Long-term care planning can involve unfamiliar terms. This glossary explains common language in straightforward terms.
Rate class
A category used in underwriting or product-specific classification. Its meaning and effect vary by product.
Activities of daily living
Basic daily tasks such as bathing, dressing, eating, transferring, toileting, and continence that may be used to assess when benefits are available.
Elimination period
A waiting period that may apply before eligible benefits begin, subject to contract terms.
Guaranteed-issue rider
A product-specific rider classification that may offer care-related benefits under stated terms. The guaranteed-issue designation does not replace applicable eligibility, suitability, contract, benefit, or carrier requirements, and it should not be assumed to apply to every rider or traditional LTC policy.
Annuity with a long-term care rider
A fixed or fixed index annuity that includes a rider designed to provide benefits for qualifying long-term care needs. Some of these riders are available on a guaranteed-issue basis when the annuity’s suitability requirements and contract terms are met. This does not mean the person qualified for traditional stand-alone LTC insurance.
Hybrid or asset-based long-term care
A strategy that may combine potential long-term care benefits with another financial purpose, such as life insurance or an annuity-based design.
Continue learning
See our long-term care comparison guide or contact Jilek Risk Group for a low-pressure conversation.