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Long Term Care Insurance Q & As
Question 5 of 9 in How Much Does It Cost
What if I miss a premium paymentâdo I lose my insurance?
Long term care policies generally provide a 31-day grace period. This means that if you do not pay your premium when it is due, you have 31 days in which to do so. If you do not pay within the 31 days, you may be required to apply for reinstatement. If the company chooses not approve your application, you would lose your insurance unless you have elected a non-forfeiture clause. However, if your failure to pay is due to a cognitive impairment, you may have 180 days in which to pay all back premiums.