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At an extra cost, some policyholders opt to purchase something called Nonforfeiture Benefit. This should not be confused with Contingent Nonforfeiture, which is something required by the IRS for Tax-Qualified Long Term Care Insurance plans. Nonforfeiture is generally an optional Long Term Care benefit (referred to in the business as "rider") that will add about 8-12% to your cost. With most policies, nonforfeiture kicks in when the policy is lapsed. That is, when you haven't paid your premium payment. It usually only is available after a few years - usually three years. With this benefit, when you quit paying your premium, your policy will automatically continue, but with a reduced lifetime maximum. All aspects of your policy will remain, such as benefits, elimination period, and other limits. Most policies specift that your reduced lifetime maximum will be the great of either: - One month's benefit (30 days); or
- 100% of all premiums paid and attributed to the policy.
This benefit is not reduced by any benefit paid prior to the date of lapse. You will have a paid up Long Term Care Insurance policy. These descriptions are general in nature, and may not apply to all policies.
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