As promised in the relevant Alzheimer’s-Proof YouTube video, here is the close-up the long-term-care-insurance-renewability chart.
Actually, these categories also apply to health-insurance products more generally. But, of course, the video’s (and the website’s) focus is on LTC insurance.
For note-takers, and people who like to be able to copy and paste, the relevant hierarchy is as follows — from BEST to WORST. (Where “best” means “most favorable for the consumer / insured; and “worst” means “least favorable for the consumer / insured.” Of course, the hierarchy is arguably inverted if one wants to consider the perspective of the insurance company!)
- Noncancellable
- Guaranteed Renewable
- Conditionally Renewable
- Optionally Renewable
- Cancellable
- Nonrenewable