Allows life insurance to have long-term care benefits. Stems from a mixture of life insurance and long-term care coverage. This practice reduces the value of the life insurance policy is less because the life insurance policy’s death benefit’s funds are deducted for medical expenses.
Link to This DefinitionDid you find this definition of LIVING NEED BENEFITS helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary