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Long Term Care Insurance Q & As
Question 12 of 19 in Features Of A Typical Policy
Return of premium
Many companies offer a return of premium option at an additional cost. In effect, this addresses a possible concern that you might die before you collect a portion of the benefit equal to the premiums paid. A death benefit is paid to the beneficiary of your choice, equal in amount to the premiums you paid less the benefits you received, if any. In some policies only a proportion --such as 90% of excess premiums -- would be returned. In some policies, death must occur before a certain age such as 65 or 70. Also, there may be a minimum number of premiums to be paid before the return of premium feature is payable.