Defined terms for the annuity market and lifetime income landscape.
Long-term care risk is the risk that an individual will require extended care for chronic illness, disability, or cognitive impairment, with the associated financial exposure depending on the level of care required and its duration.
A long-term care rider is a rider on a deferred annuity that provides enhanced access to the contract's value — through accelerated withdrawals or extended benefits beyond the account value — when the contract owner meets specified long-term-care eligibility criteria, for a separate charge.
