Introduction
Long Term Care Life Insurance
CCW Global can provide coverage options for accelerated death benefit life plans which offer long term care insurance in Hong Kong. Long term care insurance is not a popular life insurance product in Hong Kong, but is offered by a number of providers.
Under this type of life accelerated death benefit a portion of the policy’s face value (overall death benefit) is paid to the policyholder who requires long-term constant care for a condition.
Overview
How Long Term Care Insurance Works
A Long Term Care benefit on a Hong Kong life insurance policy will be included on a rider in addition to the main policy coverage. The rider will specify the terms of the long term care benefits stating, for example, that the insured must be in an approved nursing home, or care must be provided by an authorized carer if being provided in-home, if the accelerated benefit is to be paid.
Normally a long term care benefit under a Hong Kong life insurance plan is only paid if the care is determined to be medically necessary. This is usually proven through obtaining a medical report, from the policyholder’s doctor. A long term care benefit is normally only payable in the event that the insured individual is unable to perform standard living functions (such as washing themselves).
The amount of benefit payable under long term care insurance is normally 2% of the overall death benefit per month in the event of the insured residing in a nursing home, or 1% of the overall death benefit per month if the insured is receiving care at home. The maximum amount payable under a long term care insurance policy can range from between 50% to 100% of the face value of the life insurance policy.
Coverage
Important Life Insurance Considerations
It is important to note that most long term care insurance benefits on Hong Kong life insurance plans will only be payable after a waiting period. The waiting period during which the policyholder is incapacitated and requiring care, but before any payment is made, is usually around 90 days.
Furthermore, many Hong Kong life insurance plans carrying this benefit will stipulate that the policy must have been in force for at least one year before any long term care payments can be made.
However, a major point of a Long Term Care benefit on a Hong Kong life insurance plan is that premiums will normally be waived for the duration of the time which the policyholder is incapacitated requiring care, and receiving payments from the LTC provision. The insurance company does not provide benefit payments and require premium payments to be made out of that benefit.
Quotation
Long Term Care Insurance Quotes in Hong Kong
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