What is the main purpose of the long-term care waiver of premium benefit?

The main purpose of the long-term care waiver of premium benefit is to suspend premiums while receiving care. When a policyholder qualifies for long-term care benefits, they may be unable to continue making premium payments due to their circumstances, such as being unable to work or facing significant medical expenses. The waiver of premium benefit provides financial relief by allowing the policyholder to maintain their policy coverage without the obligation to pay premiums during the period they are receiving long-term care services.

This feature ensures that individuals can focus on their recovery and care without the added stress of premium payments, thereby preventing lapses in coverage due to financial strain while they are in need of support.