Traditional long term care insurance gives clients the flexibility to customize their policy to fit their needs. For example, they choose the exact amount of coverage they want. They also specify when they want their benefits to start and how long they'd like them to last. This makes traditional long-term care insurance generally one of the most efficient ways to get the most coverage for the amount of premium paid.
Typically, an annual premium is paid for life, although the premium payment period could be shorter in some instances. Also, premiums are not guaranteed to stay the same and may rise after purchase
If a policy is canceled or never accessed for long term care services, typically an individual will not receive refunds of for any past premium or any cash value.