Length of the Benefit Period

Last updated: October 7, 2015

Choosing How Long Your Plan Pays Out

When you buy a policy, you will also be asked to decide how long you want your benefits to pay out. 

  • The most common benefit “payout” periods are one, two, three, or five years. 

This benefit period begins the first day you are eligible to receive benefits from the policy. 

  • The premium cost will be higher if you choose a longer benefit period. 

Several companies provide a maximum benefit stated in a total dollar amount rather than a benefit period.

  • For example, you might buy a lifetime benefit of $50,000. The policy will pay the actual charge per day until the maximum benefit has been paid. If the current charge is $70 per day, the benefit would last for 714 days — or almost two years

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