This Page

Detailed Answer

A premium payment option some Long-Term Care policies offer in which the person pays premiums for a set time period. The options are generally 10 years, 15 years, 20 years, or to age 65. The policyholder will pay a higher premium in order to enjoy the shorter payment period. Otherwise, the policyholder pays premium every year for the rest of their life, however, most policies offer a “waiver of premium” when the policyholder is receiving benefits from the policy.

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man sitting at desk