This is a combination
of a Critical Illness policy with a Long Term Care policy. The following
is a basic explanation of how the policy works and the variations of choice
that you have available to you.
LifeBeat
The policy,
known as Lifebeat is a Critical Illness policy which offers the option to
continue as a Long Term Care policy, while preserving the Critical Illness
coverage to age 100.
A male aged
40, non smoker, can buy $100,000 level premium policy for $102 a month. If
he chooses to have his premiums returned at age 70, the premium is $140 with
the Long Term Care option.
At age 70 he
will receive a refund of $10,920, the coverage will continue and the premium
is reduced to $76 a month. Or he can pay a single premium of $8800 from his
refund.
Benefits are
paid under the policy for a critical illness caused by any of 22 critical
illnesses. And after age 70, benefits are also paid for cognitive impairment
or the loss of 2 of 6 activities of daily living.
